VR Projected to Grow to $5 Billion Industry by 2021

This article from Hollywood Reporter talks of plans to make VR go mainstream. There are major technical developments that need to happen for virtual reality to work on a large scale, but the evidence is strong that the industry is banking on the growth of this field. For all of our readers who are content creators, are you planning for the boom in immersive experience video and film making? Videoguys aims to be on top of this trend, providing content creators with the technology they need!

Including VR in its annual Entertainment & Media Outlook forecast for the first time, PwC predicts a growth rate of 64 percent annually for the next five years, with VR becoming a $5 billion industry in the U.S. by 2021. It will generate almost half as much as the box office, which will grow at a minuscule 1.2 percent to $11.2 billion in that time frame.

While video games are considered the low-hanging fruit of VR because the technology should vastly improve on an already established interactive experience, video ultimately will be the bigger business, according to PwC...[continue reading]