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Investing.com -- Shares of Meta Platforms Inc (NASDAQ:META) climbed 2.8% following reports that the company is engaging with major Hollywood studios to secure exclusive content for its upcoming premium virtual reality headset. The Wall Street Journal revealed that Meta is in talks with entertainment giants like Disney (NYSE:DIS) and independent studio A24, among other production companies, to procure immersive video content based on popular intellectual property.
The initiative is part of Meta’s strategy to bolster the appeal of its next VR device, internally named "Loma," slated for release next year. Loma is set to be a more powerful iteration than the current Meta Quest VR headsets, featuring higher-fidelity video and a design akin to a large pair of eyeglasses, connected to a portable puck. This approach marks a departure from the bulkier goggles commonly associated with VR headsets, including Apple’s Vision Pro.
Meta’s aggressive move into the VR content space comes with a competitive pricing strategy. The company aims to price the Loma device under $1,000, which is significantly higher than the Quest’s $300 starting price but much lower than the Vision Pro’s $3,500 base price.
The news of Meta’s content acquisition efforts and its upcoming VR headset has generated investor optimism, as reflected in the stock’s positive performance. While the company has not officially released details about the agreements with content producers or the exact specifications of the Loma headset, the market’s reaction indicates confidence in Meta’s direction and potential to compete in the high-end VR market.
Investors and industry observers will be closely monitoring Meta’s progress as it aims to establish a stronger foothold in the virtual reality sector, which is becoming increasingly competitive with tech giants like Apple (NASDAQ:AAPL) also vying for market share. The success of Meta’s content partnerships and the reception of the Loma headset upon launch will be critical factors in determining the company’s position in this rapidly evolving industry.
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