HomeTechnologyEntertainmentApple Reportedly Buying Streaming Company NextVR

Apple Reportedly Buying Streaming Company NextVR

NextVR, a virtual reality streaming service provider that had its aim on revolutionizing the way we watch sport and shows, are reportedly bought by Apple. For Apple, this is not anything new or something to be surprised about. We know they are building their platform with ARKit. On the other hand, this is the first time that they are mixing things up with adding VR.

What is NextVR

Right now, NextVR provides VR services for viewing a lot of live events with all of the major headsets on the market. Most famous are of course Oculus, Microsoft, Playstation, and Lenovo.

What is interesting about this company is that they hold around 35 technology patents. Its patented technology is well known for upscaling video streams, enabling viewers to watch high-quality video streams.

Also interesting: Mother Wants Closure, Says Goodbye to Deceased Daughter in VR

Of course, their partnerships with major sports outlets are a huge plus in this acquisition too. NBA, Wimbledon, and other partners have already signed their contracts with NextVR.

The company didn’t do so well economy wise. In early 2019, they reported a lack of funding that resulted in a 40% staff reduction. This is all despite the fact that they raised around $115 million since their founding. Their company funding was mostly not that successful because of augmented reality increase in popularity.

On acquiring NextVR

Apple is a company that is mostly known today for mobile phones and computers. However, the information was leaked that they announced to their employees that they are aiming to launch their first AR by 2022.

This deal is valued at around $100 million even though the deal is not closed yet. Pieces of information are out that Apple has created a shell company whose main focus should be AR and VR technologies. There is a huge market for that kind of equipment so it is not a surprise that Apple is spending its assets to put its mark on it.

This is a smart move by Apple. We can see that this market will just continue growing. they bought a company with a lot of licensed VR technologies that can just help Apple make more and more of this kind of product.

Photo credit: The feature photo has been taken by Frank Vessia.
Source: Bani Sapra (Business Insider) / Crunchbase / Zac Hall (9to5Mac)

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Djordje Stanisavljevic
Tech Journalist