Yes, VR is a thing and it’s here to stay: Part 2

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Virtual Reality is an amazing new toy. But is there a market for this? Absolutely. In the last year, we’ve seen the Samsung Gear VR, HTC Vive and Oculus Rift all launch their commercial headsets and later in 2016 we can get our hands on Sony’s Playstation VR.

Each of these headsets will offer never-seen-before entertainment via games and movies, with experiences created for the tourism industry, product launches and events also adding content. By 2020, in just a few years “shipments of VR headsets will grow at a swift 99% compound annual growth rate” while “VR shipments will create a $2.8 billion hardware market” (Business Insider UK, 2015). In addition to this, the worldwide games market took in $49 billion in 2014 (Recode, 2014) and is expected to hit $179 billion by 2020 (Companies and Markets, 2014) By 2020 the VR market is forecast to be $30 billion (Digi-Capital, 2015) from these forecasts, the prospects of a career in developing content for VR is a bright one. The next few years will be important for VR if it is to flourish.

Thankfully, despite the infancy of the VR market, there are plenty of people who grasp the potential of exploring VR. In 2014, 18 VR companies received a total of around $590 million in funding from investors (Bloomberg, 2015).

Jaunt VR, one of the world’s leading cinematic VR content makers received $65M of funding – led by The walt Disney Company in September 2015.

Earlier this year, Magic Leap raised $793.5 million. “Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone,” said Rony Abovitz, Founder, President, and CEO of Magic Leap, Inc

In April HTC announced a $100 million fund to help developers bring more VR apps to market.

The more time that passes, the more content we see available and the more we understand just where VR can reach into our lives. We can simply consume content like movies or TV shows through Netflix…

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Studios can release additional content to support the release of their latest blockbuster…

DinoVR

We can always be guaranteed the best seat in the house for any sports event…

NextVR

We can check out just how that hotel feels before we book it for our next vacation…

VRHotel

We can interact with new friends on a brand new level through social VR…

SocialVR

And there’s many more applications as well, from education, engineering, therapy… all this funding and all these ideas certainly don’t guarantee the success of VR. It’s a new medium and we as content creators have to make sure there is content engaging enough to  keep people coming back beyond the first few experiences. VR has the opportunity to resonate with an audience in a way that other mediums have strived to but none have been able to. I have no doubt VR is a thing and it’s here to stay.

 

 

 

 

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