The milestone reflects a huge growth in spending on the store, which rose from a monthly average last year of $12m to $51.3m (thanks, Road to VR). Meta’s success in the VR space comes as the company faces a drop in daily active users in Facebook, the company’s flagship platform, as it suffers competition from the likes of TikTok. Meta’s shares slumped by more than 20 percent in after-hours trading in New York following the announcement. Oculus was acquired by Meta in 2014 as part of a pivot towards the Metaverse. Indeed, the company formally known as Facebook changed its name in October 2021 to reflect its new focus.
