Meta’s Newest Quest Store Revenue Indicates a Stable Yet Unchanging Market

At last month’s Game Developers Conference, Meta provided a fresh update on the Quest marketplace, but instead of announcing new milestones, they reiterated a familiar one: content in the Quest store has amassed over $2 billion in revenue. If that number rings a bell, it’s because Meta shared the same statistic over a year ago.

Since the Quest platform launched back in 2019, developers have seen substantial financial growth, particularly during the Quest 2 era. However, the past two years have shown a notable deceleration in revenue growth on the platform.

Meta has often highlighted significant revenue achievements, such as the $2 billion milestone announced in September 2023. Now, more than 18 months later, they repeat this figure in the latest marketplace update.

It’s safe to deduce that the $3 billion benchmark hasn’t been reached yet—otherwise, Meta would likely have heralded that progress. A fair estimate suggests that content revenue on the Quest platform is just shy of $3 billion, possibly sitting at $2.9 billion as of March 2025.

Based on this estimate, let’s update our understanding of the Quest store’s financial growth. There was marked acceleration in monthly revenue during the Quest 2 period, but now, with the advent of Quest 3 and Quest 3S, it seems the growth rate has leveled off.

On another note from Meta, some new metrics were touched upon, albeit somewhat vaguely:

– Total payments increased approximately 12% in 2024.
– Customers in 2024 spent 30% more time in VR each month compared to 2023.

Interestingly, Meta has not responded to inquiries from Road to VR seeking more clarity on the consistent “over $2 billion” earnings figure cited in both 2023 and 2025.

Reflecting on the chart above, it’s crucial to consider certain historical contexts. The Quest 2 debuted in October 2020, amidst widespread COVID lockdowns, as people sought innovative ways to entertain and connect with others while confined to their homes. Its launch price was an appealing $300, making it quite the affordable option, especially compared to its predecessor.

In contrast, Quest 3 entered the scene in October 2023 with a heftier price tag of $500, marketed for its mixed reality capabilities—features that were not entirely robust or a clear selling point at launch.

Faced with lackluster enthusiasm for the pricier Quest 3, Meta introduced the Quest 3S in October 2024, smartly returning to that $300 sweet spot. They also reduced the cost of the larger 512GB Quest 3 model from $650 to $500.

Since only about six months have passed since these changes, including the Quest 3S release and the price reduction of Quest 3, it’s too soon to determine if these moves will alter the spending habits on the Quest platform significantly. Moreover, new tariffs introduced by the Trump administration could complicate Meta’s pricing approach.

Beyond headset pricing and value propositions, Meta has disclosed emerging shifts in user demographics and spending behaviors, reshaping the Quest store landscape. Emerging trends indicate that newer, younger users are increasingly gravitating towards free-to-play content, showing a declining preference for premium offerings.