News Byte: Facebook's Been Busy

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Oculus VR headset in action
Oculus VR headset in action

The tech behemoth has done a lot more than stir over the last few months. Facebook announced that it has reached a definitive agreement to acquire Oculus VR, the virtual reality company behind Oculus Rift, for about $2 billion.

“Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow,” said Facebook founder and CEO Mark Zuckerberg in a statement, ostensibly referring to Facebook's recent $19 billion acquisition of instant messaging company WhatsApp. “Oculus has the chance to create the most social platform ever, and change the way we work, play, and communicate.”

Oculus Rift took the video game world by storm in 2012, but speculations on its merits have mostly stayed within the gaming community. This acquisition opens the door for non-gaming applications of the technology, and could accelerate Oculus Rift's adaptation upon release. Marketers could very well have another powerful touchpoint in Oculus Rift.

Additionally, Facebook rolled out specifics for its Lookalike Audiences advertising initiative.

Lookalike Audiences allows advertisers to create digital audience models from existing audience data or specified conversion data. In the latter case, Lookalike Audiences will populate based on conversion criteria set by the marketer. This process can take between two and 48 hours, according to Facebook's Lookalike Audiences page.

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