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Meta Platforms Inc has slashed prices on its VR headsets in hopes of boosting demand for its VR hardware as its bold bets on the Metaverse have struggled to catch up. Its flagship Meta Quest Pro will retail for $999, down from its launch price of $1,499, and the $429 2,256GB Quest version starts at $499, CEO Mark Zuckerberg said Friday. in a statement broadcast on his social media platform Instagram. ALSO READ: Meta announces paid blue checkmark on Facebook and Instagram: details
The company cited lower sales of Quest 2 as the reason for the 17% drop in fourth-quarter revenue for its Reality Labs unit, which includes virtual reality-related offerings.
The division lost $13.7 billion last year and more than $10 billion in 2021.
Meta is facing heat from investors for putting money into the metaverse that hasn't reaped the expected benefits.
Late last year, the company released Quest Pro, positioning it as its most advanced VR headset with capabilities to push use cases further.
Quest Pro, with its outward-facing cameras that capture live 3D streaming of the physical environment and enable new features like the ability to hang virtual paintings on a real-world wall, was aimed at designers, architects, and other creative professionals.
Meta has recently softened its stance on the metaverse and is focusing on cost reduction. The company has called 2023 the "year of efficiency" and has planned billions in spending cuts this year. (ALSO READ: Will Zuckerberg announce more job cuts in Meta's 'Year of Efficiency'?
While VR headsets have recently added more advanced features, adoption outside of the gaming community has been slow.
Tencent, the world's largest video game publisher, scrapped plans to venture into virtual reality hardware last month amid talks to distribute the Meta Quest line of products in China.
