Facebook on Monday disclosed plans to spend about $10 billion USD investing in its branch that is working to develop the metaverse.
In its third-quarter earnings report, Facebook said that it would be separating the financial results of the Facebook Reality Labs (FRL) -- its virtual and augmented reality research and development arm -- starting in Q4. Under the new structure, Facebook will release the revenue and operating profit of its apps, including Facebook, Instagram, Messenger and WhatsApp, in one report and updates on FRL in a second report.
"We are dedicating significant resources toward our augmented and virtual reality products and services, which are an important part of our work to develop the next generation of online social experiences," Facebook said. "The new segment disclosures will provide additional information on the performance of FRL and the investments we are making."
As it continues to expand efforts into developing the metaverse -- a term used to describe virtual, interactive spaces in the digital world -- Facebook said it expects to invest about $10 billion USD in 2021 and is committed to increasing investments over the next several years.
"We made good progress this quarter and our community continues to grow," CEO Mark Zuckerberg said in the release. "I'm excited about our roadmap, especially around creators, commerce, and helping to build the metaverse."
Facebook first announced its plans to build out the metaverse last month. As part of its plan, the company pledged a two-year, $50 million USD investment called the XR Programs and Research Fund aimed at subsidizing global research and program partners.
Facebook has also pledged to develop the metaverse “responsibly,” describing its version of the metaverse as a place where users are “able to hang out with friends, work, play, learn, shop, create and more.”
Last week, The Verge reported that the company was preparing to change its name in order to reflect its enhanced commitment to the metaverse. A Facebook spokesperson told HYPEBEAST that it does not comment on rumor or speculation.
In other news, Facebook announced the rollout of its first cryptocurrency wallet called Novi.
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