A bad bet? Facebook is shutting down its award-winning VR studio

The news

Facebook has decided to shut down its award-winning virtual reality studio, Oculus Story Studio.

What this means for you

VR fans might worry that the closure of the ‘Pixar of VR’ means less content for them to enjoy, but it’s not quite so clear-cut.

The good

Facebook says it will use the $50m that was going to Story Studio to invest in other studio’s interactive content.

The bad

Mark Zuckerberg will miss his previous investment promise of $250m, and could be feeling less confident about our glorious VR future.

The quote

“After careful consideration, we’ve decided to shift our focus away from internal content creation to support more external production.”

– Oculus VP of Content, Jason Rubin told TechCrunch.

Want more context?

IMAX: VR cinemas are a real money-spinner & might be the future of film

Sky VR: A cut above the rest

Samsung Gear VR — the affordable ticket to first-class virtual reality

Rewind CEO Sol Rogers on how VR can be central to the cinematic experience (ibc.org)

The post A bad bet? Facebook is shutting down its award-winning VR studio appeared first on The Memo.

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