Meta Platforms Prioritizes Gaming, VR While Cutting Staff Elsewhere During Zuckerberg's 'Year Of Efficiency'

Meta Platforms Inc (NASDAQ: META) Reality Labs division, the business and research unit that produces virtual reality, augmented reality hardware and software, is poised to receive greater focus and resources for its gaming-related projects.

This is happening as the company undergoes a restructuring initiative under its CEO Mark Zuckerberg's "Year of Efficiency" mandate, Business Insider reported.

See Also: Mark Zuckerberg's Total Compensation In 2022 Was Raised To Accommodate Increased Private Jet Use

While several teams and projects within Facebook's app and Reality Labs are likely to be dissolved, those focused on gaming are considered secure, despite a fresh round of layoffs that began on Wednesday and is scheduled to end by the close of May.

Also, gaming-related teams will be able to hire for some positions once layoffs conclude, one source told Business Insider.

Moreover, one of the insiders revealed that some hardware components are already being "retooled" to improve Quest headsets, the VR headset released in 2019. "There's a recognition now that they need the real game developers onside," a source told Business Insider.

As such, the company is reportedly discussing ways to feature a "major game," in the vein of Activision Blizzard Inc.'s (NASDAQ: ATVI) Call of Duty or Take-Two Interactive Software, Inc.'s (NASDAQ: TTWO) Grand Theft Auto, within the Quest app store.

Reality Labs, which is overseen by Chief Technology Officer Andrew Bosworth and responsible for all of Meta's metaverse projects, is also reportedly cutting back on spending after losing nearly $14 billion in 2022.

Despite being in the "Year of Efficiency," the company is willing to offer huge salaries to attract VR employees: Meta is proposing compensation ranging from $600,000 to almost $1 million annually to programmers who can create virtual reality-related technology.

"It’s not an exaggeration to say that their total compensation is double or more than double of what you’ll get at a large gaming company," Patrick McAdams, CEO of Andiamo, a data-driven tech recruiting firm, told the Washington Post.

It's worth noting that in the past six months, Meta has implemented two rounds of layoffs, resulting in the elimination of over 26,000 jobs, which accounts for almost 30% of the company's total workforce.

Read Next: Zuckerberg Splurges: Meta VR Developer Annual Salary More Than Average American Worker Makes In 10 Years

Photo: BrianPenny, Pixabay and Frederic Legrand/COMEO, Shutterstock