by Joanna Patsalis
I bought VR 360 view tickets to Nicks game and invited my friends over to watch live. I booked "seats" in the front raw for 1/5 of the price!
Virtual Reality (VR) is not a new invention, although it has been a buzz word the past couple of decades. Everything started back in 1962 when Morton Heilig developed the Sensorama, an arcade-style theatre cabinet that would stimulate all the senses, not just sight and sound (see here for VR history). Today when we picture VR as this headset that uses computer technology to places the user inside an experience and interact with 3D worlds. We have seen a huge increase of VR use in gaming, but that is not the only industry that will be revolutionized by the technology.
Medicine, surgery, design, education, military and space are just some areas where VR will become valuable. And although all these sound promising, a recent poll by the Consumer Technology Association found that consumers’ most popular suggestions for VR content were for concerts, sports and exercise. Yes, entertainment will be next! Last year, Live Nation teamed with Citi and NextVR to broadcast dozens of concerts in VR. Pro basketball is already broadcasting one game a week in VR, and professional hockey, racing, and baseball leagues will follow.
But does this mean no more Beyonce concerts? No more football matches?No… VR will not be a replacement of the typical entertainment tickets. It’s an alternative, not a substitute. Same happened with the rise E-commerce shopping – yet, retail stores are not closing down! “It will open the experience to people all over the world who might not have the chance to physically get to the venue. A win-win for the artist and fan.” Wilson Standish, director of innovation for media agency Hearts & Science.
NextVR is the leader in delivering sports, music and entertainment experiences in VR through world-class partnerships with industry leaders including the NBA, WWE, FOX Sports, Live Nation, International Champions Cup and Gotham Comedy. It will be interesting to see how competition will play in the next few years. Will the industry leader invest in more than just partnerships? Can they get a bigger piece of the pie with vertical integration? No one is stopping them from partnering with more than just NextVR (non-exclusivity). Will new companies enter the market for a cheaper/premium price? I believe so!
We’ve see Facebook (Oculus), Google, Microsoft and many many more are investing billions of dollars in both software and hardware (top 20 VR companies). Even though not all of them compete in the same areas I am sure they have big plans for direct to consumer market.
Another interesting area I want to touch is hardware. There is a variety of options when it comes to the headsets/devices – cheap ($79 Google) and expensive ($799 HTC Vive). Incremental innovation will make VR devices cheaper, accurate, and realistic. Reminds me of the TV and mobile evolution. Will there be limited number of software options compatible with various hardware? To throw some ideas:
- We will see VR private label in airplanes, where the flight attendant gives you a headset instead of headphones
- Freemium business model – offering simple and basic services for free for the user to try and more advanced or additional features at a premium
- Razor and blades business model – where the headset can be given for free and complementary services are sold (pay-per-view)
That’s all for now… Any ideas how VR will play out in the future? Let me know!
Let the games begin.