While Meta still generates the majority of its revenue from online ads, founder Mark Zuckerberg is making a big bet on the metaverse concept, hoping that people will shop, play, and work in this shared digital universe. However, the development of VR and AR tech required for the concept to work is costing billions in R&D, with Meta debuting its $1,500 Quest Pro VR headset in October. Despite this, sales of VR headsets declined by 2% in 2022.
