Meta Platforms to Sunset Horizon Worlds
Meta Platforms (NASDAQ: META) will discontinue its virtual reality platform Horizon Worlds on June 15, 2023. The app will be removed from Quest VR headsets, although it will still be available in a limited capacity on mobile apps. This decision marks a significant pivot away from the company’s metaverse ambitions, which have resulted in approximately $80 billion in losses since 2020, including over $6 billion last quarter.
Despite investing heavily in Horizon Worlds, Meta has opted to focus on more viable ventures, particularly its artificial intelligence initiatives. The shift is anticipated to improve the company’s financial performance as it phases out underperforming projects and channels funds towards AI development.
