Meta Platforms, formerly known as Facebook, is sparing no expense in its quest to build the metaverse. The company is offering top-tier virtual reality developers salaries reaching $1 million annually, a strategy aimed at attracting the best talent. This revelation comes from a Washington Post report, which cites sources familiar with the matter.
Meta’s aggressive compensation strategy stands out, surpassing even industry giants like Apple and Alphabet. According to the report, Meta’s average compensation for VR developers surpasses $540,000, while Apple’s top VR developer packages reach slightly below $500,000. Alphabet, on the other hand, reportedly pays its highest-performing developers approximately $440,000.
The high salaries reflect Meta’s commitment to its metaverse ambitions, despite facing substantial financial challenges. The company spent $10 billion on metaverse development in 2021 and invested a further $15.9 billion in its Reality Labs division in 2022. In 2023, it dedicated another $16 billion, resulting in a $4.5 billion loss in the second quarter of the year.
These lavish salaries demonstrate that Meta is willing to pay a hefty price to secure top talent in the VR space. A former recruiter for Meta revealed that the company often offered “way above market rate” compensation for various roles, leaving little room for competition.
The company’s focus on attracting top VR developers is a testament to its dedication to building its metaverse ecosystem. This move positions Meta as a frontrunner in the VR space, despite the financial pressures associated with its metaverse ambitions.
Meta’s stock has experienced a significant upward trend in 2023, rising nearly 48% year-to-date. While the company’s metaverse aspirations haven’t received much attention from Wall Street, these staggering salaries underscore Meta’s commitment to its metaverse vision.
