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In the mid 20th century, prognosticators foresaw a near-future where bizarre people would traverse the skies in flying cars and jetpacks.
That future never got here, but something similar occurred in the course of the last decade: tech pundits and industry boosters told us that a whole bunch of tens of millions of individuals across the globe would soon be donning virtual reality goggles to play games, watch 360-degree videos and live sporting events, remotely interact with friends and relatives as in the event that they were in the identical room, and tour art museums, historical landmarks and far-off lands from the comfort of their couches.
“Reality Check,” the brand new 21-page special report from Variety Intelligence Platform (VIP), explores the hype machine behind virtual and augmented reality, and the way investors, particularly within the entertainment space, can have jumped the gun too soon and projected outlandish expectations onto a medium that also has plenty of serious, unexplored potential.
The initial wave of investments in VR and AR following Facebook’s acquisition of start-up Oculus VR in 2014 was a seemingly great sign for the gaming and tech spaces, with as much as an estimated $2.3 billion in funding for VR and AR firms in 2016 (per Digi-Capital).
But something happened on the method to VR and AR’s completely satisfied Hollywood ending.
The first wave of consumer VR headsets was greeted with underwhelming sales and complaints about eye fatigue, motion-induced nausea, blurry visuals, and a dearth of quality content. When AR smart glasses hit the market, the outcomes were similarly disappointing, with price tags too high for the common consumer and entertainment applications that clearly weren’t ready for prime time.
By the late 2010s, it looked like virtual reality might join flying cars on the ash heap of tech’s broken guarantees, however the success of the Oculus Quest, released in 2019, is a rejuvenating sign of VR’s industrial potential when the client experience is prioritized.
However, the arrival of the COVID-19 pandemic in 2020 has spelled trouble for the industry, with consumers tightening their pockets and worldwide location-based VR outlets shutting down out of necessity.
As this report reveals, the longer term of VR should still shine shiny and glossy, however the time for whimsical fantasizing is over, as this future won’t be exactly what we envisioned, it won’t necessarily wear a headset, and it actually won’t unfold across the timetable we were hoping for.
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