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Meta Platforms (FB) Launches Feature to Track VR Fitness Stats

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Meta Platforms recently launched new features to track Meta Quest fitness stats from VR to phone. The new feature will enable people 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 out in VR. Earlier, this data was only available in the Move app while using the Quest headset.

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

Meta has designed new VR games for the Metaverse like Pistol Whip, Phantom: Covert Ops and Supernatural, which are expected to persuade non-fitness enthusiasts to work up a sweat without actually pushing them to workout directly. This new gaming experience is a unique product that will transform gaming into a fitness expedition in AR and, in turn, attract varied users.

The recently launched mobile feature will be available in Apple’s (AAPL - Free Report) Health app.

iOS users can access the data both in and out of VR in iPhones and Apple watch without having to manually input information about the exercise.

Meta Aims to Diversify Revenues With Metaverse

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

The company has been investing heavily in developing a VR content ecosystem. The launch of the VR headsets, Rift and Oculus Quest, its first all-in-one headsets with no wires and full freedom of movement, is a step toward its goal.

Meta has recently launched a new AI platform MyoSuite, which will apply machine learning to biomechanical control problems. This will help in building prosthetics and developing post-injury rehabilitation. The launch of Myosuite will showcase a new utility of AR to solve real-life problems.

With the launch of new features in AR, Meta is already reaping benefits from its investments to build the Metaverse. This Zacks Rank #3 (Hold) company generated revenues of $695 million from its Reality Labs business segment in the first quarter of 2022 (2.5% of total revenues), reflecting an increase of 30.1% year over year. Reality Labs includes AR and VR-related consumer hardware, software and content. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Per Bloomberg, the Metaverse market globally is expected to reach $800 billion by 2024. As the primary first mover in creating the Metaverse, Meta is expected to seize market share rapidly in the alternate reality space.

However, Meta is facing stiff competition from other tech giants, which are looking to stake their claim in the Metaverse.

Other Tech Giants in Metaverse

Some of the peers of Meta looking to earn a market share in the emerging AR are Microsoft (MSFT - Free Report) and Twitter (TWTR - Free Report) .

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

The move is likely to competitively position MSFT for the next generation of gaming in the Metaverse and aid it in becoming the third largest gaming company in the world.

Meta has been beaten by Twitter as the first social media giant to enter the NFT marketplace. Twitter has launched a tool before Meta 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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