Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance . In 2015, over US$ 34 billion was raised worldwide by crowdfunding.
155-569: Reality Labs , formerly Oculus VR , is a business and research unit of Meta Platforms (formerly Facebook Inc.) that produces virtual reality (VR) and augmented reality (AR) hardware and software, including virtual reality headsets such as the Quest , and online platforms such as Horizon Worlds . In June 2022, several artificial intelligence (AI) initiatives that were previously a part of Meta AI were transitioned to Reality Labs. This also includes Meta's fundamental AI Research laboratory FAIR which
310-823: A Snapdragon 835 system-on-chip, and 64 or 128 GB of internal storage. It contains two OLED displays with a resolution of 1600x1440 per-eye and running at 72 Hz. It supports included Oculus Touch controllers via an "inside-out" motion tracking system known as "Oculus insight", which consists of a series of cameras embedded in the headset. The controllers were redesigned to properly function with Insight. It supports games and applications downloaded via Oculus Store, with ported launch titles such as Beat Saber and Robo Recall . It also supports cross-platform multiplayer and cross-buys between PC and Quest. Facebook stated that they would impose stricter content and quality standards for software distributed for Quest than its other platforms, including requiring developers to undergo
465-591: A mixed reality headset aimed primarily at enterprise and prosumer markets. The headset uses quantum dot displays , with thinner optics using pancake lenses for a more visor-like form factor, and has upgraded color passthrough cameras designed to facilitate mixed reality applications. Its hardware is upgraded from the Quest 2, with the Snapdragon XR2+ system-on-chip, increased RAM, and updated controllers with built-in tracking. These controllers were also made available for
620-533: A "permanent acceleration" that would continue after the pandemic. Facebook hired aggressively, growing from 48,268 employees in March 2020 to more than 87,000 by September 2022. Following a period of intense scrutiny and damaging whistleblower leaks , news started to emerge on October 21, 2021, about Facebook's plan to rebrand the company and change its name. In the Q3 2021 Earnings Call on October 25, Mark Zuckerberg discussed
775-684: A 1832x1920 display running at 90 Hz, and up to 120 Hz as an experimental option. Similarly to the Rift S, it uses a single display panel rather than individual panels for each eye. Due to this design, it has more limited inter-pupillary distance options than the original Quest, with the ability to physically move the lenses to adjust for 3 common measurements. The Quest 2's models were both priced US$ 100 cheaper than their first-generation equivalents at launch, but its prices were increased in July 2022 for economic reasons. In October 2022, Meta unveiled Quest Pro ,
930-497: A 5.5-inch 1440p fast-switching LCD display, integrated speakers with spatial audio and a headphone jack for external audio, a Qualcomm Snapdragon 821 system-on-chip, and 32 or 64 GB of internal storage. It runs an Android -based operating system with access to VR software via the Oculus Home user experience and app store , including games and multimedia apps. The Go includes a handheld controller reminiscent of one designed for
1085-548: A 9.99% stake in Jio Platforms ; the company additionally endeavored into non-VR hardware, such as the discontinued Meta Portal smart displays line and partners with Luxottica through the Ray-Ban Stories series of smartglasses . Facebook filed for an initial public offering (IPO) on January 1, 2012. The preliminary prospectus stated that the company sought to raise $ 5 billion, had 845 million monthly active users, and
1240-515: A VR headset for video gaming. As a head-mounted display (HMD) designer at the University of Southern California Institute for Creative Technologies , Palmer Luckey earned a reputation for having the largest personal collection of HMDs in the world and was a longtime moderator in Meant to be Seen (MTBS)'s discussion forums. Palmer created a series of new technologies that resulted in a VR headset that
1395-404: A broader effort to counter Russian covert influence operations, which had intensified since the invasion. At its 2024 Connect conference, Meta presented Orion, its first pair of augmented reality glasses. Though Orion was originally intended to be sold to consumers, the manufacturing process turned out to be too complex and expensive. Instead, the company pivoted to producing a small number of
1550-608: A choice of discount vouchers for either Steam or the Oculus store. Within four hours of the announcement, Oculus secured its intended amount of US $ 250,000, and in less than 36 hours, the campaign had surpassed $ 1 million in funding, eventually ending with $ 2,437,429. On December 12, 2013, Marc Andreessen joined the company's board when his firm, Andreessen Horowitz , led the $ 75 million Series B venture funding . In total, Oculus VR has raised $ 91 million with $ 2.4 million raised via crowdfunding . Although Oculus only released
1705-453: A common cause to help fund services and programs to combat a variety of issues including healthcare and community development. The major aspect of donor-based crowdfunding is that there is no reward for donating; rather, it is based on the donor's altruistic reasoning. Ethical concerns have been raised to the increasing popularity of donation-based crowdfunding, which can be affected by fraudulent campaigns and privacy issues. The inputs of
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#17330861095441860-610: A competitor to Twitter. Meta announced its artificial intelligence model Llama 2 in July 2023, available for commercial use via partnerships with major cloud providers like Microsoft. It was the first project to be unveiled out of Meta's generative AI group after it was set up in February. It would not charge access or usage but instead operate with an open-source model to allow Meta to ascertain what improvements need to be made. Prior to this announcement, Meta said it had no plans to release Llama 2 for commercial use. An earlier version of Llama
2015-403: A daily basis. The future growth potential of crowdfunding platforms also depends on their financing volume with venture capital. Between January 2017 and April 2020 globally 99 venture capital financing rounds for crowdfunding platforms took place with more than half a billion USD of total money raised. The median amount per venture capital financing rounds for crowdfunding was $ 5 million in
2170-457: A depth sensor, and updated controllers inspired by the design of the Quest Pro (albeit still using inside-out tracking via infrared sensors, as with its predecessors). Meta positioned the Quest 3 as a high-end model, with the Quest 2 continuing to be sold alongside it. On April 22, 2024, Meta announced that its Android-based system software would be branded as "Horizon OS", and that it would license
2325-423: A development prototype of its headset, on March 25, 2014, Mark Zuckerberg announced that Facebook, Inc. would be acquiring Oculus for US$ 2 billion, pending regulatory approval. The deal included $ 400 million in cash and 23.1 million common shares of Facebook, valued at $ 1.6 billion, as well as an additional $ 300 million assuming Facebook reaches certain milestones. This move was ridiculed by some backers who felt
2480-505: A direct person-to-person lending model to microcredit lending for low-income small business owners in developing countries. In 2017, Facebook initiated "Fundraisers", an internal plug-in function that allows its users to raise money for nonprofits. DonorsChoose .org, founded in 2000, allows public school teachers in the United States to request materials for their classrooms. Individuals can lend money to teacher-proposed projects, and
2635-546: A falsified video of US president Joe Biden , even after it had been proven to be fake, attracted criticism and concern. Numerous lawsuits have been filed against the company, both when it was known as Facebook, Inc., and as Meta Platforms. In March 2020, the Office of the Australian Information Commissioner (OAIC) sued Facebook, for significant and persistent infringements of the rule on privacy involving
2790-463: A former Facebook employee's testimony in Congress that the company refused to take responsibility. The company noted that tools have been developed for parents to keep track of their children's activity on Instagram and set time limits in addition to Meta's "Take a break" reminders. In addition, the company is providing resources specific to eating disorders as well as developing AI to prevent children under
2945-483: A fractional role in crowdfunding. Its use has also been criticized for funding quackery , especially costly and fraudulent cancer treatments. Funding by collecting small donations from many people has a long history with many roots. Books have been funded in this way in the past; authors and publishers would advertise book projects in praenumeration or subscription schemes. The book would be written and published if enough subscribers signaled their readiness to buy
3100-734: A global economic downturn and "ads signal loss". Plans to lay off a further 10,000 employees began in April 2023. The layoffs were part of a general downturn in the technology industry, alongside layoffs by companies including Google , Amazon , Tesla , Snap , Twitter and Lyft . Starting from 2022, Meta scrambled to catch up to other tech companies in adopting specialised artificial intelligence hardware and software. It had been using less expensive CPUs instead of GPUs for AI work, but that approach turned out to be less efficient. In 2023, Ireland's Data Protection Commissioner imposed record EUR 1.2 billion fine on Meta for transferring data from Europe to
3255-541: A greater-than-expected decline in profits in the fourth quarter of 2021. It reported no growth in monthly users, and indicated it expected revenue growth to stall. It also expected measures taken by Apple Inc. to protect user privacy to cost it some $ 10 billion in advertisement revenue, an amount equal to roughly 8% of its revenue for 2021. In meeting with Meta staff the day after earnings were reported, Zuckerberg blamed competition for user attention, particularly from video-based apps such as TikTok . The 27% reduction in
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#17330861095443410-612: A large ceremony in the hall of the Shura Council of Laws, in the presence of Khedive Abbas II and senior statesmen and notables. Its director was the politician and writer Ahmed Lutfi al-Sayyid while the chairman of its board of directors was King Fouad the first . In 1953 the National University changed its name to Cairo University . Marillion started crowdfunding in 1997. Fans of the British rock band raised $ 60,000 (£39,000) via
3565-687: A major reason for the extent of the issue. Meta has acquired multiple companies (often identified as talent acquisitions ). One of its first major acquisitions was in April 2012, when it acquired Instagram for approximately US$ 1 billion in cash and stock. In October 2013, Facebook, Inc. acquired Onavo , an Israeli mobile web analytics company. In February 2014, Facebook, Inc. announced it would buy mobile messaging company WhatsApp for US$ 19 billion in cash and stock. Later that year, Facebook bought Oculus VR for $ 2.3 billion in cash and stock, which released its first consumer virtual reality headset in 2016. In late November 2019, Facebook, Inc. announced
3720-448: A meaningful way at all". In May 2019, Facebook founded Libra Networks , reportedly to develop their own stablecoin cryptocurrency . Later, it was reported that Libra was being supported by financial companies such as Visa , Mastercard , PayPal and Uber . The consortium of companies was expected to pool in $ 10 million each to fund the launch of the cryptocurrency coin named Libra. Depending on when it would receive approval from
3875-588: A monumental base for the Statue of Liberty , a newspaper-led campaign attracted small donations from 160,000 donors. Crowdfunding on the internet first gained popular and mainstream use in the arts and music communities. The first noteworthy instance of online crowdfunding in the music industry was in 1997, when fans of the British rock band Marillion raised US$ 60,000 in donations through an Internet campaign to underwrite an entire U.S. tour. The band subsequently used this method to fund their studio albums. This built on
4030-465: A parallel to Apple's support of iOS applications on visionOS . In 2024, leaks by Meta revealed an upcoming Quest model known as the Quest 3S, which is expected to be a low-end variant of the Quest 3 designed to supplant the Quest 2. The Oculus Rift CV1, also known as simply the Oculus Rift, was the first consumer model of the Oculus Rift headset. It was released on March 28, 2016, in 20 countries, at
4185-450: A payoff from monetary contributions (desire for investment). Additionally, individuals participate in crowdfunding to see new products before the public. Early access often allows funders to participate more directly in the development of the product. Crowdfunding is also particularly attractive to funders who are family and friends of a creator. It helps to mediate the terms of their financial agreement and manage each group's expectations for
4340-499: A pre-screening of their concepts to demonstrate "quality and probable market success". In June 2019, Facebook announced it sold $ 5 million worth of content for the Oculus Quest in its first two weeks on sale. In November 2019, Facebook released a beta for a new feature known as Oculus Link, which allows Oculus Rift-compatible software to be streamed from a PC to a Quest headset over USB. In May 2020, Facebook added additional support for
4495-438: A reward to backers who pledged $ 300 or more on Kickstarter, with an expected shipping date set of December 2012 (though they did not actually ship until March 2013). There was also a limited run of 100 unassembled Rift prototype kits for pledges over $ 275 that would ship a month earlier. Both versions were intended to include Doom 3 BFG Edition , but Rift support in the game was not ready, so to make up for it they included
4650-450: A significant percentage of the money raised. In the summer of 1885, crowdfunding averted a crisis that threatened the completion of the Statue of Liberty. Construction of the statue's pedestal stalled due to a lack of financing. Fundraising efforts for the project fell short of the necessary amount by more than a third. New York Governor Grover Cleveland refused to appropriate city funds for
4805-438: A significant pre-existing fan base and fulfill an existing gap in the market." Innovative new platforms, such as RocketHub , have emerged that combine traditional funding for creative work with branded crowdsourcing—helping artists and entrepreneurs unite with brands "without the need for a middle man." A variety of crowdfunding platforms have emerged to allow ordinary web users to support specific philanthropic projects without
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4960-589: A starting price of US$ 599. The 6,955 backers who received the Development Kit 1 prototype via the original Oculus Rift Kickstarter campaign were eligible to receive the CV1 model for free. On December 6, 2016, Oculus released motion controller accessories for the headset known as Oculus Touch . In 2014, Samsung partnered with Oculus to develop the Gear VR , a VR headset accessory for Samsung Galaxy smartphones. It relies on
5115-417: A valuation around $ 9 billion. Litigation crowdfunding allows plaintiffs or defendants to reach out to hundreds of their peers simultaneously in a semi-private and confidential manner to obtain funding, either seeking donations or providing a reward in return for funding. It also allows investors to purchase a stake in a claim they have funded, which may allow them to get back more than their investment if
5270-574: A website accruing 2.7 billion likes and comments daily. After the IPO, Zuckerberg would retain 22% of the total shares and 57% of the total voting power in Facebook. Underwriters valued the shares at $ 38 each, valuing the company at $ 104 billion, the largest valuation yet for a newly public company. On May 16, one day before the IPO, Facebook announced it would sell 25% more shares than originally planned due to high demand. The IPO raised $ 16 billion, making it
5425-479: Is an American multinational technology conglomerate based in Menlo Park, California . The company owns and operates Facebook , Instagram , Threads , and WhatsApp , among other products and services. Advertising accounts for 97.8 percent of its revenue. Originally known as the parent company of the Facebook service, as Facebook, Inc., it was rebranded to its current name in 2021 to "reflect its focus on building
5580-456: Is for their employees to be closer to Silicon Valley . In May 2015, Oculus acquired British company Surreal Vision, a company based on 3D scene-mapping reconstruction and augmented reality . News reported that Oculus and Surreal Vision could create "mixed reality" technology in Oculus' products, similar to the upcoming HMD, Microsoft HoloLens . They reported that Oculus, with Surreal's help, will make telepresence possible. On March 28, 2016,
5735-511: Is now part of the Reality Labs - Research (RLR) division. The Reality Labs unit is the result of the merger of several initiatives under Meta Platforms and the incorporation of several acquired companies. This includes CTRL-Labs founded by Thomas Reardon which develops non-invasive neural interface technology as well as Oculus , a company that was founded in 2012 by Palmer Luckey , Brendan Iribe , Michael Antonov and Nate Mitchell to develop
5890-472: Is the online pooling of capital from investors to fund mortgages secured by real estate, such as " fix and flip " redevelopment of distressed or abandoned properties, equity for commercial and residential projects, acquisition of pools of distressed mortgages, home buyer down payments, and similar real estate related outlets. Investment, via specialized online platforms in the US, is generally completed under Title II of
6045-423: Is to raise funds for a project where a digital security is offered as a reward to funders which is known as Initial coin offering (abbreviated to ICO). Some value tokens are endogenously created by particular open decentralized networks that are used to incentivize client computers of the network to expend scarce computer resources on maintaining the protocol network. These value tokens may or may not exist at
6200-488: The Bank of England in the 1730s when customers demanded their pounds to be converted into gold – they supported the currency until confidence in the pound was restored, thus crowdfunding their own money. A clearer case of modern crowdfunding is Auguste Comte 's scheme to issue notes for the public support of his further work as a philosopher. The "Première Circulaire Annuelle adressée par l'auteur du Système de Philosophie Positive "
6355-835: The Big Tech companies in 2020. The lobbying team includes top congressional aide John Branscome, who was hired in September 2021, to help the company fend off threats from Democratic lawmakers and the Biden administration. In August 2024, Mark Zuckerberg sent a letter to Jim Jordan indicating that during the COVID-19 pandemic the Biden administration repeatedly asked Meta to limit certain COVID-19 content, including humor and satire, on Facebook and Instagram . In 2024 Meta's decision to continue to disseminate
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6510-752: The Cambridge Analytica fiasco . Every violation of the Privacy Act is subject to a theoretical cumulative liability of $ 1.7 million. The OAIC estimated that a total of 311,127 Australians had been exposed. On December 8, 2020, the U.S. Federal Trade Commission and 46 states (excluding Alabama, Georgia, South Carolina, and South Dakota), the District of Columbia and the territory of Guam , launched Federal Trade Commission v. Facebook as an antitrust lawsuit against Facebook. The lawsuit concerns Facebook's acquisition of two competitors— Instagram and WhatsApp —and
6665-520: The Chan Zuckerberg Initiative (CZI), a foundation established by Zuckerberg and his wife, Priscilla Chan , and became one of their projects. Following the rebranding announcement, CZI announced that it had already decided to deprioritize the earlier Meta project, thus it would be transferring its rights to the name to Meta Platforms, and the previous project would end in 2022. Soon after the rebranding, in early February 2022, Meta reported
6820-726: The Irish Council for Civil Liberties , Wikimedia Europe, and the Electronic Privacy Information Center , signed a 2024 letter to the European Data Protection Board (EDPB) expressing concern that this subscriber model would undermine privacy protections, specifically GDPR data protection standards. Meta removed the Facebook and Instagram accounts of Iran's Supreme Leader Ali Khamenei in February 2024, citing repeated violations of its Dangerous Organizations & Individuals policy. As of March, Meta
6975-770: The JOBS Act and is limited to accredited investors. The platforms offer low minimum investments, often $ 100 – $ 10,000. There are over 75 real estate crowdfunding platforms in the United States. The growth of real estate crowdfunding is a global trend. During 2014 and 2015, more than 150 platforms have been created throughout the world, such as in China, the Middle East, or France. In Europe, some compare this growing industry to that of e-commerce ten years earlier. Examples of real estate crowdfunding platforms are EquityMultiple, Fundrise , Yieldstreet , CrowdStreet, and RealtyMogul. In Europe,
7130-495: The Nasdaq exchange. The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price. At the closing bell, shares were valued at $ 38.23, only $ 0.23 above the IPO price and down $ 3.82 from the opening bell value. The opening was widely described by the financial press as a disappointment. The stock nonetheless set a new record for trading volume of an IPO. On May 25, 2012,
7285-590: The Office for the Coordination of Humanitarian Affairs (OCHA) have been researching and publishing about the topic. One crowdfunding project, iCancer, was used to support a Phase 1 trial of AdVince, an anti-cancer drug in 2016. Research into the suitability of crowdfunding for civic investment in the UK highlights that the public sector has not fully realized the benefits of a crowdfunding approach. Real estate crowdfunding
7440-629: The Swiss Financial Market Supervisory authority to operate as a payments service, the Libra Association had planned to launch a limited format cryptocurrency in 2021. Libra was renamed Diem, before being shut down and sold in January 2022 after backlash from Swiss government regulators and the public. During the COVID-19 pandemic , the use of online services including Facebook grew globally. Zuckerberg predicted this would be
7595-665: The metaverse ", an integrated environment linking the company's products and services. Meta ranks among the largest American information technology companies, alongside other Big Five corporations Alphabet ( Google ), Amazon , Apple , and Microsoft . The company was ranked #31 on the Forbes Global 2000 ranking in 2023. In 2022, Meta was the company with the third-highest expenditure on research and development worldwide, with R&D expenditure amounting to US$ 35.3 billion. Meta has also acquired Oculus (which it has integrated into Reality Labs ), Mapillary , CTRL-Labs, and
7750-408: The "Oculus Rift" brand, are traditional VR headsets that require a PC to operate. In February 2019, Facebook first released Oculus Quest —a standalone headset which contains integrated mobile computing hardware and does not require a PC to operate, but can optionally be used with Oculus Rift-compatible VR software by connecting it to a PC over USB-C . In 2018, Facebook CEO Mark Zuckerberg stated that
7905-436: The "film" category: A number of private companies thrive off of crowdfunding and offer services related to a number of platforms. Examples include large companies like BackerKit that principally offer data analysis of campaigns , or Y Combinator , which acts as a startup accelerator and receives a significant number of its applicants from platforms such as Kickstarter and Indiegogo. The Italian-American company Atellani USA
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#17330861095448060-484: The 2012 Electronic Entertainment Expo (E3), id Software announced that the BFG Edition of Doom 3 would be compatible with head-mounted display units. During the convention, Carmack introduced a duct-taped head-mounted display, based on Palmer's Oculus Rift prototype, which ran Carmack's software. The unit featured a high-speed IMU and a 5.6-inch (14 cm) LCD , visible via dual lenses that were positioned over
8215-659: The 2012 amount was raised in North America. Crowdfunding is expected to reach US$ 1 trillion in 2025. A May 2014 report, released by the United Kingdom-based The Crowdfunding Centre and titled "The State of the Crowdfunding Nation", presented data showing that during March 2014, more than US$ 60,000 were raised on an hourly basis via global crowdfunding initiatives. Also during this period, 442 crowdfunding campaigns were launched globally on
8370-600: The Chinese market as the Xiaomi Mi VR). Unlike the Oculus Rift, the Go is a standalone headset which is not dependent on a PC for operation. Unlike VR systems such as Cardboard , Daydream , and the Oculus co-developed Samsung Gear VR (where VR software is run on a smartphone inserted into a physical enclosure, and its screen is viewed through lenses), it contains its own dedicated display and mobile computing hardware. The headset includes
8525-504: The Decentralized Autonomous Organization ". Debt-based crowdfunding, (also known as "peer-to-peer", "P2P", "marketplace lending", or "crowdlending") arose with the founding of Zopa in the UK in 2005 and in the US in 2006, with the launches of Lending Club and Prosper.com . Borrowers apply online, generally for free, and their application is reviewed and verified by an automated system, which also determines
8680-687: The Facebook-WhatsApp-Instagram entity did not exist, and prove that harmed competition or consumers. On December 24, 2021, a court in Russia fined Meta for $ 27 million after the company declined to remove unspecified banned content. The fine was reportedly tied to the company's annual revenue in the country. In May 2022, a lawsuit was filed in Kenya against Meta and its local outsourcing company Sama . Allegedly, Meta has poor working conditions in Kenya for workers moderating Facebook posts. According to
8835-501: The Gear VR, which uses relative motion tracking. The Oculus Go does not use positional tracking. While official sales numbers have not been released, according to IDC the Oculus Go and Xiaomi Mi VR had sold nearly a quarter million units combined during the third quarter 2018, and in January 2019 market analysis firm SuperData estimated that over a million Oculus Go units had been sold since
8990-525: The Go and Quest. In September 2020, the Oculus Quest 2 was unveiled as an updated iteration of the first-generation Quest, and the Rift S was concurrently discontinued—making Quest the division's sole active product line. On September 26, 2018, Facebook unveiled Oculus Quest . It is a standalone headset which is not dependent on a PC for operation; the Quest contains embedded mobile hardware running an operating system based on Android source code, including
9145-569: The Horizon brand (such as Horizon Worlds ). He also stated that "as we've heard feedback from the VR community more broadly, we're working on new ways to log into Quest that won't require a Facebook account, landing sometime next year. This is one of our highest priority areas of work internally". In January 2022, the Oculus social media accounts were renamed "Meta Quest" in reference to its current VR product line. Concurrently, Meta began to retroactively refer to
9300-500: The Kickstarter platform prior to the date of publication, including: Musician Amanda Palmer raised US$ 1.2 million from 24,883 backers in June 2012 to make a new album and art book. Other campaigns include: Kickstarter has been used to successfully revive or launch television and film projects that could not get funding elsewhere. These are the current record holders for projects in
9455-853: The Middle East, revealing a gap in Meta’s enforcement in developing regions. An Iraqi nonprofit Tech4Peace’s founder, Aws al-Saadi helped Ahmed-Adnan and others, but the restoration process was slow, leading to significant financial losses for many victims, including prominent figures like Ammar al-Hakim . This situation highlighted Meta’s challenges in balancing global growth with effective content moderation and protection. On 16 September 2024, Meta announced it had banned Russian state media outlets from its platforms worldwide due to concerns about "foreign interference activity." This decision followed allegations that RT and its employees funneled $ 10 million through shell companies to secretly fund influence campaigns on various social media channels. Meta's actions were part of
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#17330861095449610-554: The Oculus Go and Oculus Quest, including Oculus Insight, integrated speakers, and a new "halo" strap. The Rift S uses the same 1440p fast-switching LCD display and lenses as the Oculus Go (a higher resolution in comparison to the original model, but lower in comparison to Oculus Quest), running at 80 Hz, and is backwards compatible with all existing Oculus Rift games and software. Unlike the original Oculus Rift, it does not have hardware control for inter-pupillary distance . In September 2020, Facebook announced it would be discontinuing
9765-591: The Oculus Home experience as well. In July 2021, Facebook announced it would be deprecating its proprietary Oculus API and adding full support for OpenXR . On October 25, 2021, during Connect, Facebook announced that it would invest $ 10 billion over the next year into Reality Labs, and that it would begin to report its revenue separately from the Facebook "Family of Apps"—which includes Facebook, Messenger , Instagram , and WhatsApp . Three days later on October 28, Facebook announced that it would change its corporate name to Meta (legally Meta Platforms, Inc.), as part of
9920-439: The Oculus Rift S and in April 2021, shipments of the headset ceased. 4128x2208 In September 2021, Reality Labs and Ray-Ban announced Ray-Ban Stories , a collaboration on camera-equipped smart glasses that can upload video to Facebook. Oculus Studios is a division of Meta that serves as an umbrella organization for its first-party game development studios such as Beat Games, Armature Studio and Sanzaru Games . Initially
10075-477: The Quest 2 as the "Meta Quest 2"—a change that has since been reflected in the packaging and hardware of subsequent units. In July 2022, Meta began to migrate Oculus accounts to the new "Meta account" system, which can be optionally linked with Facebook, Instagram, and WhatsApp accounts. In October 2022, "Project Cambria" was officially unveiled as the Meta Quest Pro . The initial Oculus headsets, produced under
10230-465: The U.S. In July 2024, Meta agreed to pay the state of Texas $ 1.4 billion to settle a lawsuit brought by Texas Attorney General Ken Paxton accusing the company of collecting users' biometric data without consent, setting a record for the largest privacy-related settlement ever obtained by a state attorney general. Crowdfunding Although similar concepts can also be executed through mail-order subscriptions, benefit events, and other methods,
10385-469: The U.S. and $ 1.5 million in Europe between January 2017 and April 2020. In 2015, it was predicted that over 2,000 crowdfunding sites would be available to choose from in 2016. As of 2021, there are 1,478 crowdfunding organizations in the US ( Crunchbase , 2021). As of January 2021, Kickstarter has raised more than $ 5.6 billion spread over 197,425 projects. Crowdfunding platforms have differences in
10540-463: The UK, Spacehive is used by the Mayor of London and Manchester City Council to co-fund civic projects created by citizens. Similarly, dedicated Humanitarian Crowdfunding initiatives are emerging, involving humanitarian organizations, volunteers, and supporters in solving and modeling how to build innovative crowdfunding solutions for the humanitarian community. Likewise, international organizations like
10695-652: The UK-based United Innovation Association, counsel that ideas can be protected on crowdfunding sites through early filing of patent applications , use of copyright and trademark protection as well as a new form of idea protection supported by the World Intellectual Property Organization called Creative Barcode. A number of platforms have also emerged that specialize in the crowdfunding of scientific projects, such as experiment.com , and The Open Source Science Project. In
10850-444: The UK. One of the challenges of posting new ideas on crowdfunding sites is there may be little or no intellectual property (IP) protection provided by the sites themselves. Once an idea is posted, it can be copied. As Slava Rubin, founder of IndieGoGo, said: "We get asked that all the time, 'How do you protect me from someone stealing my idea?' We're not liable for any of that stuff." Inventor advocates, such as Simon Brown, founder of
11005-450: The UK. Meta agreed to the sale, though it stated that it disagrees with the decision itself. In May 2023, Giphy was divested to Shutterstock for $ 53 million. In November 2020, Facebook, Inc. announced that it planned to purchase the customer-service platform and chatbot specialist startup Kustomer to promote companies to use their platform for business. It has been reported that Kustomer valued at slightly over $ 1 billion. The deal
11160-451: The US, P2P lending totaled about $ 5 billion. In 2014, in the UK, P2P platforms lent businesses £749 million, a growth of 250% from 2012 to 2014, and lent retail customers £547 million, a growth of 108% from 2012 to 2014. In both countries in 2014, about 75% of all the money transferred through crowdfunding went through P2P platforms. Lending Club went public in December 2014 at
11315-408: The United States without adequate protections for EU citizens. In March 2023, Meta announced a new round of layoffs that would cut 10,000 employees and close 5,000 open positions in order to make the company more efficient. Meta revenue surpassed analyst expectations for the first quarter of 2023 after announcing that it was increasing its focus on AI. On July 6, Meta launched a new app, Threads ,
11470-651: The acquisition of the game developer Beat Games, responsible for developing one of that year's most popular VR games, Beat Saber . In Late 2022 after Facebook Inc rebranded to Meta Platforms Inc, Oculus was rebranded to Meta Quest. In May 2020, Facebook, Inc. announced it had acquired Giphy for a reported cash price of $ 400 million. It will be integrated with the Instagram team. However, in August 2021, UK's Competition and Markets Authority (CMA) stated that Facebook, Inc. might have to sell Giphy, after an investigation found that
11625-477: The acquisition was counter to the independent ideology of crowdfunding. Many Kickstarter backers and game industry figures, such as Minecraft developer Markus Persson , criticized the sale of Oculus to Facebook. On March 28, 2014, Michael Abrash joined the company as Chief Scientist. As of January 2015, the Oculus headquarters has been moved from Irvine, California to Menlo Park , where Facebook's headquarters are also located. Oculus has stated that this move
11780-488: The age of 13 signing up for Facebook or Instagram. In June 2022, Meta settled a lawsuit with the US Department of Justice . The lawsuit, which was filed in 2019, alleged that the company enabled housing discrimination through targeted advertising, as it allowed home owners and landlords to run housing ads excluding people based on sex, race, religion, and other characteristics. The U.S. Department of Justice stated that this
11935-703: The allegations, a Meta representative said, "We review every data request for legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse." In June 2022, Sheryl Sandberg , the chief operating officer of 14 years, announced she would step down that year. Zuckerberg said that Javier Olivan would replace Sandberg, though in a "more traditional" role. In March 2022, Meta (except Meta-owned WhatsApp ) and Instagram were banned in Russia and added to Russian list of terrorist and extremist organizations for alleged Russophobia and hate speech (up to genocidal calls) amid ongoing Russian invasion of Ukraine . Meta appealed against
12090-580: The ban but it was upheld by a Moscow court in June of the same year. Also in March 2022, Meta and Italian eyewear giant Luxottica released Ray-Ban Stories , a series of smartglasses which could play music and take pictures. Meta and Luxottica parent company EssilorLuxottica declined to disclose sales on the line of products as of September 2022, though Meta has expressed satisfaction with its customer feedback. In July 2022, Meta saw its first year-on-year revenue decline when its total revenue slipped by 1% to $ 28.8bn. Analysts and journalists accredited
12245-564: The best-performing technology stocks of the year, with its share price up 150 percent. Its stock reached an all-time high in January 2024, bringing Meta within 2% of achieving $ 1 trillion market capitalization. Meta Platforms launched an ad-free service in Europe in November 2023, allowing subscribers to opt-out of personal data being collected for targeted advertising. A group of 28 European organizations, including Max Schrems' advocacy group NOYB ,
12400-414: The book once it was out. The subscription business model is not exactly crowdfunding, since the actual flow of money only begins with the arrival of the product. However, the list of subscribers has the power to create the necessary confidence among investors that is needed to risk the publication. War bonds are theoretically a form of crowdfunding military conflicts. London's mercantile community saved
12555-555: The borrower's credit risk and interest rate. Investors buy securities in a fund that makes the loans to individual borrowers or bundles of borrowers. Investors make money from interest on the unsecured loans; the system operators make money by taking a percentage of the loan and a loan servicing fee. In 2009, institutional investors entered the P2P lending arena; for example in 2013, Google invested $ 125 million in Lending Club. In 2014, in
12710-661: The case succeeds (the reward is based on the compensation received by the litigant at the end of his or her case, known as a contingent fee in the United States, a success fee in the United Kingdom, or a pactum de quota litis in many civil law systems). LexShares is a platform that allows accredited investors to invest in lawsuits. Donation-based crowdfunding is the collective effort of individuals to help charitable causes. In donation-based crowdfunding, funds are raised for religious, social environmental, or other purposes. Donors come together to create an online community around
12865-550: The collected data will likely be used for targeted advertising . Furthermore, Facebook requires the use of a person's real name . In September 2020, Facebook temporarily suspended sales of all Oculus products in Germany; a German watchdog had presented concerns that this integration requirement violates the General Data Protection Regulation (GDPR), which prohibits making use of a service contingent on consenting to
13020-435: The collection of personally identifiable information, and the requirement that existing users also link to a Facebook account to use Oculus hardware and services. On August 25, 2020, Facebook announced the formation of Facebook Reality Labs , a new unit that would encompass all of Facebook's virtual and augmented reality (AR) hardware and software, including Oculus, Portal, and Facebook Spark AR. The Oculus Connect conference
13175-555: The company as a "Consulting CTO". In September 2020, Facebook unveiled Oculus Quest 2 , an update to the original Quest with a revised design and updated hardware. Upon the acquisition of Oculus by Facebook, Inc., Luckey "guaranteed" that "you won't need to log into your Facebook account every time you wanna use the Oculus Rift." Under its ownership, Oculus has been promoted as a brand of Facebook rather than an independent entity and has increasingly integrated Facebook platforms into Oculus products. Support for optional Facebook integration
13330-423: The company into a "must-own stock". Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". Writers at TechCrunch , on the other hand, expressed skepticism, stating, "That's a big multiple to live up to, and Facebook will likely need to add bold new revenue streams to justify the mammoth valuation." Trading in the stock, which began on May 18, was delayed that day due to technical problems with
13485-495: The company would be changing its internal motto from "Move fast and break things" to "Move fast with stable infrastructure". The earlier motto had been described as Zuckerberg's "prime directive to his developers and team" in a 2009 interview in Business Insider , in which he also said, "Unless you are breaking stuff, you are not moving fast enough." Lasso was a short-video sharing app from Facebook similar to TikTok that
13640-504: The company's long-term focus on metaverses and related technologies. The company also teased a "high-end" mixed reality headset codenamed "Project Cambria". As a result, CTO Andrew Bosworth announced that the Oculus brand would be phased out in 2022; all Facebook hardware products will be marketed under the Meta name, and Oculus Store would be renamed Quest Store. Likewise, immersive social platforms associated with Oculus will be brought under
13795-758: The company's share price which occurred in reaction to the news eliminated some $ 230 billion of value from Meta's market capitalization . Bloomberg described the decline as "an epic rout that, in its sheer scale, is unlike anything Wall Street or Silicon Valley has ever seen". Zuckerberg's net worth fell by as much as $ 31 billion. Zuckerberg owns 13% of Meta, and the holding makes up the bulk of his wealth. According to published reports by Bloomberg on March 30, 2022, Meta turned over data such as phone numbers, physical addresses, and IP addresses to hackers posing as law enforcement officials using forged documents. The law enforcement requests sometimes included forged signatures of real or fictional officials. When asked about
13950-448: The construction of a company. Equity crowdfunding, unlike donation and rewards-based crowdfunding, involves the offer of securities which include the potential for a return on investment. Syndicates, which involve many investors following the strategy of a single lead investor, can be effective in reducing information asymmetry and in avoiding the outcome of market failure associated with equity crowdfunding. Another kind of crowdfunding
14105-450: The deal between the two companies would harm competition in display advertising market. Facebook, Inc. was fined $ 70 million by CMA for deliberately failing to report all information regarding the acquisition and the ongoing antitrust investigation. In October 2022, the CMA ruled for a second time that Meta be required to divest Giphy, stating that Meta already controls half of the advertising in
14260-501: The device's launch. In his keynote at 2018's Oculus Connect developer conference, John Carmack revealed that the Go's retention rate was as high as the Rift's, something that nobody at the company had predicted. Carmack also noted that the Go had done especially well in Japan despite lacking internationalization support and the company not specifically catering to the Japanese market. Oculus Go
14415-625: The division was more broadly focused on funding, publishing and giving technical advice to third & second party studios to create games and experiences for Oculus Rift . Meta pledged to invest more than US$ 500 million on Oculus Studios to make games and content. This period saw them build multi-game relationships with prominent studio partners in a second-party capacity, studios such as Insomniac Games , Twisted Pixel Games , Turtle Rock Studios , and Gunfire Games . Meta Platforms Meta Platforms, Inc. , doing business as Meta , and formerly named Facebook, Inc. , and TheFacebook, Inc. ,
14570-493: The ensuing monopolistic situation. FTC alleges that Facebook holds monopolistic power in the U.S. social networking market and seeks to force the company to divest from Instagram and WhatsApp to break up the conglomerate. William Kovacic , a former chairman of the Federal Trade Commission, argued the case will be difficult to win as it would require the government to create a counterfactual argument of an internet where
14725-520: The entire Burlingame Point campus in Burlingame, California , then under construction. The lease was executed in late 2018, and the site, owned by Kylli, a subsidiary of Genzon Investment Group, is expected to be complete by 2020. Oculus was expected to move to Burlingame Point when development is complete. In February 2019, Facebook released Oculus Quest , a high-end standalone headset. In March 2019, Facebook unveiled Oculus Rift S , an updated revision of
14880-462: The existing Quest 2 as an optional accessory. On June 1, 2023, Meta announced the Quest 3 , which was released on October 10, 2023. It features design and hardware features from the Quest Pro, including pancake lenses for a slimmer build, upgraded hardware (including the Snapdragon XR2 Gen 2 system-on-chip) and higher resolution displays, color passthrough cameras for mixed reality, as well as
15035-431: The eyes to provide a 90 degree horizontal and 110 degree vertical stereoscopic 3D perspective. Carmack later left id Software as he was hired as Oculus VR's chief technology officer . The Oculus Rift prototype was demonstrated at E3 in June 2012. On August 1, 2012, the company announced a Kickstarter campaign to further develop the product. Oculus announced that the "dev kit" version of the Oculus Rift would be given as
15190-501: The first Egyptian university, and published an advertisement in Al-Ahram newspaper in October 1906 calling on Egyptians to fulfill the nation's debt and not procrastinate with it. Indeed, many people including school children rushed to donate, and the patriots encouraged this subscription until donations exceeded 4,400 Egyptian pounds. The National University was opened on December 21, 1908, in
15345-499: The first consumer version of Oculus Rift, Oculus Rift "CV1" , was released. In October 2017, Oculus unveiled the standalone mobile headset Oculus Go in partnership with Chinese electronics manufacturer Xiaomi . On December 28, 2016, Facebook acquired Danish eye tracking startup The Eye Tribe . In September 2018, Oculus became a division of a new structural entity within Facebook known as Facebook Technologies, LLC. Facebook announced in August 2018 they had entered negotiations to lease
15500-516: The front page, and kept a running tally of funds raised. The campaign raised over $ 100,000 (roughly $ 2 million today) allowing the city to complete construction of the pedestal. Pulitzer and The World simultaneously saved the Statue of Liberty and gave birth to crowdfunding in American politics. Crowdfunding for Cairo University The Egyptian national leader, Mustafa Kamel , launched an initiative for public subscription in favor of establishing
15655-720: The glasses to be used internally. On 4 October 2024, Meta announced about its new AI model called Movie Gen, capable of generating realistic video and audio clips based on user prompts. Meta stated it would not release Movie Gen for open development, preferring to collaborate directly with content creators and integrate it into its products by the following year. The model was built using a combination of licensed and publicly available datasets. On October 31, 2024, ProPublica published an investigation into deceptive political advertisement scams that sometimes use hundreds of hijacked profiles and facebook pages run by organized networks of scammers. The authors cited spotty enforcement by Meta as
15810-431: The highest reported funding by a crowdfunded project to date is Star Citizen , an online space trading and combat video game being developed by Chris Roberts and Cloud Imperium Games; it has raised over $ 500M to date, and while it has a devoted fan base, criticism has arisen for being a potential scam. On April 17, 2014, The Guardian media outlet published a list of "20 of the most significant projects" launched on
15965-450: The hundreds of millions of dollars spent on content for early adopters. He also urged the company to execute fast and invest heavily in the vision, to shut out HTC , Apple , Google and other competitors in the VR space . Regarding other players' participation in the metaverse vision, he called for the company to build the " metaverse " to prevent their competitors from "being in the VR business in
16120-456: The individual to participate by expecting a payoff. Crowdfunding platforms are motivated to generate income by drawing worthwhile projects and generous funders. These sites also seek widespread public attention for their projects and platform. Crowdfunding websites helped companies and individuals worldwide raise US$ 89 million from members of the public in 2010, $ 1.47 billion in 2011, and $ 2.66 billion in 2012 — $ 1.6 billion of
16275-419: The individuals in the crowd trigger the crowdfunding process and influence the ultimate value of the offerings or outcomes of the process. Individuals act as agents of the offering, selecting, and promoting of the projects in which they believe. They sometimes play a donor role oriented towards providing help on social projects. In some cases, they become shareholders and contribute to the development and growth of
16430-413: The internet to help finance a North American tour. The Professional Contractors Group , a trade body representing freelancers in the UK, raised £100,000 over a two-week period in 1999 from some 2000 freelancers threatened by a government measure known as IR35 . In 2003, jazz composer Maria Schneider (musician) launched the first crowdfunding campaign on ArtistShare for a new recording. The recording
16585-486: The lawsuit, 260 screeners were declared redundant with confusing reasoning. The lawsuit seeks financial compensation and an order that outsourced moderators be given the same health benefits and pay scale as Meta employees. In June 2022, 8 lawsuits were filed across the U.S. over the allege that excessive exposure to platforms including Facebook and Instagram has led to attempted or actual suicides, eating disorders and sleeplessness, among other issues. The litigation follows
16740-425: The loss to its advertising business, which has been limited by Apple's app tracking transparency feature and the number of people who have opted not to be tracked by Meta apps. Zuckerberg also accredited the decline to increasing competition from TikTok. On October 27, 2022, Meta's market value dropped to $ 268 billion, a loss of around $ 700 billion compared to 2021, and its shares fell by 24%. It lost its spot among
16895-411: The metaverse, a digital extension of the physical world by social media , virtual reality and augmented reality features. "Meta" had been registered as a trademark in the United States in 2018 (after an initial filing in 2015) for marketing, advertising, and computer services, by a Canadian company that provided big data analysis of scientific literature . This company was acquired in 2017 by
17050-413: The need for large amounts of money. GlobalGiving allows individuals to browse through a selection of small projects proposed by nonprofit organizations worldwide, donating funds to projects of their choice. Microcredit crowdfunding platforms such as Kiva (organization) facilitate crowdfunding of loans managed by microcredit organizations in developing countries. The US-based nonprofit Zidisha applies
17205-422: The offering. Individuals disseminate information about projects they support in their online communities, generating further support (promoters). The motivation for consumer participation stems from the feeling of being at least partly responsible for the success of others people's initiatives (desire for patronage), striving to be a part of a communal social initiative (desire for social participation), and seeking
17360-446: The ongoing criticism of the company's social services and the way it operates, and pointed to the pivoting efforts to building the metaverse – without mentioning the rebranding and the name change. The metaverse vision and the name change from Facebook, Inc. to Meta Platforms was introduced at Facebook Connect on October 28, 2021. Based on Facebook's PR campaign, the name change reflects the company's shifting long term focus of building
17515-430: The organization fulfills and delivers supplies to schools. There are also a number of own-branded university crowdfunding websites , which enable students and staff to create projects and receive funding from alumni of the university or the general public. Several dedicated civic crowdfunding platforms have emerged in the US and the UK, some of which have led to the first direct involvement of governments in crowdfunding. In
17670-430: The original Oculus Rift "CV1", Oculus Go (a lower-end standalone headset released in 2017), and Quest represented the company's first generation of products, and expected that successors to the three headsets would form its second generation. Oculus began to phase out the original Oculus Rift "CV1" in 2019, in favor of Oculus Rift S — a follow-up to the original model manufactured by Lenovo that incorporates elements of
17825-490: The original Rift PC headset in partnership with Chinese electronics manufacturer Lenovo , which featured updated hardware and features carried over from the Go and Quest. On August 13, 2019, Nate Mitchell, Oculus co-founder and VP of product announced his departure from the company. On November 13, 2019, John Carmack wrote in a Facebook post that he would step down as CTO of Oculus to focus on developing artificial general intelligence . He stated he would remain involved with
17980-462: The persons behind the projects strongly enough to provide monetary support. In response to arbitrary crowdfunding curation on existing platforms, an open source alternative called Selfstarter emerged in late 2012 from the project Lockitron after it was rejected from Kickstarter. While Selfstarter required the creators of the project to set up hosting and payment processing, it proved that projects could successfully crowdfund without middlemen taking
18135-508: The phone's display, which is viewed through lenses inside the headset. At Oculus Connect in September 2015, the Gear VR was announced for a consumer release in November; the initial model supported the Galaxy S6 and Galaxy S7 product lines, as well as the Galaxy Note 5 . On October 11, 2017, Oculus unveiled the Oculus Go, a mobile VR headset manufactured by Xiaomi (the device was released in
18290-460: The platform to third-parties. Meta announced initial hardware partners such as Asus and Lenovo , as well as a partnership with Microsoft for a "limited edition" Xbox -branded Quest bundled with Xbox Wireless Controllers and Game Pass . Meta also stated that it was developing a "spatial app framework" to help port non-VR Android apps to Horizon OS, and that it was open to working with Google to support Play Store on Horizon OS—moves considered
18445-600: The project, and Congress could not agree on a funding package. Recognizing the social and symbolic significance of the statue, publisher Joseph Pulitzer came to the rescue by launching a five-month fundraising campaign in his newspaper The World . The paper solicited contributions by publishing articles that appealed to the emotions of New Yorkers. Donations of all sizes poured in, ranging from $ 0.15 to $ 250. More than 160,000 people across America gave, including businessmen, waiters, children, and politicians. The paper chronicled each donation, published letters from contributors on
18600-409: The project. An individual who takes part in crowdfunding initiatives tends to have several distinct traits – innovative orientation, which stimulates the desire to try new modes of interacting with firms and other consumers; social identification with the content, cause, or project selected for funding, which sparks the desire to be a part of the initiative; and (monetary) exploitation, which motivates
18755-425: The project. While funding does not depend on location, observation shows that funding is largely tied to the locations of traditional financing options. In reward-based crowdfunding, funders are often too hopeful about project returns and must revise expectations when returns are not met. Equity crowdfunding is the collective effort of individuals to support efforts initiated by other people or organizations through
18910-448: The provision of finance in the form of equity. In the United States, legislation that is mentioned in the 2012 JOBS Act will allow for a wider pool of small investors with fewer restrictions following the implementation of the act. Unlike non-equity crowdfunding, equity crowdfunding contains heightened "information asymmetries." The creator must not only produce the product for which they are raising capital, but also create equity through
19065-477: The requirements towards investors are not as high as in the United States, lowering the entry barrier into the real estate investments in general. Real estate crowdfunding can include various project types from commercial to residential developments, planning gain opportunities, build to hold (such as social housing ), and many more. The report from Cambridge Centre for Alternative Finance addresses both real estate crowdfunding and peer 2 peer lending (property) in
19220-471: The same issue. The allegations sparked "fury" among some investors and led to the immediate filing of several lawsuits, one of them a class action suit claiming more than $ 2.5 billion in losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $ 630 million on Facebook stock since its debut. S&P Global Ratings added Facebook to its S&P 500 index on December 21, 2013. On May 2, 2014, Zuckerberg announced that
19375-448: The scientific community, these new options for research funding are seen ambivalently. Advocates of crowdfunding for science emphasize that it allows early-career scientists to apply for their own projects early on, that it forces scientists to communicate clearly and comprehensively to a broader public, that it may alleviate problems of the established funding systems which are seen to fund conventional, mainstream projects, and that it gives
19530-465: The service were still supported). In 2018, Oculus VR became a division of Facebook Technologies, LLC, to create "a single legal entity that can support multiple Facebook technology and hardware products" (such as Facebook Portal ). On August 18, 2020, Facebook announced that all "decisions around use, processing, retention, and sharing of [user] data" on its platforms will be delegated to the Facebook social network moving forward. Users became subject to
19685-593: The services they provide and the type of projects they support. Curated crowdfunding platforms serve as "network orchestrators" by curating the offerings that are allowed on the platform. They create the necessary organizational systems and conditions for resource integration among other players to take place. Relational mediators act as an intermediary between supply and demand. They replace traditional intermediaries (such as traditional record companies, venture capitalists). These platforms link new artists, designers, project initiators with committed supporters who believe in
19840-467: The site from various fans and investors, providing him with the funds to complete his film. In 2002, the "Free Blender" campaign was an early software crowdfunding precursor. The campaign aimed for open-sourcing the Blender 3D computer graphics software by collecting €100,000 from the community, while offering additional benefits for donating members. The first company to engage in this business model
19995-428: The stock ended its first full week of trading at $ 31.91, a 16.5% decline. On May 22, 2012, regulators from Wall Street 's Financial Industry Regulatory Authority announced that they had begun to investigate whether banks underwriting Facebook had improperly shared information only with select clients rather than the general public. Massachusetts Secretary of State William F. Galvin subpoenaed Morgan Stanley over
20150-506: The success of crowdfunding via magazines, such as the 1992 campaign by the Vegan Society that crowdfunded the production of the Truth or Dairy video documentary. In the film industry, writer/director Mark Tapio Kines designed a website in 1997 for his then-unfinished first feature film, the independent drama Foreign Correspondents . By early 1999, he had raised more than US$ 125,000 through
20305-496: The term crowdfunding refers to internet-mediated registries. This modern crowdfunding model is generally based on three types of actors – the project initiator who proposes the idea or project to be funded, individuals or groups who support the idea, and a moderating organization (the "platform") that brings the parties together to launch the idea. The term crowdfunding was coined in 2006 by entrepreneur and technologist, Michael Sullivan, to differentiate traditional fundraising with
20460-493: The third-largest in US history (slightly ahead of AT&T Mobility and behind only General Motors and Visa ). The stock price left the company with a higher market capitalization than all but a few U.S. corporations—surpassing heavyweights such as Amazon , McDonald's , Disney , and Kraft Foods —and made Zuckerberg's stock worth $ 19 billion. The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform
20615-578: The time of the crowdsale, and may require substantial development effort and eventual software release before the token is live and establishes a market value. Although funds may be raised simply for the value token itself, funds raised on blockchain -based crowdfunding can also represent equity , bonds , or even " market-maker seats of governance " for the entity being funded. Examples of such crowd sales are Augur decentralized, distributed prediction market software which raised US$ 4 million from more than 3500 participants; Ethereum blockchain ; and "
20770-410: The top 20 US companies by market cap, despite reaching the top 5 in the previous year. In November 2022, Meta laid off 11,000 employees, 13% of its workforce. Zuckerberg said the decision to aggressively increase Meta's investments had been a mistake, as he had wrongly predicted that the surge in e-commerce would last beyond the COVID-19 pandemic. He also attributed the decline to increased competition,
20925-468: The traditional financier role of a record label for artists they believe in by funding the recording process". Since pioneering crowdfunding in the film industry, Spanner Films has published a "how-to" guide. A Financial article published in mid-September 2013 stated that "the niche for crowdfunding exists in financing films with budgets in the [US]$ 1 to $ 10 million range" and crowdfunding campaigns are "much more likely to be successful if they tap into
21080-467: The trends of native Internet projects, companies and community efforts to support various kinds of creators. Crowdfunding has been used to fund a wide range of for-profit entrepreneurial ventures such as artistic and creative projects, medical expenses, travel, and community-oriented social entrepreneurship projects. Although crowdfunding has been suggested to be highly linked to sustainability, empirical validation has shown that sustainability plays only
21235-474: The unified Facebook privacy policy , code of conduct , and community guidelines, and all users will be required to have a Facebook account to access Oculus products and services. Standalone account registration became unavailable in October 2020, all future Oculus hardware (beginning with Quest 2) will only support Facebook accounts, and support for existing standalone Oculus accounts on already-released products will end on January 1, 2023. Facebook stated that this
21390-531: The use of USB 2.0 cables, such as the charging cable supplied with the headset. Support for controller-free hand tracking was also launched that month. In September 2020, Facebook unveiled an updated version of the Quest, Oculus Quest 2 . It is similar to the original Quest, but with the Snapdragon XR2 system-on-chip and additional RAM, an all plastic exterior, new cloth head straps, updated Oculus Touch controllers with improved ergonomics and battery life, and
21545-683: The word was in August 2006. Crowdfunding is a part of crowdsourcing, which is a much wider phenomenon itself. The Crowdfunding Centre's May 2014 report identified two primary types of crowdfunding: Reward-based crowdfunding has been used for a wide range of purposes, including album recording and motion-picture promotion, free software development, inventions development, scientific research, and civic projects. Many characteristics of rewards-based crowdfunding, also called non-equity crowdfunding, have been identified by research studies. In rewards-based crowdfunding, funding does not rely on location. The distance between creators and investors on Sellaband
21700-471: Was about 3,000 miles when the platform introduced royalty sharing. The funding for these projects is distributed unevenly, with a few projects accounting for the majority of overall funding. Additionally, funding increases as a project nears its goal, encouraging what is called "herding behavior". Research also shows that friends and family account for a large, or even majority, portion of early fundraising. This capital may encourage subsequent funders to invest in
21855-692: Was added to Gear VR in March 2016, with a focus on integration with the social network, and integrations with features such as Facebook Video and social games. By 2016, the division began to be largely marketed as Oculus from Facebook . In September 2016, support for optional Facebook integration was added to the Oculus Rift software, automatically populating the friends list with Facebook friends who have also linked their accounts (displaying them to each other under their real names, but still displaying screen names to anyone else). Users have been increasingly encouraged to use Facebook accounts to sign into its services (although standalone accounts not directly linked to
22010-503: Was also renamed Facebook Connect. In June 2021, Facebook announced it would do a test launch of targeted advertisements in applications for Oculus Quest. The company claims that movement data, voice recordings and raw images from the headset will not be used in targeting. Instead, the ads will rely on information from the user's Facebook profile and all user activity related to Oculus, including apps used or installed. The company has not stated whether ads will appear only in applications or in
22165-469: Was both higher performance than what was currently on the market and was also inexpensive for gamers. To develop the new product, Luckey founded Oculus VR with Scaleform co-founders Brendan Iribe and Michael Antonov, Nate Mitchell and Andrew Scott Reisse. Coincidentally, John Carmack of id Software had been doing his research on HMDs and happened upon Palmer's developments. After sampling an early unit, Carmack favored Luckey's prototype, and just before
22320-411: Was closed in February 2022 after regulatory approval. In September 2022, Meta acquired Lofelt, a Berlin-based haptic tech startup. In 2020, Facebook, Inc. spent $ 19.7 million on lobbying , hiring 79 lobbyists. In 2019, it had spent $ 16.7 million on lobbying and had a team of 71 lobbyists, up from $ 12.6 million and 51 lobbyists in 2018. Facebook was the largest spender of lobbying money among
22475-474: Was declared end-of-life in June 2020, with software submissions to end in December 2020, and firmware support ending in 2022. On March 20, 2019, at the Game Developers Conference , Facebook announced the Oculus Rift S, a successor to the original Oculus Rift headset. It was co-developed with and manufactured by Lenovo , and launched at a price of US$ 399. The Rift S contains hardware features from
22630-557: Was distributed by RGH/Lion's Shares Pictures. In 2004, Electric Eel Shock , a Japanese rock band, raised £10,000 from 100 fans (the Samurai 100) by offering them a lifetime membership on the band's guestlist. Two years later, they became the fastest band to raise a US$ 50,000 budget on SellaBand . Franny Armstrong later created a donation system for her feature film The Age of Stupid . Over five years, from June 2004 to June 2009 (release date), she raised £ 1,500,000. As of late 2022,
22785-477: Was funded by her fans and became the first recording in history to win a Grammy Award without being available in retail stores. Oliver Twisted (Erik Estrada, Karen Black) was an early crowdfunded film. Subscribers of The Blue Sheet formed The Florida Film Investment Co (FFI) in January 1995, and started selling shares of stock at $ 10 a share to fund the $ 80,000 – $ 100,000 film. The Movie was filmed in Oct 1996. The film
22940-616: Was in violation of the Fair Housing Act . Meta was handed a penalty of $ 115,054 and given until December 31, 2022, to shadow the algorithm tool. In January 2023, Meta was fined €390 million for violations of the European Union General Data Protection Regulation . In May 2023, the European Data Protection Board fined Meta a record €1.2 billion for breaching European Union data privacy laws by transferring personal data of Facebook users to servers in
23095-447: Was launched on iOS and Android in 2018 and was aimed at teenagers. On July 2, 2020, Facebook announced that Lasso would be shutting down on July 10. In 2018, the Oculus lead Jason Rubin sent his 50-page vision document titled "The Metaverse" to Facebook's leadership. In the document, Rubin acknowledged that Facebook's virtual reality business had not caught on as expected, despite
23250-457: Was needed to facilitate "more Facebook powered multiplayer and social experiences" and make it "easier to share across our platforms". Facebook stated that users would still be able to control sharing from Oculus, maintain a separate friends list within the Oculus platform, and hide their real name to others. Users and media criticized Facebook for the move. Ars Technica noted that there is no clear way to opt-out of information tracking and that
23405-516: Was originally founded with the intent to market, accelerate, and invest in startups wanting to publicize their ideas via crowdfunding platforms like Kickstarter, often designing the startup's campaign and online material. Crowdfunding is being explored as a potential funding mechanism for creative work such as blogging and journalism, music, independent film (see crowdfunded film ), and for funding startup companies . Community music labels are usually for-profit organizations where "fans assume
23560-490: Was published on March 14, 1850, and several of these notes, blank and with sums, have survived. The cooperative movement of the 19th and 20th centuries is a broader precursor. It generated collective groups, such as community or interest-based groups, pooling subscribed funds to develop new concepts, products, and means of distribution and production, particularly in rural areas of Western Europe and North America. In 1885, when government sources failed to provide funding to build
23715-590: Was released to academics. In August 2023, Meta announced its permanent removal of news content from Facebook and Instagram in Canada due to the Online News Act , which requires Canadian news outlets to be compensated for content shared on its platform. The Online News Act was in effect by year-end, but Meta will not participate in the regulatory process. In October 2023, Zuckerberg said that AI would be Meta's biggest investment area in 2024. Meta finished 2023 as one of
23870-450: Was the U.S. website ArtistShare (2001). As the model matured, more crowdfunding sites started to appear on the web such as Kiva (2005), The Point (2008, precursor to Groupon ), Indiegogo (2008), Kickstarter (2009), GoFundMe (2010), Microventures (2010), YouCaring (2011)., and Redshine Publication (2012) for book publication. The phenomenon of crowdfunding is older than the term "crowdfunding". The earliest recorded use of
24025-798: Was under the investigation of the FDA for alleged use of their social media platforms to sell illegal drugs. On 16 May 2024, the European Commission began an investigation into Meta over concerns related to child safety. In May 2023, Iraqi social media influencer Esaa Ahmed-Adnan encountered a troubling issue when Instagram removed his posts, citing false copyright violations despite his content being original and free from copyrighted material. He discovered that extortionists were behind these takedowns, offering to restore his content for $ 3,000 or provide ongoing protection for $ 1,000 per month. This scam, exploiting Meta’s rights management tools, became widespread in
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