Facebook's bet on VR isn't going according to plan admits Mark Zuckerberg

Zuckerberg has insisted that the VR market is going to pick up fast and Oculus is going to be leading it.


When Facebook acquired the VR company Oculus a couple of years back, the social media giant had some grand plans for the future of virtual reality. Now it appears that the bet on the future isn't really paying off as per CEO Mark Zuckerberg.

Facebooks bet on VR isnt going according to plan admits Mark Zuckerberg

Oculus Quest. Reuters

After pouring in $2 billion for the Oculus acquisition, there had been a certain belief that VR was the way to go in the future. However, at the Q3 earnings report, Zuckerberg has said that not everything had gone according to plan.

"On VR and AR, you're right. This is taking a bit longer than we thought. And I'm still optimistic," Zuckerberg said as per Business Insider. "I think that the long-term vision and the reasons why I thought this — we're going to be important and big — are unchanged."

In any case, Zuckerberg has insisted that the VR market is going to pick up fast and Oculus is going to be leading it. Back at Facebook's annual F8 conference, the company unveiled the $399 Oculus Quest device.

Zuckerberg has claimed that in the near future "hundreds of millions of people will be using the Oculus Quest" and he also said that the device is "growing and doing quite well." Most of the growth for this quarter has been driven by Oculus Quest sales, said chief financial officer Dave Wehner.