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Oculus Rift, the virtual reality headset by Oculus is finally slated for release next year. The Facebook owned company announced their plans on Thursday to launch the device with anexclusivetie-up with Microsoft’s Xbox One console. Oculus was bought by Facebook for a staggering $2 billion in 2014 as a part of Facebook’s entry into the technology business. The Oculus Rift will be compatible with Windows 10 and will have the support for Xbox One games for streaming directly into the headset.

Microsoft chief Phil Spencer expects the use of the Xbox One – Oculus combination will lead to a virtual experience like no other. The device can create excellent virtual reality experiences that combine with Windows for an extremely viable multimedia setup. The partnership with Xbox has resulted in an addition to the Oculus Rift package; all Oculus Rifts will now come with a Xbox One controller and a camera to track all user movement. The Oculus is available to developers for $350 to $400, but the cost of the headset along with a bundled PC will cost approximately $1,500. The only downside to Oculus’ headset was the lack of games, the new partnership with Microsoft means users will have access to all Xbox One games like Halo 5 and Tomb Raider (2016). Microsoft’s Windows 10 is expected to roll out on July 29. If you want to experience the Oculus Rift on your PC, you need to have Windows 10, it is still unconfirmed if older versions of Windows will get support for the Oculus or not.

In recent news, the Oculus was implemented by some students who found the Oculus could be used to treat post-traumatic stress disorder. If more uses of the product can be found the gaming headset may find uses in sectors that are not even associated with gaming like education, media, telecom and fashion. The potential size of the virtual reality market is very large and experts estimate the value of the industry could surpass $5 billion in just three years.

Mark Zuckerberg, CEO of Facebook believes in the future of virtual reality computing. The Oculus has been available to developers sincethreeyears, and several improvements have been implemented to add polish and finesse to the product.There are over 100,000 Oculus Rifts in the world in the hands of developers who are trying to develop the product and find more uses. Oculus is not going to have an easy time at launch with companies like Sony, Microsoft, Google and HTC planning to release VR headsets in 2016 as well to compete with Oculus. The main advantage of Oculus is that it can be used for multiple purposes unlike headsets like Sony’s Morpheus which can be used for gaming only. Oculus is completely open source, and anyone can develop their own software for the device whether it be for health care or entertainment. The product is a compelling glimpse of what can be expected in the future of the entertainment industry.