Within Unlimited Acquisition: Meta Purchases Virtual Reality Startup in 2023
Along with Meta’s comprehensive involvement in the Metaverse, the tech giant now completed their Within Unlimited acquisition. At present-day. Mark Zuckerberg’s company invested billions of dollars into developing the Metaverse. With this latest move, the former “Facebook” seeks to establish their presence in the virtual reality (VR) space.
For the unacquainted, Within Unlimited is a VR startup. Initially, Zuckerberg and co faced legal roadblocks in the form of the Federal Trade Commission (FTC) when attempting to purchase the startup. However, the company finally ended their bout with the FTC. Thus, Meta finalized its buyout of the virtual reality startup, Within Unlimited.
Why Meta Bought Within Unlimited
In 2023, most people are familiar with Mark Zuckerberg’s interest in virtual reality (VR). Afterall, Facebook rebranded to “Meta” and the company allocated billions of dollars towards their entry in the Metaverse. Ahead of the Within Unlimited acquisition, Meta already owned Oculus VR.
Additionally, Meta purchased many peripheral leading VR-related content development studios. Thus, Meta’s Quest Store quickly summited to its role as leading VR application. Next, Meta sought to dive into the VR fitness space. As it turns out, Within Unlimited developed a leading VR fitness application to help the tech goliath achieve that goal.
Why the Federal Trade Commission Fought the Within Unlimited Acquisition
As Meta pursued the Within Unlimited acquisition, the Federal Trade Commission (FTC) moved to block the maneuver. Prior to the acquisition, Meta already owner a large portion of the virtual reality space (VR). Therefore, the FTC presented Meta with potential antitrust objections. Initially, the FTC partnered with United States regulators to place Meta’ attempted acquisition on pause.
The government feared that Meta purchasing startups in the space would negatively impact the competition within the burgeoning virtual reality industry. However, as of early February, U.S. District Judge Edward Davilla, based in San Jose, California, denied the FTC’s request to block the transaction.
How the Within Unlimited Acquisition Contributes to the Future of Virtual Reality
Holistically, the virtual reality (VR) industry presents businesses with unique opportunities for brand-consumer engagement. For example, businesses can invite prospective customers into their digital storefront, take them to virtual events, and engage with people around the world without leaving the home.
As news of Meta’s Within Unlimited acquisition comes to light, many wonder what the future of the virtual reality industry looks like. For consumers, this entails figuring out which headsets and software hold the most universal applications. On the other hand, marketers and business owners now once again find themselves at the helm of Meta, and Mark Zuckerberg’s, vice grip.
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