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Apple confirms acquisition of VR company NextVR (Updated)

By Cookie Monster - on 15 May 2020, 7:59am

Apple confirms acquisition of VR company NextVR (Updated)

NextVR is a California-based VR company that delivers live sports and entertainment to fans around the world. <br>Image source: NextVR

Updated on 15 May: Apple confirmed with Bloomberg that it has acquired NextVR. 

Originally reported on 5 April

Apple is reportedly in the process of making another acquisition in the virtual reality (VR) industry. 

9to5Mac claims that Apple is planning to acquire California-based VR firm NextVR for around $100 million. Apple is hiring most of NextVR's engineers through a shell company. While the acquisition is not finalised yet, both companies have begun informing employees to relocate from San Diego to Cupertino. 

According to NextVR's website, it claims to be the world's biggest VR broadcast platform that delivers live sports and entertainment to fans around the world. It brings front row experience to fans with exclusive access to events such as NBA, Live Nation, WWE and International Champions Cup.

9to5Mac believes Apple is acquiring NextVR for the patented technologies that upscales video streams. NextVR currently holds over 40 patents in this area which support high quality video streams of music and sporting events to VR headsets. 

Apple is expected to focus on AR this year with the recently announced iPad Pro models, the upcoming 5G iPhones and the long awaited digital smart glasses or wireless headset. A report in 2018 claimed that the wireless headset is capable of supporting AR and VR technology.

iOS 14 code revealed that Apple is developing a new AR app to allow consumers to get more information about the world around them. The Bank of America Merrill Lync expects AR to be an $8 billion revenue stream for Apple in the coming years.

Source: 9to5Mac, Bloomberg