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Sunday, April 21, 2024
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Facebook Expands VR Empire, Buys BigBox

  • Facebook's Oculus Studios has acquired BigBox VR.
  • BigBox VR creates online virtual reality video games.
BigBox VR/Design: Alex Brooks

Facebook’s virtual reality division, Oculus Studios, has acquired BigBox VR, a VC-backed startup that creates online virtual reality video games.

Terms of the deal were not disclosed. 

Facebook purchased Oculus for $2 billion in 2014, providing the tech conglomerate with access to the $1 trillion consumer electronics market. 

Prior to Facebook’s acquisition, BigBox raised $6.5 million in funding over three rounds with contributions from Shasta Ventures, Outpost Capital, Pioneer Square Labs, and GSR Ventures.

Founded in 2016 by former Disney executive producers Chia Chin Lee and Gabe Brown, the Seattle-based development studio is the creator of hit VR titles “Smashbox Arena” and “Population: One.”

Facebook continues to benefit from the growth of VR gaming and its Oculus products.

  • Over 60 games and apps on the Oculus have made more than $1 million in revenue.
  • Six Oculus titles have generated more than $10 million in revenue, including “Population: One.” 
  • Facebook has sold more than $100 million worth of Quest content. 
  • The Quest 2 ($299) has outsold all of Oculus’ previous devices combined, with analysts estimating upwards of 5 million units sold since October. 

Facebook generated $26.17 billion in revenue for Q1 2021, a 48% increase year-over-year. 

Non-ad revenue for the company reached $732 million in Q1, a 146% increase from the same period a year prior.

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