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Samsung also announced that that Netflix will be launching for the GearVR later today, with apps for Hulu, Vimeo, and TiVo arriving “in the next few months”. “On Gear VR, people are playing immersive VR games with friends, sharing 360 video experiences, and...

The new head-mounted virtual reality system’s name has been changed from Project Morpheus to PlayStation VR.

Yoshida also explained that developers could find great success, even with a small budget, provided that they came up with an interesting use of the technology. One of the examples is a soccer game called Headmaster.

Factoring in the cost of the PS4 itself, it would cost a little below $1,000 to enjoy virtual reality games on Sony’s platform.

Microsoft is working on its own HoloLens, which is offering augmented reality rather than VR, and the company has said that it might initially focus on more practical applications for the platform before moving into the gaming space with it.

Although Microsoft has showed off “Minecraft” with Hololens, Sony, on the other hand, has not demonstrated its VR headset with any game yet. Names such as Google, Netflix and just very recently, Apple, among many others, have joined in the innovation of big devices...