XR Industry News

The latest news on the XR industry. Covering AR, VR, MR, spatial computing, and the most important companies and platforms in the field.

XR Industry News

The latest news on the XR industry. Covering AR, VR, MR, spatial computing, and the most important companies and platforms in the field.

Meta Reality Labs Latest Revenue & Operating Cost Figures Aren’t Going to Make Investors Happy

In Meta's most recent quarterly earnings call the company shared the latest revenue figures of Reality Labs, the company's XR division. In the third quarter of the year the division hit new milestones... unfortunately not the kind investors like...

Quest App Lab Soars to 1,440 Apps, More Than Tripling Those on the Main Store

In early 2021 Meta launched App Lab for Quest which allows developers to distribute their games on the headset without going through Meta's curation process. There's now 1,457 games and apps available on App Lab, more than triple the...

Unreal Engine 5’s New Rendering Tech is Beginning to Make VR Look Startlingly Real

Unreal Engine 5 brings two key features which stand to radically improve the realism of both 3D geometry and lighting. While the features aren't yet fully optimized for VR, early developer experiments are showing impressive results. Unreal Engine 5 launched...

Quest Store Surpasses $1.5 Billion in Content Revenue, Showing Continued Growth

At Connect 2022 this month, Meta announced the Quest content store has surpassed $1.5 billion in purchased VR content since its launch in 2019, representing continued but decelerating growth likely due mostly to market seasonality. Update (October 18th, 2022): Article...

Google Ventures Invests $12M in SideQuest to Create Main Content Hub for XR Ecosystem

SideQuest, the sideloading software and unofficial app store for Meta's Quest and Quest 2, announced it completed a $12 million Series A investment, this time led by Google's investment arm, Google Ventures (GV). Founded in 2019 by Belfast-based team Orla...

High-end Haptic VR Glove Company HaptX Raises $23 Million Investment

HaptX, which makes-enterprise focused haptic VR gloves, has announced the closure of a $23 million investment. The company says it will use the cash to accelerate the rollout of its next-gen products. HaptX has been enhancing and refining its enterprise-focused...

Developing Rich VR Interactions Faster & Easier Using UltimateXR

Rich interactions between the user and the virtual world are a key aspect of what makes VR so compelling, but creating and tuning such interactions is a challenging and time consuming task for developers. Toolsets like UltimateXR can speed...

Valve Corrects Steam Survey Data Revealing Latest VR Population Growth

Valve this week updated its monthly Steam Hardware & Software Survey to fix issues resulting in anomalous VR population data. The corrected figures return the survey to being one of the most useful pieces of public data about the...

Varjo Raises $40M Series D Funding to Expand Cloud-based XR Platform

Varjo, maker of high-end enterprise XR headsets, this week announced it has raised a $40 million Series D investment to continue building its Varjo Reality Cloud software and deliver a "true-to-life industrial metaverse." Varjo makes some of the highest-end enterprise...

Meta & Qualcomm Join “Multi-year” XR Chip Partnership to Combat a Common Threat

Two of the biggest names in XR—headset maker Meta and chip maker Qualcomm—today announced a "multi-year broad strategic agreement" to collaborate on "customized virtual reality chipsets" for future devices. Qualcomm, a leading provider of smartphone processors, was an early mover...

Meta’s PC VR Dominance Continues as Quest 2 Passes New Milestone

Quest 2 quickly rose to become the most-used VR headset on Steam, but last month it crossed a new milestone as the majority of headsets used on the platform. Quest 2's aggressive price point and ability to be used as...

The Design & Implementation of Hand-tracking in ‘Myst’

Using Presence Platform’s upgraded Hand Tracking API, we introduced Hand Tracking with our most recent update to Myst on the Meta Quest Platform, titled 'Hands & More'. We’re super excited to finally let folks play Myst on Quest without...
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Meta Releases ‘First Hand’ Demo to Showcase Quest Hand-tracking to Developers

Meta this week released a new demo app called First Hand to showcase the kind of experiences that developers can build with the company's controllerless hand-tracking tools. Controllerless hand-tracking has been available on Quest for years at this point, and while...

Meta Says New Prototype Will Put Its Cutting-edge R&D in a Market-viable Headset

Back in June Meta revealed its latest XR R&D efforts through a handful of different prototypes designed to prove out various concepts. The next step, the company says, is to bring it all together into a single package that...

FTC Sues to Block Meta’s Acquisition of Top VR Fitness App Developer

In 2021 Meta announced its intention to acquire Within, the studio behind popular VR fitness app Supernatural; though neither company announced the deal price, reporting indicated a whopping $400 million price tag which may have caught the attention of...
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