Mark Zuckerberg, CEO of Meta Platforms, revealed the company’s upcoming mixed reality headset, the Quest 3. With Apple poised to enter the market, Meta aims to maintain its dominance in the nascent mixed reality space.
Priced from $499, the Quest 3 will be 40% thinner than its predecessor and will introduce color mixed reality, combining augmented reality (AR) and virtual reality (VR) elements. Zuckerberg made the announcement through an Instagram post.
The Quest 3 will feature a new Qualcomm chipset, delivering twice the graphics performance. The device is set to launch in the autumn, with further details to be shared at Meta’s annual AR/VR conference on September 27.
Meta’s devices accounted for nearly 80% of the 8.8 million virtual reality headsets sold in 2022, according to market research firm IDC. Its closest competitor, the Pico device by ByteDance, held a 10% market share.
Despite its market dominance, Meta has faced challenges in expanding the appeal of its immersive “metaverse” vision beyond the gaming community. In a bid to stimulate demand, the company reduced the prices of its existing Quest headsets in March and plans to further lower prices starting June 4.
Meta’s revenue from its Reality Labs segments, including headset sales, declined by 50% in the most recent quarter compared to the previous year.
The unveiling of the Quest 3 comes just ahead of Apple’s expected entry into the mixed reality space, intensifying competition in the market.
