Who Owns Oculus?- Know More

About:

Oculus is a software company whose main product is the Oculus Rift. The Oculus Rift is a virtual reality headset that allows you to view immersive 3D environments from any angle, with its 360-degree positional tracking system allowing you to turn your head and see the world as it moves. As an immersive gaming experience, this has been achieved by feedback from professional gamers and engineers in the gaming industry. The Rift is designed to be a consumer product. Developers have already started forming, with one example being the Doom 3 BFG Edition, which is a piece of software that has been re-made to be compatible with the Oculus Rift. Here we are going to see about Who Owns Oculus?

Currently, Oculus is owned by Facebook (Meta).

Who Owns Oculus?

Founded:

The company was founded in 2012 by two people: Palmer Luckey and Brendan Iribe. Luckey had been working on virtual reality headsets for a long time and had decided to start a company with his designs.

Acquisition:

Oculus was acquired by Facebook in March 2014 for $2 Billion. The company had gotten funding from venture capital firms Andreessen Horowitz and Founders Fund before their acquisition by Facebook. Additionally, they had raised money on sites such as Kickstarter, raising $2.4 million in 2012 and $75 thousand in 2013 before the Facebook acquisition allowed them to expand operations from 30 employees to over 100 employees as of June 2014.

Key Executives:

As of June 2021, the key executives are: Brendan Iribe, CEO and founder; Nate Mitchell, VP of Product; Michael Abrash, Chief Scientist

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Key Products:

The main consumer product that Oculus has produced is the Oculus Rift, which is a virtual reality headset that provides an immersive gaming experience. The headset uses three wide-angle high-definition screens to surround the viewer in stereoscopic 3D on both sides as well as in front of you for a 360-degree view of your environment.

The Oculus Rift becomes an open-source company:

In June 2014, it was announced that the Oculus Rift would no longer be sold as a product created by an isolated Silicon Valley startup. Instead, it was released as an open-source platform that encourages innovation at all scales. They have said that they will continue to produce their headsets and software, but they will now also be opening up their “Integrated Developer Environment” or IDEs to developers around the world. 

Senior company officials have said that they will continue to support the existing developer version of the Rift, but that they will be licensing their SDK to developers who wish to make applications for the Rift. They said that they already have several major partners and developers planning on creating applications for the Oculus platform “in record time.”

Zuckerberg’s vision for Oculus:

The reason why Facebook purchased Oculus is not a stretch of the imagination. The Oculus Rift project was halted by Facebook CEO Mark Zuckerberg in April 2014. Zuckerberg was quoted as saying “Virtual reality has the potential to be the most fruitful technology that humanity has ever created.” The Oculus Rift had recently been redesigned, and Zuckerberg believed that virtual reality was “the next big step for computing,” which was what he wanted his company – Facebook- to pursue. 

Zuckerberg had also noticed that Samsung and Sony were interested in developing their VR products, whereas he did not want those companies to dominate VR. Filling the vacuum for virtual reality with a product like the Oculus Rift would be a strategic play for Zuckerberg’s company (Facebook). They would then have control over the hardware that many people would use for their VR experiences, as well as the associated software. They could also charge licensing fees and taxes on VR content. 

Additionally, Zuckerberg said that he was interested in virtual reality because he believed that it could be used to connect people across the world.

Moving beyond Facebook:

However, Mark Zuckerberg and Facebook were not interested in developing Oculus into just a virtual reality company. Instead, they wanted to develop it into a platform for all types of immersive media and experiences. After $2 billion had been invested into the Rift project by Facebook, Palmer Luckey was tasked with creating a new prototype of Oculus’ headset – which was referred to as “Half-Dome. This headset would be compatible with mobile devices, and would also allow for hand gestures to be used to control the headset. 

After this project was completed, Zuckerberg and Luckey decided that they needed to find more developers that were interested in using the Oculus platform to create more experiences. They began holding meetings with game developers and members of other related companies to keep the Oculus business growing. Zuckerberg said that he became excited about virtual reality’s potential after trying out prototypes of the Rift headset, which allowed him to feel like he was really in a different place. He called virtual reality “the next big computing and communication platform after phones. He wanted to see the Rift become more than just a gaming device, and so he began to focus on the “social aspect”. 

Zuckerberg said that he planned on having Oculus be more than just one of the main VR platforms, he also wanted it to be a platform for other types of immersive media and real-life experiences.

Two major reasons why Zuckerberg chose Facebook to acquire Oculus in 2014: 

1. He believed that Facebook would continue to find ways for them to make money off of VR. After all, since there are not many companies making hardware for virtual reality, Zuckerberg knew that there would be profit from selling the software and services needed for virtual reality experiences. 

2. Facebook has a huge user base. Zuckerberg believed that this user base would be the perfect audience for VR experiences, and so he purchased Oculus to begin developing those types of experiences. Zuckerberg also said that he believed virtual reality could bring the world together, as well as make it easier for people to feel like they are present with each other at all times.

How have Oculus fared since the takeover:

After the takeover, Oculus has continued to grow in several ways. In June 2014, they announced that they would be opening their VR platform to third-party developers. They have said that they still plan on developing their software and headsets, but that they have several major companies and developers working with them on creating new technologies for the Rift, as well as incorporating 360-degree cameras and other technologies for virtual reality into the Oculus platform. 

They also announced that by 2015, “every major publisher” will have an Oculus game or experience released. Then in July, Zuckerberg demoed a new version of the Rift headset called “Crescent Bay”. This version has been made to work with the Oculus Touch motion controllers, which allows for a new form of interaction with virtual reality experiences. The Oculus Rift has already sold more than one million headsets, Zuckerberg said that he expects Oculus to sell ten million by the end of 2015. 

Then in December 2015, Zuckerberg announced a new prototype dubbed “Santa Cruz” which will have an updated design that is more conducive to VR games and experiences as well as more immersive in terms of visuals and field of view. 

In January 2016, Oculus revealed their “Santa Cruz” prototype headset at the Consumer Electronics Show (CES) in Las Vegas. They said that they would begin releasing software features for the platform towards the middle of 2016.

The company also announced that it would be providing the technology behind 360-degree live streaming for the 2016 Olympic Games in Rio de Janeiro.

Conclusion:

Now in 2021, the Facebook Oculus Rift is becoming a much bigger platform for businesses and individuals. With Facebook’s collaboration with companies like Samsung, users are now able to experience virtual reality right in their own homes. As a result, more apps and companies are beginning to incorporate VR technology into their products. The world of work has also been affected by the rise of virtual reality. 

Companies that usually manufacture equipment to help individuals with disabilities are now incorporating virtual reality devices into their products, such as new ways of controlling wheelchairs and the use of eye-tracking software to operate digital devices without having to physically touch or press any buttons on computers or mobile devices.

Some Frequently asked questions and answers:

1. Where can I get an Oculus VR?

A: The Oculus can be purchased at Oculus.com

2. Which types of virtual reality headsets are available?

A: There are three major types of virtual reality headsets that you can buy today: 

Console VR – You need to hook up your console or PC to the headset. This allows you to play games and watch movies in a completely immersive environment. Many of these headsets have cables that run from the headset to the console and may also require other accessories for full function (console VR) like a camera for room tracking, remote controls, etc. 

Mobile VR – These are usually cheaper, as they don’t require wires or accessories. However, they need to be connected to a smartphone to function properly and may not be as powerful as console VR. 

Stand-alone VR – These are mobile VR headsets without the need for a smartphone to use them. They are usually more expensive but also allow for more freedom of movement.

3. How much does Oculus cost?

A: The headsets can range in price from $10-$400 depending on the type of headset you purchase and what features it comes with. Some require you to have a computer while others just need the headset itself to function. In addition, there is software that you will most likely have to pay extra money on to play games, watch movies, etc.

Who Owns Oculus?- Know More

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