Meta is fostering the creation of VR studios with a new fund
Meta supports new VR studios with a multi-million dollar fund to stimulate new ideas and projects.
According to industry analyst Matthew Ball, more than 27,000 people have lost their jobs in the games industry since 2022. In the last three months alone, 8,000 employees have been laid off.
VR studios have also been affected: In December, First Contact Entertainment shut down, and in February, Sony announced the closure of its London studio and job cuts at Firesprite, both studios with longstanding VR expertise. A number of smaller VR studios have also laid off staff.
Seeing the wave of layoffs as an opportunity, Meta announced a new initiative at GDC 2024: Oculus Publishing Ignition, a fund to encourage laid-off VR talent to start studios and tackle new projects. It's not known how much money Meta is putting up, but the company plans to support twenty teams by the end of the year.
Oculus Publishing Ignition is designed to support the creation of VR game prototypes and will run for six months. After that, there is potential for additional funding on fully-scoped games.
How to qualify for the funding program
New VR studios apply for funding with a game concept (application form). The deadline is September 1, 2024 or until the fund is exhausted. VR studios must be founded in April 2023 or later.
Meta is looking for VR or MR concepts that appeal to mainstream gamers and take advantage of Quest 3's interaction capabilities. Meta is particularly interested in simulation titles, active sports games, and accessible social apps. Projects must be proprietary games and brands; licensed third-party content will not be accepted.
Successful applicants will receive funding, Quest 3 devkits, professional feedback and consultation and, if interested, networking opportunities with VC funding partners. The rights remain with the studios, Meta only reserves the right to promote the games.
The funding program is an initiative of Meta's VR game publishing arm, which has been operating under the name Oculus Publishing since 2023 and has contributed to the development of hundreds of VR projects.
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