Facbook Announces That It Is Shutting Down The Oculus VR film studio

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The turnover and tumult continues at Oculus as its parent company, Facebook, announced that they would be shuttering award-winning Oculus Story Studio today.

Ocuuls shared some surprising news earlier this week when it announced that it was officially shutting down its film studio, called Story Studio, and that it would be redirecting its efforts and funding towards third-party content creators that are creating for the VR platform.

Its previous project, the Elijah Wood-narrated Henry, also won the Emmy Award in 2016 for Outstanding Original Interactive Program. That means Story Studio - the virtual reality film studio operated under the Oculus umbrella - is shutting down.

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The company said it committed $250 million previous year to fund virtual reality content from various developers and would earmark $50 million of that money to support nongaming, experiential virtual reality content.

The Facebook-owned virtual reality company said in a blog post Thursday that shifting away from producing its own content will free up resources allowing it to explore "exciting but unsolved problems in [augmented reality] and [virtual reality] hardware and software".

Facebook did not say why he left but the departure came shortly after Oculus lost a $500m (£387m) court case against media firm Zenimax which said it stole trade secrets.

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The studio's shutdown will also result in the immediate end of production on the VR adaptation of Neil Gaiman's children's book "The Wolves in the Walls", according to Variety, an experience that was slated to debut in 2018. Oculus will now be focusing its attention on investing in VR as compared to actually creating new stuff.

Quill has been the tool that the Story Studio team used to create Dear Angelica. Another was due to an awkward relationship to external studios who are trying to build real businesses in VR film.

"Our goal is to inspire creators across all mediums and genres-filmmakers, musicians, painters, writers, cartoonists, and more-to bring their VR ideas to life", he wrote. The studio's 50 staffers are encouraged to apply for new jobs within Oculus, but all ongoing projects of the studio are being cancelled.

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Oculus' decision in March to drop the price of its Rift headset and Touch controller bundle from $798 to $598 is not the sort of thing a company does when its products are flying off the shelves. It was billed by many as the work that virtual reality movies needed.