A smartphone with Facebook's logo is seen in front of displayed Facebook's new rebrand logo Meta in this illustration taken on Oct 28, 2021.WASHINGTON - The US Federal Trade Commission sought a court order on Wednesday to block Facebook parent Meta Platforms from buying virtual reality content maker Within Unlimited.
The FTC, which voted three-two to approve the request to seek an injunction, argued that the acquisition of Within by Facebook would "tend to create a monopoly" in the market for virtual reality-dedicated fitness apps. Within has a popular fitness app called "Supernatural." Its investors include Singapore's Temasek Holdings, venture capital firm Andreessen Horowitz and movie makers like Disney, 21st Century Fox, Annapurna Pictures and Legendary Pictures, its website says.The FTC separately had filed an antitrust lawsuit against Facebook in 2020."The FTC's case is based on ideology and speculation, not evidence.
VR industry revenues are expected to grow from US$5 billion last year to more than US$12 billion in 2024, the FTC said in its complaint.