Virtual reality (VR) and augmented reality (AR) have been around for a while, but with new advancements and devices hitting the market, these technologies are set to take the entertainment industry by storm. In fact, according to analyst firm Digi-Capital, the VR and AR industry could be worth $150 billion by 2020. With these figures, it’s no surprise that content creators are starting to explore the exciting possibilities of these technologies.

VR immerses the user in a simulated environment using devices such as the Oculus Rift headset or Microsoft HoloLens, which will soon be available to the public. AR, on the other hand, enhances the real world using devices like Google Glass. Digi-Capital predicts that AR will take a larger market share in the next five years, as it is more closely linked to the mobile devices that are already ubiquitous in our lives.

VR’s addressable market is primarily in core games and 3D films, as well as niche enterprise users, with hardware price points similar to consoles. Digi-Capital anticipates that consumer software and services economics for VR will be similar to those of current games, films, and theme parks. In contrast, AR’s addressable market is similar to that of smartphones and tablets, potentially driving large hardware revenues for device makers.

So why has VR become so popular now, when it has been around for several decades? The answer lies in advancements in technology, such as the crystal-clear image definition currently available on smartphones, as well as innovations in mobility, price, and access. Additionally, Silicon Valley giants like Google and Facebook have taken notice of the potential of VR and AR, leading to an increase in interest and funding for new technology, content, and hardware.

But perhaps the most significant factor driving the popularity of VR and AR is the ability to provide complete immersion in a new medium of entertainment. Digi-Capital notes that truly immersive experiences are magical, lifting the spirit and compelling users to want more. This is crucial for immersive VR and mixed reality, with the keys to immersion being position tracking, jitter, object stability, audio quality, and audio tracking.

For content creators, VR and AR represent limitless possibilities for creativity and valuable user experiences. The explosion of quality, innovation, and revenues in the space is set to happen in the next decade, similar to the emergence of films, television, and video game consoles in the past.

Takeaway

In today’s world, technology has advanced to the point where entertainment is no longer limited to traditional mediums such as television, movies, and video games. Virtual Reality (VR) and Augmented Reality (AR) have taken the industry by storm, with their ability to create immersive experiences that were once thought impossible.

The possibilities are endless with VR and AR, and the entertainment industry is just beginning to scratch the surface. From gaming to educational experiences to live events, there are limitless applications for these technologies that are sure to change the way we consume entertainment. And with analysts predicting that VR and AR could become a $150 billion industry by 2020, it’s clear that this new frontier of entertainment is here to stay.

Content creators are already exploring this exciting new space, with some of the nation’s best developers and designers working to push the boundaries of what’s possible with VR and AR. And as technology continues to improve, we can expect to see even more innovative and creative uses for these technologies in the future.

What’s most exciting about VR and AR is the ability to create truly immersive experiences that transport users to new worlds and allow them to interact with their environment in ways never before possible. This level of immersion is the key to the success of these technologies, and it’s why they are set to revolutionize the entertainment industry in the years to come.

In conclusion, the future of entertainment is here, and it’s virtual and augmented. With their ability to create immersive experiences that transport users to new worlds, VR and AR are set to change the way we consume entertainment forever. As the industry continues to grow and evolve, we can expect to see even more innovative uses for these technologies in the years to come, making the future of entertainment an exciting and truly immersive one.