According to a statement from CEO Mark Zuckerberg, the company plans to expand Oculus beyond gaming:
After games, we're going to make Oculus a platform for many other experiences. Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face -- just by putting on goggles in your home.
Zuckerberg expanded on that in a conference call following the announcement, saying he believes virtual reality will be the next big computing platform after mobile devices like smartphones and tablets.
"History suggests that there will be more platforms to come," Zuckerberg said on the conference call, adding that the person who controls that major computing platform will be able to shape the entire tech industry.
"Today's acquisition is a long-term bet on the future of computing," Zuckerberg said.
Oculus got its start on crowdfunding site Kickstarter, where it raised $2.4 million in 2012. Since then, other VCs have invested in the company. Most recently, Oculus raised $75 million in a round led by Andreessen Horowitz.