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The Knight Foundation launches $750,000 initiative for immersive technology for the arts

TechCrunch VR

Knight Foundation is looking for pitches on how to enhance and augment traditional creative arts through immersive technologies. We’ve seen how immersive technologies can reach new audiences and engage existing audiences in new ways,” said Chris Barr, director for arts and technology innovation at Knight Foundation, in a statement.

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The XR Week Peek (2021.07.05): Facebook to have $6B of losses for the VR business, investments in XR are on the rise, and more!

The Ghost Howls

But actually, the virtual reality business is far from being profitable for Facebook. In fact, Mr. Mahaney reports that due to the huge expenses for R&D, deals with game studios, and hardware sold at loss, “ [Facebook] will generate between $5.4 billion in operating losses this year on its virtual reality business”.