Rumors suggest that Google has been actively working on developing a company dedicated entirely to developing VR tools. Reports suggest that the company would be forming a subsidiary under the control of the parent company Alphabet.
Facebook recently announced its own version of Oculus Rift retailing at $599 that is compatible with any Oculus optimized PC. While Google, on the other hand, has been working on developing VR technology for the smartphones. But in recent year, the company has been actively working to grab its share of the highly lucrative VR market by optimizing its video platform YouTube for VR advertising.
Multinational companies like Coca-Cola, Nissan and HBO have dabbled into the VR advertising market. Facebook also introduced a new tool that enables the publishers to develop 360 videos that can be viewed on any smartphone. Tech critics believe that VR is gearing up to be the next big thing in the entertainment world. Seeing such a favorable market Google is also planning to develop its own set of tools that would help it to compete with companies like Facebook.
Recent surveys clearly point that Facebook is attempting to become the next giant in the tech industry with the development of search engine tools and other social media apps that attract billions of advertisers and buyers from across the world.
Google is seeking to rise up to this competition by developing affordable VR devices that are accessible to all classes of individuals from around the world. As more and more users start preferring VR and immersive videos, such a move could prove to be highly profitable for Google.