NextVR

The company developed a proprietary system for capturing, compressing, and streaming virtual reality content, which allowed them to broadcast events with a high degree of immersion. Their technology captured a 180-degree field of view, providing a front-row seat experience for users. The business model centered on partnerships with major sports leagues, music promoters, and entertainment companies to gain exclusive broadcasting rights. NextVR forged notable collaborations with entities like the NBA, NFL, Fox Sports, and Live Nation, offering VR access to basketball games, boxing matches, and concerts. The content was accessible through the NextVR app on various VR headsets, including Oculus, HTC Vive, and PlayStation VR.

Financially, NextVR attracted substantial investment from a diverse group of backers. In 2016, the company raised an $80 million Series B round with participation from entities in the sports, entertainment, and technology sectors, including Time Warner, Comcast Ventures, and Peter Guber, a co-owner of the Golden State Warriors and Los Angeles Dodgers. This funding was aimed at expanding its content library and furthering its technological development. Over its history, the company secured over $115 million in venture capital. Despite its technological achievements and partnerships, the widespread consumer adoption of VR technology proved slower than anticipated, impacting the company's growth trajectory. In a significant milestone, Apple Inc. acquired NextVR in May 2020, signaling the tech giant's interest in integrating NextVR's technology and expertise into its own augmented and virtual reality ambitions.