Facebook has a new VR device in the pipeline, and it's cheaper and lighter than before, per Bloomberg. At $200, the new technology, code-named "Pacific," will be half the price of Facebook's high-end Oculus Rift and promises users the same mesmerizing experience of VR.

The big innovation is that "Pacific" — unlike Oculus Rift or Samsung's cheaper Gear VR — will not rely on a smartphone or computer to operate. "The idea is that someone will be able to pull the headset out of their bag and watch movies on a flight just the way you can now with a phone or tablet," Mark Gurman at Bloomberg writes.

Why it matters:

Facebook hopes this cheap, easy-to-use take on VR will shake up the consumer products market, attracting the masses that the iPhone did 10 years ago.