By
Chimamanda U. Martha
May 10th, 2024
Neither Apple not NextVR disclosed any details of the acquisition but it is known that the sum of the deal made up around $100 million. AAPL stock is in the green.
Apple Inc (NASDAQ: AAPL) decided to enter the virtual reality branch and acquired a California-based VR company NextVR. This means Apple may soon launch a new VR product. Apple confirmed the deal on Thursday, shortly after NextVR updated its website with a landing page saying that it is “heading in a new direction.”
Apple and NextVR: Details
Rumors about Apple buying NextVR first appeared in April but the deal was not completed until recently. The company has not disclosed any details of the acquisition but it is known that the sum of the deal made up around $100 million. NextVR has not provided any comments on the deal as well.
The only thing Apple spokesperson said is as follows:
“Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”
California-based NextVR is a virtual reality platform for delivering live sports and music in VR to fans globally. Launched in 2009, the company patented technology that delivers an unparalleled VR experience providing fans extraordinary access and profound immersion. It has world-class partnerships with sports and entertainment leaders including the NBA, FOX Sports, Live Nation, International Champions Cup.
NextVR is the third company Apple acquired this year. Earlier, the tech giant purchased weather app DarkSky and voice technology startup Voysis.
Apple Eyeing Up Augmented and Virtual Reality
Apple has been working on virtual, augmented, and mixed reality as a potential new product category. Earlier, there appeared rumors about the company developing a pair of AR glasses or an AR headset.
Apple CEO Tim Cook said in January:
“I think, when you look at AR today, you would see that there are consumer applications, there are enterprise applications. This is the reason I’m so excited about it is, you rarely have a new technology where business and consumer are both see it as key to them.”
While Apple itself has not even acknowledged the existence of VR and AR projects, TF Securities analyst Ming-Chi Kuo has recently made some predictions on the development.
According to Kuo, in the coming year, Apple could launch its new iPads. But as of its computerized Apple Glasses, the launch date would be in 2022 “at the earliest.”
Kuo said:
“We predict that Apple will launch the new 10.8 inch iPad and 8.5–9 inch iPad mini models in 2H20 and 1H21, respectively. The two new iPad models will follow iPhone SE’s product strategy, and selling points will be the affordable price tag and the adoption of fast chips.”
Apple Stock Up
Amid the recent Apple’s acquisition, Apple (NASDAQ: AAPL) stock closed 0.61% up, at $309.54. After hours, Apple shares were 0.15% up at $310.00. In the pre-market today, AAPL stock is further rising. At the moment of writing, it is 0.57% up, at $311.31. Apple stock is more or less stable lately. This year, it is 5.41% up. Its market cap is $1.341 billion.