Meta reportedly faces FTC investigation over its acquisition of VR Workout app ‘Supernatural’

Meta, formerly known as Facebook, is in the FTC’s crosshairs over various acquisitions that the agency believes may have been made to dominate the space and eliminate competition. according to the informationOne of the purchases the FTC is considering is a $400 million deal to acquire Inside, the developer of popular virtual reality app Supernatural for the Oculus platform.

The agency reportedly opened an investigation into the purchase after Thanksgiving, about a month after the companies announced the acquisition in October. If the report is correct — neither the FTC nor the companies confirm the regulatory review of the publication — Utah and Meta will not be able to close the deal for another year. It could take longer than that if the agency challenges it in court.

Inside wasn’t the only VR app developer that Meta had taken in, but the others seemed to be too young to investigate. VR fitness apps, such as exercise equipment at home, have skyrocketed in popularity during the lockdown, and Supernatural quickly became popular after its launch in April 2020. As the information He notes that one potential line of inquiry with the FTC is whether Meta plans to develop its own VR demo app. It will take Meta less time to snap up an existing product than to create its own, after all.

Meta chief Mark Zuckerberg has famously said in the past that it’s “better to buy than compete” regarding Facebook’s acquisition of Instagram. The Federal Trade Commission recently filed new antitrust charges against the company, accusing it of using its Instagram and WhatsApp acquisitions in 2012 and 2014 to secure its market position. Meta is also still facing an investigation over its $400 million purchase of Giphy in 2020.

All products recommended by Engadget are handpicked by our editorial team, independently of the parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button