However, HTC's offering won't be a simple case of slapping a smartphone into a headset, instead it will be a new spin on the mobile VR concept, which we will be seeing later this year. More importantly though, it will give HTC a more affordable VR solution for those who can not afford a headset like the HTC Vive, or the gaming PC required to run it.
After the HTC Vive, the company is increasingly pushing development for its VR platform after partnering up with Valve a year ago. The Vive is an expensive device, however, and one that also requires an expensive gaming PC to run.
While details are scant for now, it's clear that HTC has high hopes for virtual reality.
This time around, HTC is going to change the fate of its AR headsets by introducing a new entrant.
From this, we can imagine a Gear VR or a Daydream style product. Mobile VR has taken off more quickly than PC-based VR systems like HTC's Vive headset, as Samsung recently announced it had shipped more than 5 million Gear VR units.
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At the moment, not much is known about HTC's headset in the works.
Having split off its virtual reality business into its own separate entity previous year, HTC is making a big drive for virtual reality in 2017.
With this scarce information we can probably speculate that the new headset would be a standalone which would be plugged into the U Ultra, unlike the Samsung Gear VR which uses the phone to render and display the graphics. Its loss per share for 2016 stood at NT$12.81, the second biggest loss in the company's history after its NT$18.79 in 2015.
Rumors have started to emerge, describing the mobile virtual reality headset as independent from a smartphone, with its own CPU, while retaining compatibility with smartphones for additional functions like operating as a controller.