It’s been nearly a year since Meta became Meta

Meta had a splashy event on Tuesday where it announced an ambitious new VR product—and no, we’re not referring to avatars with legs.

• The company unveiled the ~$1,500 Quest Pro headset earlier this week, which is targeted at power users and potential metacommuters (read: people who want to do their real-life jobs in a metaverse setting).

The new product comes nearly one year after Meta became Meta. Let’s take a by-the-numbers look at the company’s massive bet on VR, based on the most recent figures:

• Revenue: In Q2 2022, Meta made $452 million from its Reality Labs segment, up 48% from $305 million a year prior.
• Expenses: In Q2 2022, Meta spent ~$3.3 billion on its Reality Labs projects, up 19% from ~$2.7 billion a year prior.
• Losses: In Q2 2022, Meta lost $2.8 billion on Reality Labs projects, up 15% from ~$2.4 billion a year prior.
• Hardware: By the end of this year, Meta is projected to have sold 13.9 million VR headsets in total, per IDC estimates.
• Software: In total, Meta’s VR app has been installed an estimated 21 million times, according to Sensor Tower data, and Horizon Worlds had ~300,000 monthly active users as of February, according to the company.
• Developers: The company claims that 33 game titles have made $10+ million in gross revenue so far, up from 22 in February. To date, users have spent $1.5 billion on games and apps in the Quest Store.

Zoom out: The virtual road Meta has traveled thus far has been a bit glitchy, per recent reports. At least some execs are reportedly uncomfy with Reality Labs’s burn rate, and the company’s metaverse VP has been pushing employees to use its VR platform, Horizon Worlds, more often, per The Verge, writing that “Everyone in this organization should make it their mission to fall in love with Horizon Worlds.”