Alphabet Inc (NASDAQ:GOOGL) has revealed its latest VR acquisition after buying out Owlchemy labs which is considered one of the most successful VR studios.
Google recently revealed that it acquired Owlchemy studios which is the VR studio that created major virtual reality titles such as Rick and Morty: Virtual Rick-ality and Job Simulator. The acquisition is part of the internet giant’s strategy to invest deeper into VR which is now becoming more and more mainstream. There has been a major shift towards the virtual reality industry over the past two years and many tech companies have jumped on board.
Owlchemy will still continue working on VR titles
Owlchemy now adds on to the portfolio of Google VR acquisitions that have taken place in the past. However, the VR studio will continue to produce more virtual reality titles though it will exist as part of Google. The acquisition is advantageous to Owlchemy in terms of resources available. The studio will also get to team up with the rest of the studios that Google acquired in the VR industry.
“We have a slate of original games that we have in [the] production and prototyping phase, and we’re going to continue to do that,” said Owlchemy co-founder Alex Schwartz.
Google’s benefit from the VR acquisition is the fact that it places it in a strategic position to spearhead the virtual reality movement through more innovation. It also gives the company a chance to get more engaged into multiplatform titles considering that Olwchemy also develops titles for Apple Inc. (NASDAQ:AAPL) iOS.
The acquisition aligns with Google’s deeper push into VR and augmented reality. Relja Markovic, the engineering director for Google VR and AR stated that the company has a vision for the rapidly developing industry.
It is not currently clear what Google’s plans are for the future with regards to AR and VR though Markovic promised that there are many things to expect. This suggests that the company already has blueprints for future products or is currently in developing some new and interesting products.
Alphabet stock closed the latest trading session on Wednesday at $954.84 after a 0.2 percent drop from the value of the stock during the previous session.
