Facebook acquires Oculus VR in £1.2bn deal signalling virtual advertising age

Facebook has announced its acquisition of Oculus VR in a £1.2bn move which is believed to introduce advertising into a virtual reality world.

Facebook founder, Mark Zuckerburg, bought the technology manufacturer responsible for the Oculus Rift reality headset to move the network into the “most social platform ever”.

The expensive deal has received mixed reaction from developers responsible for the headset, leading to the Oculus team defending their decision in a blog post, claiming that though it may not “seem obvious why Oculus is partnering with Facebook“, both companies share the same principles and understanding of virtual realities potential.

Speaking about the acquisition, Zuckerberg said: “We are clearly not a hardware company. We are not going to try and make a profit off the devices long term.

“We view this as a software and services thing where we can make this a network where people are communicating and buying things and virtual goods, and there might be advertising in the world, but we need to figure that out further down the line then, that is probably where the business will come from.”

Zuckerberg added that “gaming is just the start” and he envisages Oculus will be a platform for “many other experiences”.

So what does this mean for marketers? 

Virtual reality is a space in which marketers could associate themselves with a new and emerging experience – if brands get it right and don’t use the platform to shove campaigns down consumers throats, it could signal one of the most exciting developments in marketing in recent times.

Facebook did not want to get left behind and miss the next big thing when it comes to tech. Its ambitious move to acquire Oculus Rift means marketers should start having serious conversations about how virtual reality could become reality for their brands.