Meta Platforms CEO Mark Zuckerberg made an exciting announcement via Instagram as he revealed the highly anticipated Quest 3 VR headset, Meta’s next-generation mixed reality device. This move comes as Meta prepares for potential competition from Apple, which has been rumoured to be entering the mixed reality market.
Priced starting at $499, the Quest 3 promises to deliver an enhanced user experience with its thinner design and cutting-edge color mixed reality technology, combining elements of augmented reality (AR) and virtual reality (VR). Zuckerberg shared the news via an Instagram post ahead of Meta’s annual gaming conference.
To further entice users, Meta also announced a price reduction for its existing Quest 2 headsets, making them more accessible to a broader audience. As from June 4th, the Quest 2 128GB version will sell for $299.99, a reduction by $100, while the 256GB version will be reduced by $80, from $429.99 to $349.99. Along with the price drop, Meta has incorporated performance upgrades into the Quest 2, aiming to provide users with a smoother and more immersive experience.
Image: Meta
One of the notable enhancements of the Quest 3 is its new Qualcomm chipset, which boasts double the graphics performance of its predecessor, the Quest 2. Zuckerberg revealed that the Quest 3 is scheduled to launch in the autumn, with more details to be unveiled at Meta’s annual AR/VR conference on September 27th. This strategic timing allows Meta to build anticipation and generate excitement around its latest offering.
Interestingly, Zuckerberg’s announcement comes just days before Apple’s anticipated unveiling of its first mixed reality device. According to a Bloomberg report, Apple’s high-end mixed reality product is expected to have a price point around $3,000. With Apple’s entry into the market, the competition in the mixed reality space is set to intensify.
Meta’s Quest 2 and Quest Pro headsets have been dominating the virtual reality market, accounting for nearly 80% of the 8.8 million VR headsets sold in 2022, as estimated by market research firm IDC. In comparison, the closest competitor, the Pico device by Chinese-owned ByteDance, held a market share of 10%. This impressive market share demonstrates Meta’s stronghold in the industry.
However, despite its market dominance, Meta has faced challenges in realizing its vision of an immersive metaverse and expanding the market beyond the gaming community. A Reuters analysis revealed that eight out of the ten most popular apps on Meta’s Quest store are categorized as gaming apps. This indicates that gaming remains the dominant use case for virtual reality, despite Meta’s efforts to broaden its applications.
Furthermore, the overall AR/VR headset market experienced a decline of 54.4% year over year in the first quarter of this year. Meta’s Reality Labs segments, which include headset sales, witnessed a 50% decline in revenue compared to the previous year. These figures indicate the need for Meta to overcome obstacles and reinvigorate the demand for its products.
To address these challenges, Meta has been actively exploring alternative markets. For instance, the company has ventured into the fitness world by promoting its devices as fitness tools. Zuckerberg himself has shared videos of him engaging in physical activities, such as fencing and mixed martial arts, while using Meta devices. Additionally, Meta successfully acquired the app developer behind the VR fitness app Supernatural, further emphasizing its commitment to tapping into the fitness market.
In an effort to attract a wider user base, Meta has also introduced productivity tools, transforming the Quest headsets into virtual offices. A notable collaboration with Microsoft has enabled Meta to bring popular apps like Teams and Outlook to the Quest devices. By integrating these familiar productivity tools, Meta aims to position its headsets as essential tools for remote work and collaboration.
If you’re interested in the Quest 3 instead, you can sign up here for more information.
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