Virtual Experience Economy

VR.jpg
 
 

2017 WILL SEE MUCH-HYPED VR, AR AND MR BECOME MAINSTREAM AS CONSUMERS DESIRE REALITY STYLE EXPERIENCES.

The rise of Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) has been a hot topic in the tech industry in recent years.

The release of recent commercial mass market products like Samsung Gear VR and HTC Vive have had fantastic uptake. Researchers are anticipating that there will be 135 million VR headsets in use by the end of 2025, of which 122 million will be mobile. The international IAB has just started to include VR and AR in its advertising standards portfolio. Our prediction is that we'll see the headset become mainstream this year for a certain segment, like me (but it might take a few more years before Emma and Vanessa are rocking them).

Technology alone will not propel the success of an industry; it will be about storytelling. For brands and advertisers to benefit, clarity and brand purpose is needed. It would be very easy to succumb to the hype and get very excited by the new toys in front of us, using this just tech because it's new and shiny.

There are several early brand initiatives across travel, retail and entertainment that we think will be seen as the benchmark:

  • Marriott continues to live up to its travel innovator reputation with VR Postcards 

  • Nat Geo launched VR Studio in May 2016, and released a stellar piece on America’s National Parks featuring Obama 

  • The New York Times is  building up a portfolio of VR experiences and announced that it will be releasing 360-degrees VR stories as part of its daily news feed

  • Macy’s & Alibaba let Chinese customers shop Macy’s New York store on the world’s biggest internet shopping day 

  • NBA and NextVR announced plans to live stream at least one NBA League Pass game per week in VR during the 2016-17 season