VR platforms are here, and by the looks of these numbers, it looks like they may be here to stay. Post re-branding, from Oculus Quest to Meta Quest, it has now been reported just how successful the platform has been for Meta. Namely, CEO Mark Zuckerburg announced that over $1 billion dollars has been spent in the Quest store. This is a big milestone for the nascent platform. This is especially considering the massive bet that Meta has made on developing the Metaverse.
Chris Pruett, Director of Content Ecosystem at Meta reported the details from Zuckerberg in a twitter thread in which he further broke down the numbers. It is important to note that the $1B dollar number is money spent in the store, not revenue to developers.
$1B is great, but details are more important. Dev success on Quest is very broad:
8 titles have made over $20M in gross revenue
14 titles > $10M
17 titles > $5M
More than 120 titles have generated revenue in the millions—that’s 2x more than the figure we shared last year.
— Chris Pruett (@c_pruett) February 2, 2022
VR has experienced problems with widespread adoption. Yet, numbers like these show that there is growth potential and that development teams have found success in VR. Sony is betting on this very thing with the recent announcement of PSVR2. It is a crucial time for VR, and for Meta especially as they try to establish themselves as the premiere destination for VR.