Benzinga | Aug 24, 2021 05:39AM EDT

Facebook's New Horizon Workrooms App Latest Attempt In Hoping To Own 'Next Generation Of Internet Experiences,' Says Ark

Facebook Inc.'s (NASDAQ:FB) recent launch of the Horizon Workrooms app appears to be part of the social media giant's efforts to "own the next generation of internet experiences," according to Cathie Wood-led Ark Invest.

What Happened Ark analyst Nick Grous noted that while Horizon Workrooms is not yet a game-changing application, it provides a glimpse of Facebook's hope for the future.

See also: How To Buy Facebook (FB) Stock

According to Grous, Facebook is "going all-in" on virtual reality and augmented reality after missing the vertical integration associated with desktop and mobile computing.

Why It Matters Facebook launched its wireless VR headset -- the Oculus Quest 2 in September last year.

Last week, Facebook announced the launch of the Horizon Workrooms app for users of the Oculus Quest 2 headsets. The company sees the launch of the virtual-reality remote work app as an early step toward building the "metaverse" company touted by CEO Mark Zuckerberg.

Facebook has intensified its focus on the AR/VR segment over the past few years amid stiff competition from companies such as Apple Inc. (NASDAQ:AAPL) and Snapchat parent company Snap Inc. (NYSE:SNAP).

It was reported in March that nearly one-fifth of Facebook's global workforce is working as part of its group developing AR and VR devices.

Price Action Facebook shares closed 1.1% higher in Monday's trading at $363.35.

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