Apple buys virtual reality company NextVR

Apple, keen to up its prowess in virtual reality and augmented reality, has purchased NextVR.

The Newport Beach, Calif., outfit uses virtual reality tech to enable people to “attend” concerts and other live events.

Neither the hardware giant nor the acquired company has disclosed the sale price, but 9to5Mac reported it as around $100 million.

“I view the deal as a smart strategic buy because VR is one of the areas in coming years that will play a bigger role in Apple’s ecosystem,” said Wedbush Securities industry analyst Dan Ives. “This is the tip of the iceberg.”

As for the reported purchase price, Ives said that “it’s just like change in our pockets to you and me.”

On Thursday, NextVR’s homepage said that the company is “heading in a new direction” but gave no details.

Apple shares finished the trading day ahead by $1.89, at $309.54.