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Facebook to Invest Further $3bn in Social VR

facebook social vr

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 challenging the IP ownership of the technology used by Oculus.  Facebook bought Oculus in March 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 through VR.  Oculus has already incorporated a group chat function, but development of the bulky VR headsets is a priority to make a more lightweight, affordable option.

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Rachel Reed

Rachel Read

Rachel is Finance Director. She has a degree in engineering from Cambridge University and qualified as a Chartered Accountant at Deloittes in London. She worked in finance in industry for twenty years. She oversees our news and also manages our events.

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