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Facebook plans to double VR spending investing further $250m for content

Facebook recently announced that it will be increasing its spending on virtual reality (VR). Speaking at the Oculus Connect 3 conference on October 6, Facebook CEO Mark Zuckerberg said the social media giant will invest $250 million on developing VR content such as moves and games. This adds to the $250 million Facebook has already invested in content.

Zuckerberg said at the event that he also plans to start a $10 million education fund for the development of education-based content, CNET reported. “That’s something we’re really excited about,” he said.

Facebook isn’t the only tech giant pushing for further investment in virtual reality, since it’s positioned as the next big trend in content consumption. Facebook first entered the VR industry when it purchased virtual reality business Oculus for $1 billion, after which Facebook launched its Rift VR headset earlier this year.

Oculus itself said that it will be devoting $10 million in funding to ensure diverse content keeps rolling out for VR. This includes Oculus’ VR for Good initiative, which helps non-profit organizations tell their stories through a virtual reality platform. Selected filmmakers have the opportunity to attend a bootcamp and then create incredible 360 films to bring a variety of social missions to life.