"At its very core, Virtual Reality is about being freed from the limitations of actual reality. Carrying your Virtual Reality with you, and being able to jump into it whenever and wherever you want, qualitatively changes the experience for the better."
Virtual Reality represents a new leap forward, a new medium for utilising technology. It is as revolutionary, if not more so, than the PC and Smartphones to come before it. As the technology continues to progress it will begin to radically challenge many of our assumptions – for example, what is ‘real’ when you have a perfect simulation of reality in VR? The societal impact this technology cannot be understated, it will be used in nearly every single industry and across a wide range of tasks. It will change the way we communicate, the spaces we work in, the way we are taught and they we interact with others on a daily basis.
Due to all this, there is a lot of interest in VR and there exists many opportunities to be created with innovative application of the technology. Due to this many large companies are investing and producing in VR including Facebook, Samsung, Microsoft, Apple, HTC, Sony, Google & many more. In 2014-2016 alone there were 225 VR venture capital investments totalling 3.5 billion, 30% of B2C companies on Forbes 2000 used VR marketing in 2017 (1) and there is expected to be a x20 increase in the total internet traffic of VR/AR between 2016 and 2021. (2)
So why is there so much hype about this new technology? Well apart from it’s wide ranging applications, people enjoy VR experiences – it’s that simple. They are more emotionally engaging than normal videos (3) and after trying a VR experience people often describe it using words like ‘cool’, ‘like’, ‘awesome’, ‘excited’ & ‘fun’. Additionally, people are highly likely to tell their friends about VR experiences and go on to seek out more VR in the future. Even among those who haven’t tried VR, most are interested and feel positively towards VR experiences. (4) VR is also excellent for building consumer sentiment: using VR builds a positive view of a brand, as well as making it seem innovative. (5)