Meta's $2 Billion Oculus Bet Transforms VR Landscape But Not Society Yet

• Facebook (now Meta) acquired Oculus for $2 billion 10 years ago, believing VR would transform communication and usher in the metaverse • The VR headset market hasn't transformed society as expected, but Meta dominates with 50% market share • Meta sells Quest headsets at a loss to achieve critical mass adoption; its metaverse division has lost $42 billion in 4 years • With the high-end Vision Pro, Apple validates the VR space but targets enterprises, while Meta focuses on mass consumer access • Zuckerberg predicted VR enabling courtside games and virtual classrooms, but so far the pandemic itself drove adoption of remote activities