Oculus head, Jason Rubin, has announced that their Story Studio will be winding down operations.
Speaking on the Oculus blog, Rubin said "We’re now entering the next chapter of VR development, where new creators enter the market in anticipation of adoption and growth, and we’ve been looking at the best way to allocate our resources to create an impact on the ecosystem.
"Now that a large community of filmmakers and developers are committed to the narrative VR art form, we’re going to focus on funding and supporting their content. This helps us turn our internal research, development, and attention towards exciting but unsolved problems in AR and VR hardware and software."
Story Studio was created to help popularise the use of VR in film and real-time storytellin projects. As the studio winds down, money will be redistributed to help support third party projects, including $50 million for non-gaming experiential VR content.
All of Story Studio's content will still be available on the Oculus store, and the behind the scenes insights they provided will still be made available to developers.