• Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit
Tech News, Magazine & Review WordPress Theme 2017
  • Tech
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    The New Galaxy Watch Ultra and Galaxy Ring Are Announced by Samsung

    The New Galaxy Watch Ultra and Galaxy Ring Are Announced by Samsung

    Exploring the Innovative Features of Pear Phones

    Exploring the Innovative Features of Pear Phones

    Latest Smart Home Gadgets for a Connected Life

    Latest Smart Home Gadgets for a Connected Life

    Eco-Friendly Products for Students

    Eco-Friendly Products for Students

    Essential Photography Equipment and Gadgets

    Mastering Your Shots: Essential Photography Equipment and Gadgets

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    Master the World of Online Gaming with the Best Gaming VPN

    Master the World of Online Gaming with 3 Best Gaming VPN

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    5 Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    9 Best Alternative Games Like Kahoot

    9 Best Alternative Games Like Kahoot

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

  • Crypto
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

  • Business
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

No Result
View All Result
Geeky Insider
  • Tech
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    The New Galaxy Watch Ultra and Galaxy Ring Are Announced by Samsung

    The New Galaxy Watch Ultra and Galaxy Ring Are Announced by Samsung

    Exploring the Innovative Features of Pear Phones

    Exploring the Innovative Features of Pear Phones

    Latest Smart Home Gadgets for a Connected Life

    Latest Smart Home Gadgets for a Connected Life

    Eco-Friendly Products for Students

    Eco-Friendly Products for Students

    Essential Photography Equipment and Gadgets

    Mastering Your Shots: Essential Photography Equipment and Gadgets

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    Master the World of Online Gaming with the Best Gaming VPN

    Master the World of Online Gaming with 3 Best Gaming VPN

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    5 Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    9 Best Alternative Games Like Kahoot

    9 Best Alternative Games Like Kahoot

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

  • Crypto
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

  • Business
    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    How Drones and 360-Degree Cameras Are Changing Bridal Photoshoots

    120+ Best Creative Names for Team at Work

    120+ Best Creative Names for Team at Work

    Can You Repair Printed Circuit Board ?

    Mastering PCB Board Repair Comprehensive Guide

    Breaking Barriers Federal Inmate Texting Service

    Breaking Barriers Federal Inmate Texting Service

    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

Submit
Geeky Insider
No Result
View All Result

Federal Trade Commission sues to block Meta’s acquisition of VR company

by Staff Writer
July 28, 2022
in Business
Reading Time: 5 mins read
Federal Trade Commission sues to block Meta’s acquisition of VR company
Share on FacebookShare on Twitter

Comment on this story

Comment

The Federal Trade Commission on Wednesday sued to block Facebook parent company Meta from buying the maker of popular virtual reality games, setting up a regulatory roadblock for the company’s ambitions to remake itself as the creator of a new digital world called the “metaverse.”

Table of Contents

Toggle
  • READ ALSO
  • The Power of Diversity and Inclusion
  • Digital Transformation in Business – 6 Key Technologies

READ ALSO

Employee Payroll Management Software Simplifying Processes

Employee Payroll Management Software: Simplifying Processes

August 23, 2023
Remote Working and the Future of Work

Remote Working and the Future of Work

August 3, 2023

The deal would give Meta control of Within, which created the popular VR workout game “Supernatural.” The lawsuit is emblematic of FTC Chair Lina Khan’s strategy to address deals in the fast-changing tech sector, following mounting criticism from Khan and allies that regulators have not been aggressive in limiting tech companies from building power by buying up their smaller rivals.

“That lessening of competition may result in reduced innovation, quality, and choice, less pressure to compete for the most talented app developers, and potentially higher prices for VR fitness apps,” the FTC argued in a legal complaint. “And Meta would be one step closer to its ultimate goal of owning the entire ‘Metaverse.’ ”

After months of deadlock, Lina Khan is unleashed

The action is the first new lawsuit brought against a major tech giant since Khan took helm of the FTC last year, following increased regulatory scrutiny of the businesses of Facebook, Google, Apple and Amazon. The lawsuit marks a key test of the Biden administration’s commitments to usher in a new era of antitrust enforcement, especially in the tech sector where a handful of companies have amassed wealth and influence. (Amazon founder Jeff Bezos owns The Washington Post.)

Parallel efforts in Congress to overhaul competition laws — including proposals to put new limits on acquisitions in the tech industry — have largely stalled on Capitol Hill. The agency’s lawsuit could face obstacles in U.S. courts, which have traditionally held a narrow interpretation of antitrust laws.

Biden inherits bipartisan momentum to crack down on large tech companies’ power

Meta is grappling with financial head winds that have cut its stock in half this year, and on Wednesday it reported its first quarterly revenue decline in a decade. The company also warned that it expects advertisers to spend less due to broader concerns about the economy.

The company has staked its future on the Metaverse, immersive digital worlds accessed through VR devices. Meta Chief Executive Officer Mark Zuckerberg has described a future in which its users adopt avatars to work with colleagues in virtual board rooms, attend digital events with friends and shop in virtual stores accessed through virtual and augmented reality-powered services.

Facebook changed its corporate name to Meta last October in an effort to shift its brand from a social media business, embroiled in controversy, to a company that was again on the cusp of reinventing the way people communicate.

But VR is a growing industry, and there is intense competition to bring apps to market that have mass appeal. “Fitness is the killer use case for VR,” Within’s CEO and co-founder Chris Milk argued, according to the lawsuit. Meta competes in VR fitness through its “Beat Saber” app. If the companies are kept separate, they’ll keep pushing each other to develop more features and attract more users, the FTC argues in the suit.

“Supernatural” has been regularly featured in ads for Meta’s virtual reality headset, the Meta Quest 2. In the game, which was released in 2020, users swat or punch floating orbs hurled at them during workouts while being encouraged by trainers and listening to popular music from artists like Billie Eilish, Bob Marley, Dua Lipa and the Jackson 5. The workouts take advantage of VR by placing users in the middle of exotic, 3D locations like the caldera of a volcano, the surface of the moon, the top of China’s Great Wall or the steps of pyramids in Egypt.

The lawsuit sends a “chilling message” to innovators, Meta spokesman Stephen Peters said in a statement, arguing that the deal is “good for people, developers and the VR space.”

“The FTC’s case is based on ideology and speculation, not evidence,” he said. “The idea that this acquisition would lead to anticompetitive outcomes in a dynamic space with as much entry and growth as online and connected fitness is simply not credible.”

Facebook workers fear cuts after blunt warnings from Zuckerberg, leaders

In an internal email to Facebook executives in 2015, Zuckerberg said his vision for “the next wave of computing” was to control both the apps and the platform on which those apps were distributed. In the same email, he said the company should “us[e] acquisitions opportunistically,” the lawsuit alleges.

This strategy has touched a nerve with Democrats on the Federal Trade Commission, who voted 3-2 to bring the lawsuit against the company.

“Instead of competing on the merits, Meta is trying to buy its way to the top,” FTC Bureau of competition deputy director John Newman said in a statement.

The lawsuit mirrors a separate FTC complaint against Meta, which seeks to unwind the company’s acquisitions of WhatsApp and Instagram and was refiled last year. The judge allowed the suit to move forward earlier this year. The original complaint, filed under the Trump administration, was dismissed by a judge who said the agency had failed to provide enough facts to prove Facebook held a monopoly in social networking.

The complaint argues that Meta’s recent acquisitions have allowed it to buy up “seven of the most successful VR development studios in the world.” Over the last few years, the company bought BigBox VR, Beat Games, and Ready at Dawn Studios, among others. In April, Meta announced it was opening its first physical retail store to help customers test out its growing line of smart hardware devices including its virtual reality headset Meta Quest 2 and its smart glasses Ray-Ban Stories.

Mike Hume contributed to this report.

Source by www.washingtonpost.com

Related Posts

10 Essential entrepreneurs' characteristics For Success
Business

10 Essential Entrepreneurs’ Characteristics For Success

September 28, 2023
Entrepreneurship ethics - From Startup to Success
Business

Entrepreneurship ethics – From Startup to Success

August 24, 2023
Employee Payroll Management Software Simplifying Processes
Business

Employee Payroll Management Software: Simplifying Processes

August 23, 2023
Remote Working and the Future of Work
Business

Remote Working and the Future of Work

August 3, 2023

Recommended.

YouTube Increases Ad Load #1622

YouTube Increases Ad Load #1622

September 21, 2022
BAYC

Monthly NFT sales fall below US$1B for 1st time in 12 months

July 4, 2022

Trending.

No Content Available
  • Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit
Contact us for submission queries. editor[at]geekyinsider.com.
No Result
View All Result
  • Home
  • Review
  • Apple
  • Gaming
  • Gadget and Gear
    • Camera
    • Smartphone
  • Microsoft
  • Security