Home Energy conservation Meta Platforms (FB) launches feature to track VR fitness stats

Meta Platforms (FB) launches feature to track VR fitness stats

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Metaplatforms FB recently launched new features to track VR Meta Quest fitness stats on the phone. The new feature will allow users to sync the Move app, which is Meta Quest’s built-in fitness tracker, with the Oculus mobile app and access data such as the number of calories burned by the user or the number of hours worked in VR. Previously, this data was only available in the Move app when using the Quest headset.

Meta has already launched VR fitness apps like Supernatural and FitXR that allow users to train, box and meditate in stunning destinations around the world. The latest feature promises an immersive new experience that will draw fitness enthusiasts into the alternate reality space.

Meta has designed new VR games for the Metaverse like Whip Gun, Ghost: Covert Ops and Supernatural, which should persuade non-fitness buffs to sweat it out without pushing them to train directly. This new gaming experience is a unique product that will turn gaming into an AR fitness expedition and, in turn, attract diverse users.

The recently launched mobile functionality will be available in Appleof the AAPL Health app.

iOS users can access data both in and out of VR in iPhones and Apple Watches without having to manually enter exercise information.

Meta Platforms, Inc. Pricing and Consensus

Meta Platforms, Inc. price-consensus-chart | Quote from Meta Platforms, Inc.

Meta aims to diversify its revenue with Metaverse

Meta has actively sought to diversify its revenue stream from the advertising business model. In sync with the plan, Meta is expected to spend over $10 billion over the next 10 years to build the Metaverse, which will generate a new revenue stream for the company.

The company has invested heavily in developing a VR content ecosystem. The launch of VR, Rift and Oculus Quest headsets, its first wireless all-in-one headsets with full freedom of movement, is a step towards its goal.

Meta recently launched a new AI platform MyoSuite, which will apply machine learning to biomechanical control problems. This will help build prostheses and develop post-traumatic rehabilitation. The launch of Myosuite will introduce a new AR utility to solve real problems.

With the launch of new features in AR, Meta is already reaping the benefits of its investments to build the Metaverse. This Zacks No. 3 (Hold) ranked company generated $695 million in revenue from its Reality Labs business segment in the first quarter of 2022 (2.5% of total revenue), reflecting an increase of 30.1 % year over year. Reality Labs includes hardware, software, and consumer content related to Augmented Reality and Virtual Reality. You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

According to Bloomberg, the global Metaverse market is expected to reach $800 billion by 2024. As the primary driver for the creation of the Metaverse, Meta is expected to quickly capture market share in the alternate reality space.

However, Meta faces fierce competition from other tech giants, who seek to claim their place in the Metaverse.

Other Tech Giants in Metaverse

Some of Meta’s peers looking to gain market share in emerging AR are Microsoft MSFT and Twitter TWTR.

Microsoft claimed its position in the Metaverse with its recent acquisition of Activision Blizzard for $68.7 billion.

The move is likely to position MSFT competitively for the next generation of games in the metaverse and help it become the third-largest game company in the world.

Meta was beaten by Twitter as the first social media giant to enter the NFT market. Twitter has launched a pre-Meta tool that allows users to showcase and sell NFTs on its platform.

NFT creators and collectors can use the platform to connect their crypto wallets and receive payments directly through Twitter.

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