Facebook and Oculus promise millions in funding for diverse apps, education, and more for VR

Facebook didn’t close its wallet after spending $2 billion to acquire Oculus VR way back in 2014. The company has continued to put money into virtual reality.

Mark Zuckerberg, founder and chief executive of Facebook, announced today at Oculus Connect in San Jose, California, that the company has invested $250 million into VR and it plans to fund apps and games with another $250 million in the future. That funding includes $50 million for mobile VR content as well as $10 million each for educational programs and apps that promote diversity. The cash will also go to entertainment, enterprise tools, and games. Analysts predict VR could generate as much as $50 billion in revenue by 2020, and Facebook is well positioned to capitalize on that.