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This report was created by the VRARA VR Stories & Audiences Committee. This Committee is creating best practices, guidelines, and call to actions (e.g., recommendations for standards) for VR experiences in order to grow the audience (user base) for VR. The Committee is a group of technologists, journalists, business leaders, entrepreneurs, visual artists, immersive sound technicians, and storytellers.
This report is an effort to capture into one source the rapidly evolving knowledge about VR. The Committee seeks to present the hardware, the software and to dig into the specifics of the development and content production. The Committee sees this as an opportunity for practitioners and stakeholders to add their experience and knowledge. The Committee intends to update this material every six months.
“Monetizing VR is a critical question for which there is little data in understanding what will be primary drivers of revenue. Currently, tech and manufacturing companies are spending tens of millions of dollars on developing hardware and software. On the content side, marketing budgets have been an enormous source of funding for content development and production.
The industry has seen explosive growth in record breaking investments in the billions, the creation of multiple types of headsets, and a burgeoning start-up ecosystem that continues to push the boundaries of VR technology, platforms, and content. Once the mass adoption begins, that we expect, across multiple industries, we believe we will start experiencing VR as a societal norm. This will drive ROI up and subsequently fuel the industry to reach market shaping size.”
