Oculus has just uploaded a blog post which confirms they are closing one of their studios.

Oculus executive Jason Rubin explained the situation in a blog post. He stated that the company is “winding down Story Studio” as part of a shift towards supporting external content.

However, Rubin assures fans that the company is still dedicating itself to VR. He states that the company is “committed to growing the VR film and creative content ecosystem” despite closing one of their studios.

While Story Studio is closing down, Oculus will still be supporting VR filmmakers and content creators. Rubin adds that the company put $250 million towards supporting VR projects last year. Of that amount, $50 million went towards non-game VR content. He ended the post by pointing out that while the studio is closing, they will be able to provide more resources to third-party studios.

All movies previously created by Story Studio will remain available for purchase on the Oculus Store.