Meta spends money to build the Metaverse: VR developers earn annual salaries of up to one million US dollars

IT House News on July 2, although 2023 is called the "year of efficiency" by Meta, it turns out that Meta is attracting VR talents with ridiculously high salaries. According to the Washington Post, the company is offering millions of dollars in annual salaries above the market level to attract top VR developers.

The report quoted people familiar with the matter as saying that Meta provides programmers who can create VR-related technologies with annual salaries ranging from 600,000 to nearly 1 million U.S. dollars (IT House note: currently about 7.26 million yuan). Andiamo CEO Patrick McAdams said the company's compensation levels are "significantly higher" than most other gaming companies. "It's no exaggeration to say that their total compensation is double or more that of the larger gaming companies."

It is reported that Meta spent approximately US$10 billion on the construction of the Metaverse in 2021, and invested US$15.9 billion in its Reality Labs division last year. This business focused on the Metaverse has lost approximately US$19 billion in the past two years. Dollar.

Meta is willing to offer "very generous salary packages", apparently to attract top developers to join their team instead of joining a competitor's team. A former recruiter who worked for Meta told The Washington Post that they typically don't have much competition because they pay "well above market rates" across multiple positions.

According to reports, the average income of virtual reality developers employed by Meta in the past nine months was nearly $540,000. By comparison, Apple's top compensation package for VR developers is under $500,000, and Google pays its top developers around $440,000.

Competition is increasing, so Meta is working hard to hire the best talent to outsmart the competition. Sony Group unveiled the PlayStation VR2 in February, and Apple dropped a bombshell on the market with its high-priced Apple Vision Pro.

One executive from a smaller game company said he failed to hire a senior developer last year because Meta offered the developer an $800,000 annual salary with the possibility of a performance bonus to increase total compensation. to around $1 million, and the developer doesn't have very unique experience or skills.

Data show that Meta’s stock price has risen by more than 130% this year.

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