It’s been recently illustrated that media-entertainment giant Twenty-First Century Fox Inc (NASDAQ:FOXA) will be opening up a subsidiary, which will be responsible for the development of virtual reality filmmaking
The subsidiary in question, has already been opened, and operates by the name of FoxNet, and is responsible not only for virtual reality filmmaking but also for virtual reality gaming capabilities. The former film executive for Twenty-First Century Fox, Salil Mehta, will be responsible for the operations of this subsidiary.
What FoxNet Could Mean For The Media-Entertainment Giant
The future prospects of the Virtual Reality industry market are quite substantial. However, this market forecast is only applicable, when Virtual Technology has been developed far enough, to be relevant. This essentially means that although companies such as Twenty-First Century Fox investing into Virtual Reality may not receive short-term benefits, through being set up for when the market is ready, there will be long-term growth benefits.
Another benefit of launching an entity, which is responsible for the development of Virtual Reality, is that FoxNet eventually will be able to release original virtual reality content, somewhat similar to that of the content which can be found on Facebook Inc. (NASDAQ:FB) Oculus Rift.
Other companies moving in early on virtual reality
However, FoxNet is not without competition, as another large brand-player has repeatedly contested their interest in virtual, and augmented reality technology. This rivalry is the spawn of Facebook, and produces various VR projects, under the title of Oculus.
Fox is not as far behind to competitors such as these, despite what many believe. Although it is not a commonly known factor, Fox has been releasing various virtual reality projects over the last few years. These projects include the like of the most recent, Martian VR.
More examples of Fox virtual reality projects, which have been released recently, includes the likes of an interactive virtual reality film, based on the Wild. Another successful project launched by fox was the virtual reality version of Assassins Creed, which was released in Cinemas.