Boston, MA 09/04/2014 (wallstreetpr) – According to reports, the Oculus unit of Facebook Inc (NASDAQ:FB) has decided to adjoin hands together with Samsung Electronics Co Ltd (KRX:005930) The main reason behind this deal is the support that Samsung seeks from Oculus in order to develop a virtual reality technology in the latest Samsung handset.
What’s there in the deal:
As per the market reports, both the companies are working together on a technology named Gear VR, which is a virtual reality headset,. Gear VR links with the Samsung’s Galaxy Note 4 smartphone. At the time of the announcement of this deal in Berlin, Samsung also displayed couple of Galaxy Note smartphones. The management of Samsung Electronics Co Ltd (KRX:005930) thinks that Gear VR will be a game-changing technology in coming days as it lets the users engage in a virtual world without using computers or laptops. With the help of Gear VR, users will be not only able to watch 3-D music movies and videos, but also be able to play high definition games.
According to JK Shin, Chief Executive Officer of IT & Mobile Communications at Samsung, “Gear VR will go way beyond anyone’s expectation on how mobile technology can be used in order to engage people virtually by using content effectively.” Facebook Inc (NASDAQ:FB) acquired Oculus sometime back in a hefty price of $2 billion. Although Oculus will develop the technology, but it will entirely depend upon Samsung Electronics Co Ltd (KRX:005930). to sell its hardware to consumers. According to Brendan Iribe, CEO of Oculus, “Our aim is to be the center of the technological development in Gear VR.”
It will be similar to the Android that is available in Samsung devices and other smartphones. At the time of acquisition, Mark Zuckerberg, Founder of Facebook Inc (NASDAQ:FB) said that he bought Oculus to help usher in the advance level of computing. Oculus has had several talks this year from smartphone companies and finally has decided to go ahead with Samsung Electronics Co Ltd (KRX:005930).
