Mark Zuckerberg has said that Facebook will invest a further $3 billion over the next 10 years in Social VR.
He made the statement during the course of a lawsuit challengingthe IP ownership of the technology used by Oculus. Facebookbought Oculus inMarch 2014 for $2 billion.The New York Times reports that Zuckerberg said, “I don’t think that good virtual reality is fully there yet. It’s going to take five or 10 more years of development before we get to where we all want to go.”
The intention is to make VR available to all users of Facebook to enhance social interaction on the platform. Exactly what the $3 billion will be spent on is unclear however, Forbes reported last year that Facebook has created a Social VR team with the ultimate goal to have 1 billion users connected throughVR. Oculus has already incorporated a group chat function, but development of the bulky VR headsets is a priorityto make a more lightweight, affordable option.
Rachel Read
Strategic Director
Rachel is co-founder and strategic director at blooloop. She has a degree in engineering from Cambridge University, is a Chartered Accountant and has certificates in Sustainability Leadership and Corporate Responsibility from London Business School, and Sustainable Marketing, Media and Creative from Cambridge University's Institute for Sustainability Leadership (CISL). Rachel oversees our news, events and sustainability.
