Virtual Reality Set to Become a $5 Billion Industry by 2021
By Jim Bask
Studios already have plans for viewers to become immersed in popular films via first-person experiences as an ape in ‘Planet of the Apes’ and Matt Damon’s character in ‘The Martian,’ among others.
Since revenue from film and TV is expected to grow at a snail’s pace in the U.S. in the next five years, Hollywood is looking to virtual reality for its next growth spurt. Sure, the $600 headsets are clunky and some early content isn’t much better, but a study out June 7 from PricewaterhouseCoopers suggests the technology will improve so rapidly that VR will soon go mainstream.
It’s not far-fetched to envision consumers en masse strapping on goggles — made by such tech titans as Google, Sony and Samsung — to play video games or watch the latest incarnation of Sharknado, with the man-eaters swirling about their living rooms. “There’s no iTunes for VR content now, but our forecast anticipates that sort of marketplace in about three years,” says PwC partner Christopher Vollmer….[continue reading]