Facebook buys virtual reality company

Facebook Inc. has bought virtual reality technology company Oculus Rift for USD 2 billion, the company announced Tuesday.<br><br>The company said it plans to expand the use of Oculus beyond gaming and into communications, media, education and other industries.<br><br>"We think there are a lot of different ways that people could use a device like this," Mark Zuckerber said in a conference call.<br><br>Facebook first turned its attention to virtual reality technology when it bought the Irvine, California-based Oculus VR Inc. last year.<br><br>Oculus VR Inc. produces Oculus Rift, a headset that lets users see digital worlds. Facebook said using the Oculus Rift technology could let people with Facebook accounts connect with each other in new ways, like holding a virtual meeting, or watching a movie or sporting event together.<br><br>The company said it plans to use Oculus to "allow people to communicate in a more immersive and intuitive way by sharing a first-person experience."<br><br>The company said it plans to expand the use of Oculus beyond gaming and into communications, media, education and other industries.<br><br>New York-based Facebook paid USD 400 million cash and 23.1 million Facebook shares for the acquisition. Oculus employees will also get USD 300 million in Facebook options.<br><br>Facebook has been expanding into new areas with several high-profile acquisitions since going public in 2012.<br><br>Last month, Facebook bought access to the mobile messaging service WhatsApp in a cash-and-stock deal worth USD 19 billion. It also bought photo-sharing service Instagram in 2012.<br><br>Facebook CEO Mark Zuckerberg said that rather than making money from advertisements in virtual reality, the company could use it to sell devices.<br><br>"We see someone paying USD 100 to USD 200 for a great pair of glasses that they can wear, and that already exists in the world today," he said.