Meta Platforms Inc. (META.O) will start testing a paid subscription service in its Meta Quest virtual reality (VR) headsets, the company said on Monday.
The subscription service, called Meta Quest Subscription, will give users access to a library of VR games and apps for a monthly fee. Meta did not disclose the price of the subscription or when it would be available to the public.
The move follows similar efforts by other tech giants to launch subscription services for their gaming platforms. Microsoft Corp. (MSFT.O) launched Xbox Game Pass in 2017, and Sony Group Corp. (6758.T) rolled out PlayStation Now in 2014.
Meta has been investing heavily in VR and augmented reality (AR) technology in recent years, with the goal of making it the next major computing platform. The company has already sold more than 10 million Meta Quest headsets since the launch of the first model in 2019.
The addition of a subscription service could help Meta attract more users to its VR platform and make it more appealing to developers who are creating content for the headsets.
Meta has been facing increased competition in the VR market from companies such as Pico Interactive, which is owned by ByteDance, the parent company of TikTok. Pico Interactive recently launched its new Pico 4 headset, which is priced lower than the Meta Quest 2.
Meta is also facing regulatory scrutiny over its VR business. The U.S. Federal Trade Commission (FTC) is investigating Meta’s acquisition of Within, the maker of the popular VR fitness app Supernatural, for $400 million in 2021. The FTC is concerned that the deal could give Meta an unfair advantage in the VR market.
Despite these challenges, Meta remains committed to VR and AR technology. The company believes that these technologies have the potential to change the way we interact with the world around us. The launch of a subscription service is a sign that Meta is determined to make VR more accessible and appealing to a wider range of users..
