Facebook to acquire Oculus VR for $2 billion

Facebook is on a shopping spree, now after its latest acquisition of WhatsApp the social network is acquiring Oculus VR for $2 billion. The social network will pay $400 in cash and the rest $1.6 billion as Facebook shares.

Oculus VR is the manufacturer of Oculus Rift virtual reality headset kit and is also the leading in virtual reality gaming hardware. Facebook says that it wants to improve Oculus’ existing advantage in gaming to new verticals, including communications, media an entertainment, education and other areas. The social network believes that virtual reality environments could play a key role in the next big social and communications platforms.

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” said Facebook founder and CEO, Mark Zuckerberg. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

Oculus VR will still do what they do best – gaming. They will continue to be headquartered in Irvine, California to develop the awesome Oculus Rift. Initially, the company will continue to focus on gaming and Facebook will help accelerate its progress. Eventually, Facebook plans to bring virtual reality technology into more areas like education where users will get access to educational content as well as teachers from around the world. One will be able to watches ports events from their home, but have an experience similar to that of sitting in a stadium. The applications are numerous and we might know more of its once they are commercially available.

“Immersive gaming will be the first, and Oculus already has big plans here that won’t be changing and we hope to accelerate. The Rift is highly anticipated by the gaming community, and there’s a lot of interest from developers in building for this platform. We’re going to focus on helping Oculus build out their product and develop partnerships to support more games,” Zuckerberg wrote on his Facebook page to announce the acquisition.

“But this is just the start. After games, we’re going to make Oculus a platform for many other experiences. Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face — just by putting on goggles in your home,” he added.

Sony had also announced its own virtual reality headset project which it has codenamed Morpheus and will help provide an improved experience for the PS4. Facebook however has some more plans to expand the virtual reality technology.

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