At an event in Dublin earlier this year, Apple boss Tim Cook spoke about how AR will pervade our entire lives - and that was before access to traditional entertainment events became interrupted by restrictions introduced to limit the spread of the coronavirus.
Regarding the stated purchase price, Ives said that "it's like a change in our pockets for you and me".
Apple shares closed the trading day ahead with $ 1.89 at $ 309.54.
Prior to its buyout, NextVR held contracts with major USA sports properties, including an ongoing partnership with the National Basketball Association (NBA), that saw its VR experience used for full games and offered as part of the NBA League Pass over-the-top (OTT) platform. Although it was confirmed today, there were rumours back in April that Apple were looking to buy the firm, and have roughly spent around $100 million to acquire them.
The purchase of NextVR follows Apple's 2020 acquisitions of Irish voice technology startup Voysis and popular weather app Dark Sky.
NextVR focused on capturing and compressing videos and photos in 360 degrees feature regardless of what device the content would be viewed on, instead of circulating on the hardware side of displaying VR content.
Crunchbase details how NextVR previously secured $115.5 million investment across three funding rounds, the last one in 2016. NextVR has deals with sports leagues and entertainment networks and their expertise in live streaming in virtual reality would be something Apple will look to take advantage of. In addition to talent, NextVR reportedtly holds at least 40 patents in the virtual reality sphere and related technologies.