Augmented Reality & Virtual Reality Market for Entertainment Industry - Forecast(2021 - 2026)

Initially it was thought that Augmented & Virtual Reality would be limited to the gaming industry, however, when big firms opened up to the different ways of using it Augmented Reality is used to indicate sponsors and show scoreboards in various sports while viewed from the television or the Internet. Some companies have been trialing music concerts of bands like Coldplay, AC/DC and Imagine Dragons. The idea is to make the virtual reality experience better than actually being there. 

What is Augmented Reality & Virtual Reality?

Augmented Reality is an “enhanced” version of reality created using technology to add images, information or both into the environment. Virtual Reality is a form of simulated environment created with computer technology. Although similar in concepts, Augmented Reality has been in use for some time, especially in the sports industry. 

What are the applications of Augmented & Virtual Reality in the Entertainment Industry?

The entertainment industry consists of various subsets such as the film industry, the live events industry, sports, gaming, theme parks/ amusement parks. Each of these subsets could find different ways to integrate Augmented & Virtual Reality. For example, in the live events industry, people in Delhi could view a concert taking place in Hyderabad. Perhaps, they could download a replay and view it at their own time. It doesn’t have to be a concert, it could be a play, an opera or even a comedy show.

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The technology is currently being applied to allow users to immerse themselves in various games and sporting events. It has also been a staple in the news, especially the weather where graphics are displayed on television to indicate the climate.

 Augmented Reality & Virtual Reality Market for Entertainment Industry

Market Research & Market Trends:

NextVR becomes the exclusive VR provider for NBA:

Die-hard fans who miss games due to unforeseen circumstances will no longer have to stick to highlights. NextVR is a major provider of music, sport and entertainment experiences and appears to have landed a mega-deal. In the future, more companies will sought out lucrative deals to be the sole provider of VR content for various events in the entertainment sector.

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A new Virtual Reality theme park opens in Seoul:

South Korea, home to one of the first VR theme parks, has another VR theme park, and the company plans to add more parks in the year. This signals the growing acceptance of VR in theme parks, which are also cost-effective when compared to actual parks, and they don’t require a lot of physical effort to change the overall theme for events such as festivals and 

BBC Virtual Reality app downloaded over 325k times:

The application which provides VR content for the World Cup such as the match highlights, a live statistics dashboard, and match commentary has been downloaded a record number of times. Although, when compared to non-VR content, the readings make for poor performance. It is still a significant improvement. As more and more electronics are built to be more efficient and effective in handling VR content, the number of applications in the market will increase.

Japan gets VR movie viewing:

Vaio, a subsidiary of Sony, is testing VR movie screening with test audiences who will sit through the movie with people putting their VR headset throughout the movie.

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However, in some countries, 3-D movies are undergoing diminishing returns, as people are no longer interested in wearing glasses. Upcoming players in the entertainment industry should make note of this development and how they could combat it.

Who are the key players in the Augmented & Virtual Reality in Entertainment?

The key players in the Augmented & Virtual Reality Entertainment Industry are NextVR, Sony, Verizon, Magic Leap, and various other companies.

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