Facebook Acquires Bigbox VR - Metaverse Expansion

Facebook Expands VR Portfolio with BigBox VR Acquisition

Over the last few years, Facebook has been actively acquiring virtual reality game development studios. This trend continued on Friday with the purchase of BigBox VR, a company headquartered in Seattle.

“Population: One” and its Significance

BigBox VR is best known for its game, “Population: One.” This title gained prominence as a significant release following the launch of Facebook’s Oculus Quest 2 headset.

The game draws clear inspiration from popular titles like Fortnite, implementing similar gameplay mechanics. However, it uniquely adapts these elements to the specific movement capabilities of virtual reality, complemented by original lore and artistic design.

Financial Details of the Acquisition

The financial terms of the acquisition have not been publicly revealed, consistent with most of Facebook’s studio purchases. According to Crunchbase, BigBox VR had previously secured $6.5 million in funding.

Investors included Shasta Ventures, Outpost Capital, Pioneer Square Labs, and GSR Ventures.

Facebook’s Statement on the Acquisition

Mike Verdu of Facebook highlighted the success of “Population: One” in a recent blog post. He noted that the game quickly became a top performer on the Oculus platform.

“POP: ONE” allows up to 24 players to connect, play, and compete within a virtual environment, achieving this within just nine months of its initial release.

The VR Landscape and Facebook’s Dominance

It is common for gaming hardware manufacturers to cultivate a network of studios creating exclusive content for their platforms. However, the virtual reality market presents a unique situation.

Facebook currently faces limited direct competition in the VR space. While Oculus Studios continues to release titles compatible with other headsets via platforms like Steam, alternative VR platforms are experiencing a decline in market share.

This is largely attributed to Facebook’s aggressive pricing strategy and focus on attracting a broad consumer base. The Oculus Quest 2 is available for $299 and has surpassed the sales figures of all previous Facebook VR devices combined within its initial months.