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(Pocket-lint) - Facebook-owned Oculus VR is about to tackle the movie business.

According to The Wall Street Journal, Oculus VR plans to unveil a new in-house group dedicated to developing and producing virtual reality films and researching story-telling practices. The group, called Oculus Story Studio, should debut on 26 January at the Sundance Film Festival in Utah.

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The Verge said the group's first movie will also premiere this week. Called Lost, it is actually a 5-minute video with real-time, computer-generated virtual reality. It is directed by Saschka Unseld, a former Pixar animator, and works with Oculus VR's Crescent Bay prototype. You can download Story Studio's app to reserve a Sundance screening time.

Facebook, which acquired Oculus VR last year for $2 billion, is reportedly keen to make the Oculus Rift virtual-reality headset more commercial by expanding from the video game industry to film entertainment. It is also likely trying to develop its own high-quality content in order to lure more users interested in the Oculus Rift.

Although content creators are typically slow to adopt a new medium with few viewers, Story Studio will kick off Oculus VR's lofty ambition by generating more content and establishing virtual reality moviemaking guidelines. The group is off to a good start too, as it is comprised of 10 people who've worked at places like Pixar Animation Studios and Lucasfilm.

Edward Saatchi, a producer at Story Studio, told The Wall Street Journal that Story Studio is focused on making "awesome movies" as well as sharing its researched-cropped information with the virtual reality community. Currently, that community includes few competitors and at least one Oculus VR partner.

Samsung Electronics partnered with Oculus to release a $199 virtual reality headset that pairs with a Samsung smartphone, for instance. Google also released an inexpensive cardboard headset - called Google Cardboard - that turns an Android phone into a virtual-reality device. Sony and Microsoft are even working on headsets.

Despite the interest in virtual reality, Story Studio has a difficult mission that involves adapting Oculus VR's advanced technology to suit films. We can't help but wonder if that'll turn virtual reality into the "new 3D" - or if it'll indeed transform the way we experience movies.

READ: Oculus Rift Crescent Bay prototype adds 360-degree tracking

Writing by Elyse Betters.