Belt-tightening has paid off in a big way at Meta Platforms, whose stock rocketed by as much as 19 percent due to a combination of “improving conditions” and news of a $40 billion buyback plan. The company forecast Q1 revenue of as much as $28.5 billion — which is more than first quarter earnings in 2021, right before a change in Apple’s privacy rules detrimentally impacted ad-reliant social platforms. In Q4, Meta reported its third consecutive quarter of declining sales but still amassed a net profit of $4.7 billion on revenue of $32.2 billion, down 4.5 percent year-over-year. Continue reading Zuckerberg Reveals 2023 ‘Year of Efficiency’ Mantra for Meta

The UK’s Competition and Markets Authority has rendered a final decision ordering Meta Platforms to sell its Giphy marketplace for animated GIFs. Meta acquired the U.S.-based Giphy in 2020. The CMA subsequently found the purchase anticompetitive, determining the move would stunt innovation in UK display advertising and limit social media choices for consumers. After Meta failed to decisively win an appeal, the matter went back to the CMA, which this week reaffirmed its earlier decision and ordered Giphy sold. Meta said in a statement it is “disappointed by the CMA’s decision,” but won’t pursue further appeal. Continue reading Meta Says It Will Sell Giphy per UK Competition Unit’s Order

Meta Platforms’ revenue dropped 1 percent in the second quarter, totaling $28.8 billion, just missing Wall Street’s expectation. It was the first year-over-year revenue drop since the company went public 10 years ago. Meta logged $6.69 billion in Q2 profit, down 36 percent over the same period in 2021. Costs increased by 22 percent, largely due to ongoing heavy investment in the metaverse, where the company’s ambitions took a hit Wednesday when the Federal Trade Commission filed a lawsuit to prevent Meta from buying Los Angeles-based virtual reality firm Within. Continue reading Profits Down as FTC Sues Meta to Block Purchase of Within

In the wake of a last week’s ruling that the Federal Trade Commission can prosecute its antitrust suit against Meta Platforms, it is now reported that the FTC and multiple state attorneys general are scrutinizing the company’s virtual reality unit — formerly known as Oculus Quest but renamed Meta Quest — for potential anti-competitive practices. New York, North Carolina and Tennessee are among the states that, in addition to the FTC, are said to be investigating whether the Meta Quest app store discriminates against app developers whose goods compete against Meta’s own products. Continue reading Meta Quest VR Unit Faces Antitrust Probe by FTC and States

Social media platforms, which have had challenges maintaining a safe, socially conscious online environment — as the year’s spate of whistleblower disclosures and global regulatory hearings proves — may face an even tougher time maintaining civility in the metaverse. The shift from monitoring text, images and video to supervising a live 3D world will be orders of magnitude more complicated, observers say. According to a 2020 safety video for “Horizon Worlds,” a game Facebook developed for its virtual reality platform Oculus Quest, the company plans to record what happens in the metaverse, storing data that transpires in users’ VR headsets. Continue reading Meta Building a Safe Metaverse While Expanding VR Holdings

Los Angeles-based immersive media startup Within plans to release Wonderscope, an augmented reality app for children, later this month. With Wonderscope, mobile AR superimposes characters, scenes and stories onto an iPad camera view of a real-world environment. Within chief executive Chris Milk noted that, with Wonderscope and a smartphone, anyone can have “this new magical ability.” “It’s like a lens for invisible magical things that you couldn’t see with your naked eye,” he added. Continue reading Startup Within to Release Augmented Reality App for Children

Within, a Los Angeles-based cinematic virtual reality startup, just unveiled a website that allows users to have a VR experience on any device, from a desktop PC or mobile phone to a dedicated VR headset. The company relies on WebVR technology that avoids the need to download additional software to be able to play VR experiences in supported browsers. Users without a VR headset can navigate the content via the web browser, and those with VR headsets use hand controllers and tracking tools. Continue reading Within Debuts WebVR-Enabled Site for Broad VR Distribution

Unity Technologies CEO John Riccitiello drew a fresh picture of the XR industry in his keynote address at the Vision VR/AR Summit 2017 in Hollywood this week (extended reality — or XR — is an umbrella term that includes VR, AR and MR). Riccitiello admonished analysts for their overly exuberant prognostications and reactionary pessimism about the VR market. He projected that XR adoption and value calculations will exceed expectations in 2023 if three conditions are met: a price point below $1,000 for all the necessary hardware; truly mobile technology; and content that can be monetized across 100,000,000 devices, at minimum. Continue reading Unity CEO Reframes XR Discussion, Re-Energizes the Flock

The studios are getting serious about VR productions, infusing them with more talent, money and time, and focusing on higher production values, original stories and a bit of celebrity. At the Tribeca Film Festival, virtual reality productions from director Kathryn Bigelow, musicians John Legend and Pharrell Williams, and producer Megan Ellison among others will be showcased. IMAX is also investing in venues for experiencing VR, with a center opening in Los Angeles, and plans to open more in the U.S., U.K., and China. Continue reading Hollywood Creatives Starting to Explore New VR Experiences

Niko Chauls, director of emerging technology for the USA Today Network, and David Hamlin, executive producer of the “VRtually There” series, sat with ETC’s Phil Lelyveld for a one-hour conversation at CES. USA Today Network has the largest newsgathering force in the U.S., comprised of 109 local properties plus USA Today. Chauls has a near-term goal of delivering 360-degree segments reliably on a weekly basis. He sees a reliable flow of quality 360-degree content as the key to both growing the audience and attracting advertising sponsors. Hamlin would like to gear his team up to deliver three stories per week. He reiterated that it is good storytelling that builds the audience and attracts advertisers. Continue reading Industry Vets Discuss Goals of Producing Immersive Content

In 2016 the definition of virtual reality became somewhat diluted as it entered mainstream culture. Everything from non-interactive 360 videos viewable on a tablet to free-roaming full-body head-mounted display experiences inside warehouse spaces was marketed as VR. We saw ‘magic window’ VR experiences, a push for consumer HMDs including Gear VR, Oculus Rift, HTC Vive and PlayStation VR, and the introduction of low-cost alternatives such as Google Cardboard. It should come as little surprise that more than 210 companies exhibiting at CES 2017 use the keywords AR and/or VR in their descriptions; 72 are clustered in the Gaming and VR Marketplace section in South Hall Lower Level between spaces 21760 and 26025. Continue reading Virtual Reality Will Be a Major Force at CES 2017 Next Month

Best practices for remaining on budget, the importance of planning and testing, whether to capture in mono or stereoscopic 3D, techniques for directing talent, and how to treat (or not to treat) VR environments were among the many topics discussed during a compelling panel about creating 360-degree video at the Oculus Connect 3 conference in San Jose last week. Four accomplished virtual reality production executives and technologists shared their practical knowledge and recommendations for navigating the uncharted waters of budgeting and producing VR content. Continue reading Industry Visionaries Discuss VR Production at Oculus Connect

VR company Vrse has changed its name to Within and received $12.56 million in funding, led by venture firm Andreessen Horowitz. Other Within investors include 21st Century Fox and Annapurna Pictures. This is just the latest example of the huge sums that VR and AR companies have been able to garner. Magic Leap raised $793.5 million earlier this year, and Disney spearheaded a $65 million round for VR firm Jaunt. Comcast also led a $6.8 million Series A funding round in VR studio Felix & Paul. Continue reading Vrse Changes its Name to Within and Raises More VC Money