The tech and entertainment industries are investing heavily in virtual reality (VR), signaling a potential shift towards mainstream adoption. Despite a decade-long wait, VR has failed to transform the entertainment industry as expected, but advancements in headset technology and growing interest from content creators may finally make it a reality.
The VR market is evolving rapidly, with improvements in headset technology and an increasing number of content creators exploring the medium. According to a report by BrandXr, the social augmented reality (AR) market is expected to reach $342 billion by 2037, driven by converged AR technologies, widespread consumer adoption, and proven business outcomes.
Facebook’s Oculus and Google’s Daydream platforms are leading the way in VR investments, exploring new revenue streams beyond entertainment. The slow adoption of VR can be attributed to high headset costs, quality content needs, and a lack of critical mass of users. However, these challenges are being addressed as headset prices decrease and content quality improves.
Investment in VR comes with risks, but the potential rewards are significant. If VR can replicate AR campaign performance, it could be a game-changer for the entertainment industry. The convergence of mature AR technologies, widespread consumer adoption, and proven business outcomes drive this growth.
As tech giants invest in VR, it will be interesting to see how it shapes the future of entertainment and investment. With advancements in technology and growing interest from content creators, VR may finally reach mainstream adoption.
Source: https://www.ainvest.com/news/virtual-reality-brink-mainstream-breakthrough-2507