Final month on the annual Recreation Builders Convention, Meta supplied an replace to the state of the Quest market. Included in that replace was point out that content material on the Quest retailer has earned “over $2 billion.” If that determine sounds acquainted, that’s as a result of… it’s the identical determine the corporate shared greater than a yr in the past.
For the reason that launch of the Quest platform in 2019, general income earned by builders confirmed promising development via the Quest 2 period. However within the final two years, income on the shop development has slowed.
Meta has sometimes known as out new income milestones for the shop, just like the $2 billion determine it gave in September 2023. Greater than a yr and a half later, the corporate cited the identical $2 billion determine in a latest replace on the state of the Quest market.
We are able to moderately assume this implies the $3 billion milestone has but to be crossed (in any other case Meta would absolutely have shared that quantity as an alternative). Thus, essentially the most charitable interpretation is that the overall income of content material bought on the Quest platform is simply beneath $3 billion as of March 2025—let’s name it $2.9 billion.
Utilizing this assumption, we are able to replace our monitoring of the Quest retailer’s income milestones. We are able to see that after important development of common month-to-month retailer income within the Quest 2 period, development has largely plateaued within the period of Quest 3 and Quest 3S.
In the identical replace on the state of the Quest market, Meta talked about some extra metrics, however with out a lot element:
- “[…] whole funds have been up about 12% in 2024.”
- “[…] prospects spent 30% extra month-to-month time in VR in 2024 than the earlier yr.”
Meta didn’t reply to requests from Street to VR asking to supply extra context on the “over $2 billion” determine that was said in each 2023 and 2025.
Wanting on the chart above, it’s necessary to recollect some key context. Quest 2 launched in October of 2020 as COVID lockdowns have been in full swing and folks have been on the lookout for new methods to remain entertained and related whereas caught inside. It additionally launched at a gorgeous and giftable $300 worth level (which was $100 cheaper than its predecessor).
Quest 3, however, launched in October 2023 at a extra premium worth of $500. The corporate closely marketed its ‘combined actuality’ capabilities, which have been removed from mature or a transparent value-add at launch.
Seemingly discovering that the costlier Quest 3 wasn’t seeing as a lot uptake because the extra reasonably priced Quest 2, Meta went on to launch Quest 3S in October 2024 (returning to the $300 worth level). It additionally completely dropped the value of the bigger 512GB mannequin of Quest 3 from $650 right down to $500.
It’s solely been about six months since each the launch of Quest 3S and the value drop on Quest 3, so we’ll want to attend longer to see if these modifications will alter the expansion trajectory of spending on the Quest platform. Granted, new tariffs imposed by the Trump administration may upend Meta’s new pricing technique.
Exterior of the value and worth proposition of its headsets, Meta additionally not too long ago opened up about a big shift in consumer demographics and spending habits which have modified the panorama of the Quest retailer. In response to the corporate, newer and youthful customers are driving higher demand for free-to-play content material over premium content material.
