Apple spends $100 million on virtual reality company NextVR

A future for VR at Apple?

Apple spends $100 million on virtual reality company NextVR

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Apple has been slowly dipping its toe into the VR/AR market and with the patent filings over the last 10 years but no product releases may have made consumers wonder what are they actually up to over there? Well, it seems they haven’t ramped down their spending in the market buy purchasing the bright VR startup NextVR. This acquisition came to fruition last month but it’s now that we see the true value of the deal – $100 million to be exact.

So, who is NextVR? Well, since 2009 it has been developing cameras for virtual reality events as well as penning some exclusive VR deals for live events such as concerts and sporting matches. However, a lackluster uptake for VR has seen them in a little bit of financial trouble, failing to secure a third round of funding to keep their efforts going. Due to this, NextVR laid off almost 40% of its staff so when Apple took an interest, it seemed like the only way to get the funding required to keep moving forward.

Now the deal has been finalized, NextVR’s website has succumbed to the depths and displays this quote instead:

“NextVR is Heading in a New Direction. Thank you to our partners and fans around the world for the role you played in building this awesome platform for sports, music, and entertainment experiences in Virtual Reality.”

What does this mean for Apple and VR? Well, with the acquisition, strong relationships and potential contracts could already be in place with NextVR’s former contacts, as well as integration with the heavily rumored Apple Glass said to be launching in 2021.

It is interesting that Apple has chosen to acquire a company like NextVR and we hope that whatever they’re working on in the background is worth the wait.