The founder of Oculus has said the company’s $2 billion takeover by Facebook last year has enabled the virtual reality headset maker to expand its business and make decisions that are right for the technology, instead of having to focus on short term profitability.

Speaking to RTE News at the Web Summit, Palmer Luckey said that while Oculus runs itself fairly independently of Facebook, being part of a larger company has changed the way it can think about the future.

Watch the full interview here

Oculus is due to release the first consumer version of its Rift headset early next year. It features a high resolution OLED 90hz screen with a range of motion trackers feeding into a PC. 

Mr Luckey said the company was excited to be finally releasing it, as it was the first headset of its kind. He said the Touch motion controller would also be released in the second quarter of 2016.

He conceded that some people may need to upgrade their PCs in order to use Oculus Rift.

Although it has not set a price for Rift yet, the company has estimated the cost of buying a suitable desktop and the headset itself at around $1,500.

However, he predicted that over time that will change, and that in a few years time everyone's computer will be fast enough to run virtual reality.

Mr Luckey said there would be wide variety of apps available for Rift when it launches, including a virtual cinema to watch films with friends, as well as games, and other applications.

Mr Luckey said it had taken a long time for manufacturers to develop virtual reality hardware and software as none of the component parts, including motion trackers, sensors and fast PCs were good enough quality to tricking your senses into thinking you are in a virtual environment.

He said it was good to see competition in the market as it shows there is a future in virtual reality.