A government agency is looking to block Meta’s acquisition of a virtual fitness company.
In October 2021, the tech giant agreed to acquire virtual realty company Within, the developer of Supernatural — a VR fitness app made exclusively for Meta’s Oculus headsets.
The Federal Trade Commission believes the deal will decrease competition in the VR fitness market and doesn’t adhere to antitrust laws. Meta has claimed it never authorized the allocation of funds to develop its own app, which would’ve required executive approval.
- The FTC is asking a U.S. District Judge in California to block the acquisition.
- Meta posted $27.7 billion in revenue in Q3 2022, a 4% decline year-over-year.
- Net income reached $4.3 billion during the quarter, down 52% compared to Q3 2021.
Meta may have been holding back on the emerging virtual fitness industry after its Reality Labs segment — which includes its VR and AR efforts — generated $285 million in revenue in Q3 2022, down from $558 million in revenue for the same period last year.
Staying the Course
In August, Apple filed trademark applications for its rumored VR and AR headsets, which could have health-related functions, per Bloomberg. The trademarks — filed under a shell company called Immersive Health Solutions — are for names including “Reality One” and “Reality Pro.”
Apple has allocated roughly $2.59 trillion toward fitness, focusing on its Apple Watch series.
