AltspaceVR has been a famous VR social app for the Oculus Rift, HTC Vive, and Oculus Rift, but it suddenly can’t afford to keep its operations anymore.

ALTSPACEVR

Social App AltSpaceVR to Close Next Week

AltSpaceVR announced that it’s ending its operations and shutting down the application on August 3rd due to unexpected financial difficulties. While the project was funded by investors back in 2015, the unexpected closure still surprised everyone because it already had a deal in place to keep functioning. Unfortunately, that deal came down, and the company ran out of time to raise enough resources to keep AltspaceVR running.

The company shared the sad news in an announcement post and revealed that the app currently has around 35,000 monthly users. Which considers good enough for the size of the Virtual Reality market, but clearly not good enough for investors. What seems to make investors pull back it’s the slowness of the market’s growth. The application will definitely be killed, but the company’s leaders are still thinking what to do next.

The VR social app functioned as a hangout for VR headset users, who entertained themselves in various ways and during many different events with their avatars. All sorts of people from all over the world met each other in AltspaceVR’s virtual world, so it is a sad event for many that still enjoy meeting new friends in spaces like this one. The company will hold a virtual party on the last day to give all AltspaceVR users a chance to say goodbye.

“We are all humbled by what you made of this virtual oasis. Thank you for spending your time building, hosting, and making the best community we could have wished for. Please take the next week to make sure those connections live on past AltspaceVR. Because if you do, then what we built will really live on.”

Source: AltVR

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