philip lelyveld The world of entertainment technology

Mark Zuckerberg admits that Facebook’s $2 billion bet on virtual reality ‘is taking a bit longer than we thought’ to pay off

• Mark Zuckerberg's vision for VR and AR at Facebook is "taking a bit longer than we thought" to materialize, he said Wednesday during the company's quarterly earnings call.
• Facebook purchased Oculus, a virtual reality headset startup, five years ago, but has struggled to cultivate even a niche audience for the product. However, Zuckerberg is still optimistic.
• The tech giant is still betting on a future where VR is more prominent — Facebook unveiled its newest VR headset, the Oculus Quest, in May, and the product has made headway in early sales.

See the full story here: https://www.businessinsider.com/mark-zuckerberg-facebook-oculus-vr-bet-taking-longer-than-expected-2019-10