Apple acquires National Basketball Association partner NextVR - News - Investment, SmartSeries, North America

Apple acquires National Basketball Association partner NextVR - News - Investment, SmartSeries, North America”

Apple, which wants to improve its ability to virtual reality and augmented reality, has bought NextVR.

Neither the hardware giant nor the acquired company has disclosed the sale price, but 9to5Mac reported it as around $100 million.

At the time of the initial 9to5Mac According to the report, neither Apple nor NextVR would confirm the news, and both companies remained silent for several weeks after the initial report and a wave of follow-up stories.

"Apple buys smaller technology companies from time to time, and we generally do not discuss our objective or plans", an Apple spokesperson said in a statement to Business Insider.

NextVR was built on a pillar of broadcasting live and recorded events to virtual reality headset users, such as concerts and even sports events for Live Nation, the National Basketball Association and even the WWE.

More news: India overtakes China in coronavirus cases, 11th most affected

A deal between the pair had first been reported in early April.

NextVR was founded in 2009, ahead of the modern VR wave launched by Oculus VR's record-breaking Kickstarter campaign in 2012 which was owned by Facebook.

This acquisition should come as no surprise to those familiar with Apple's virtual reality endeavors. Its website has also changed the headlines, 'we are heading in a new direction, ' and it has also thanked its partners and fans globally for the role they had played in establishing NextVR as an awesome platform for music, sports, concerts, and entertainment experiences in VR headsets.

Apple doesn't typically reveal the reasoning behind its acquisitions.

Bloomberg reports that the company is shutting down, suggesting it is being absorbed entirely by Apple. It captures and compresses the video for experiencing it in 360 degrees. NextVR has bagged over $115 million since the emergence.

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