AltspaceVR Closing Down on August 3rd

The team behind AltspaceVR, a VR-based social networking app has announced via the official blog that it will close down on August 3rd, due to ongoing financial difficulties.

According to the post, the company hasn’t received any funding since 2015 and a recent finance deal fell through.

The company maintain that AltspaceVR still has 35,000 visitors each month, and doesn’t believe the problems stem from an issue with the product itself.

The post goes on to say that the team believes that the slow growth of the VR industry may have also played a part in AltspaceVR’s decline.

Analyst Comment

This might be the end for AltspaceVR, and the team are clearly heartbroken, but the overarching tone of the post is hopeful and optimistic for the future. (AF)