Facebook will spend $10B this year on Facebook Reality Labs, Facebook's metaverse division, which creates AR and VR hardware, software, and content.
Facebook sees AR and VR as being core to "the next generation of online social experiences". The company will implement a new financial reporting structure that will divide Reality Labs from Facebook's other apps (Facebook, Instagram, Whatsapp, and Messenger), as a sign to investors that the Reality Labs business matters and should be judged separately from Facebook. Link
