Wednesday, 26 March 2014 10:42

Facebook buys Oculus Rift virtual reality system Featured

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What is Facebook thinking? Soon we will be able to immerse ourselves in a virtual 3D version of our acquaintance’s lives.  Facebook has announced the purchase of Oculus Rift, the current face of consumer grade virtual reality technology.


According to the announcement Facebook will purchase Oculus VR inc for “… a total of approximately $2 billion. This includes [US]$400 million in cash and 23.1 million shares of Facebook common stock (valued at [US]$1.6 billion based on the average closing price of the 20 trading days preceding March 21, 2014 of [US]$69.35 per share).  The agreement also provides for an additional [US]$300 million earn-out in cash and stock based on the achievement of certain milestones. “

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” said Facebook founder and CEO, Mark Zuckerberg. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

“We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world,” said Brendan Iribe, co-founder and CEO of Oculus VR. “We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and it’s only just the beginning.”

Having struggled to get traction with 3D as a popular home technology, Sony this past week at the Game Developers Conference in San Francisco announced it to is heading into the virtual reality market with the PlayStation accessory Project Morpheus.

The god of dreams has leant his name to a – in our opinion – superior styled VR headgear peripheral featuring 90 degrees of vision on a 5 inch LCD with 1080p resolution.


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Mike Bantick

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Having failed to grow up Bantick continues to pursue his childish passions for creative writing, interactive entertainment and showing-off through adulthood. In 1994 Bantick began doing radio at Melbourne’s 102.7 3RRRFM, in 1997 transferring to become a core member of the technology show Byte Into It. In 2003 he wrote briefly for the The Age newspaper’s Green Guide, providing video game reviews. In 2004 Bantick wrote the news section of PC GameZone magazine. Since 2006 Bantick has provided gaming and tech lifestyle stories for iTWire.com, including interviews and opinion in the RadioactivIT section.

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