Facebook parent company Meta Platforms Inc. will continue to devote about 20% of its overall costs and expenses to Reality Labs in 2023, despite questions about the business division focused on augmented and virtual reality and the so-called metaverse.
The projection, given by CTO Andrew Bosworth in a blog post Monday, is little changed from the 18% of spending Meta devoted to Reality Labs in the third quarter.
That means the bulk of the company’s investments will continue to go toward what Meta calls its “family of apps” – Facebook, Instagram, WhatsApp, and Messenger.