After Oculus Story Studio's project "The Wolves in the Walls" got cancelled, Facebook halted Oculus Story Studio's content productions related to gaming content. According to iTechPost, the entire company has not shut down but only the gaming part, so that, the company can focus exclusively on the non-gaming or film related interactive content.
Facebook had invested around $250 million in the Story Studio to create original VR content and will invest another quarter billion to further create more original content to attract the VR users, said TechCrunch.
The Oculus VP of content Jason Rubin stated in the announcement that after considering several points they have reached the decision of shifting their focus from internal content creation to more external productions and that's why they are shutting down the Story Studio.
Oculus Story Studio had previously won Emmy Award in the original interactive programme segment, for its VR short "Henry".