Virtual Reality Apps

Facebook virtual-reality investment jumps by $250 million

Mark Zuckerberg, CEO of Oculus owner Facebook, announces an additional investment in developing VR content, bringing the total to $500 million.

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Facebook CEO Mark Zuckerberg spoke at the Oculus Connect event on Thursday.

Facebook

Facebook CEO Mark Zuckerberg is doubling down on virtual reality.

Zuckerberg said at the Oculus Connect 3 conference on Thursday that the social-networking giant will invest $250 million on developing VR content like movies and games. That's on top of the $250 million the company has already doled out on content.

In addition, Zuckerberg said Facebook would also start a $10 million education fund for the development of education-based content.

"That's something we're really excited about," he said.

Facebook is one of many major tech companies pushing virtual reality as the next big trend. The company entered the virtual-reality business through its $1 billion acquisition of Oculus, which under Facebook launched its Rift VR headset earlier this year.

Separately, Oculus said it was devoting $10 million in funding to ensure diverse content in virtual reality, including its VR for Good initiative, which helps nonprofits tell their stories in this new medium.

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