Unity Software (NYSE:U) stock rose about 8% on Wednesday after the company revealed it had extended its multi-year virtual reality collaboration with Meta Platforms.
The renewed agreement is intended to strengthen tools and support available to VR developers, helping them more easily build, launch and scale applications and games on Meta’s virtual reality ecosystem. As part of the arrangement, Unity will continue offering development support for Meta’s VR platform.
“Meta is the world’s leading VR platform, and we’re proud that Unity powers the majority of its top-selling VR games,” said Alex Blum, Chief Operating Officer of Unity. “Great content is what makes VR successful. By pairing Meta’s hardware and OS leadership with Unity’s role as the assembly point for interactive content creation, we’re making VR accessible to more developers so they can develop, deploy, and grow their games and business applications on Meta’s VR devices.”
Ryan Cairns, Vice President of Virtual Reality at Meta, described Unity as an important collaborator across several initiatives, including efforts aimed at supporting the broader VR developer ecosystem. The updated partnership is designed to simplify the process for developers to create and deliver high-quality VR experiences to the large global user base of Meta’s devices.
Unity, widely recognized as one of the most prominent game engines in the industry, said its technology already powers most of the top-selling VR titles on Meta’s platform. The new agreement extends the companies’ long-standing cooperation in the virtual reality space.