Oculus Story Studio could have been Pixar for VR. Facebook just shut it down.

Bad news for fans of VR film: Oculus Story Studio is being shuttered, effective immediately. The decision was announced on Thursday by Jason Rubin, Oculus' vice president of content. 

SEE ALSO: Oculus Rift promised us the future of VR. Here's what really happened.

The move means that Facebook-owned Oculus is no longer the heir apparent to Pixar's small, cutting-edge digital animation studio, charged with driving Hollywood into the next phase of interactive entertainment. Instead, says Rubin, the company will fund outside VR experiences. 

"We’re still absolutely committed to growing the VR film and creative content ecosystem," says Rubin. "Last year, we committed an additional $250M to fund VR content from developers all over the world … We’re going to carve out $50M from that financial commitment to exclusively fund non-gaming, experiential VR content. This money will go directly to artists to help jumpstart the most innovative and groundbreaking VR ideas." Read more...

More about Facebook, Oculus Story Studio, Oculus, Oculus Rift, and Virtual Reality

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