Many people in the music industry have high hopes for virtual reality technology, and Universal Music’s announcement this week of a partnership with startup Within is an example of the partnerships being struck around VR.

But here’s some news from the games industry that may spark caution: one of the key evangelists for VR in that world is pulling back on investing in the technology.

CCP is the publisher of popular massively-multiplayer online game EVE Online, and was an early and enthusiastic supporter of VR. Now it’s shutting down its Atlanta studio that focused on VR and axing some upcoming projects.

“We have been front and centre in the second wave of VR and our belief in the long-term transformative power of the technology remains strong,” said CEO Hilmar Veigar Pétursson. “We will continue to support our VR games but will not be making material VR investments until we see market conditions that justify further investments beyond what we have already made.”

In other words, the adoption of VR simply isn’t big enough yet to justify massive investment on the content side.

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