FASSA SAR WRITES – Did we in the West think that Virtual Reality (VR) crashed and burned months ago? it is quite the opposite in Asia. VR has taken that huge market by storm and offered consumers in the Asia-Pacific region various easy-ways to enjoy this brilliant new technology. Consumers are getting more access to both hardware and software at less expensive costs.
For example, in China alone there are over 100,000 internet cafes offering VR sessions for just a few dollars. In comparison to countries such as America, where the market has been struggling to produce an enjoyable experience for lesser costs (American consumers often have to fork out $1,000 or more to experience quality VR), China has led the VR front by making it accessible, affordable and widely available.
Storytelling has also evolved to fit VR platforms. Technology has enabled filmmakers to produce groundbreaking stories on a futuristic and engaging platform. A 360 degree VR movie has a multi dimensional range of images that can be viewed from many different angles. Implementing goggles and props have become essential elements of the entertainment experience, not just add-ons.
According to the 2017 Global Virtual Reality Headsets Market Research Report, revenue from VR software is expected to increase by $1 billion from 2016’s $300 million. North America will be the fastest-growing market, expanding from $97 million in 2016 to $403 million this year. Asia will be the top VR software market at $430 million in 2017.
Goldman Sachs predicted the virtual reality market could become an $80 billion industry by 2025, over shadowing the declining TV market in annual revenue: the industry could increase to $45 billion in hardware revenue and $35 billion in software by then.
Although VR has taken off in the Asian markets, Facebook CEO Mark Zuckerberg says the VR technology is still far from being an accessible high-end experience for everyone: “It’s going to take five or 10 years of development before we get to where we all want to go.” Zuckerberg said this on behalf of Facebook-owned VR company Oculus which plans to invest around $3 billion into Virtual Reality.