How The VR Concert Industry Is Boldly Jockeying For A Slice Of A Projected $660M Pie
How will VR change the way that we consume live music? Will live events be the same when injected with a dose of virtual reality?This article originally appeared on Forbes
Shock waves recently jolted the tech industry after reports hit earlier this month that Facebook was shutting down 200 of its 500 Oculus Rift Virtual Reality (VR) pop-up stores in certain retail locations around the country.
This drastic action was rumored to be taken due, in large part, to underwhelming interest from the public. But not so fast on predicting the demise of VR adoption. This is a game that has only yet begun to be played. It includes various access options and a number of content possibilities most of which have not yet even been seen. And, one specific content segment is particularly compelling because it has the potential of truly driving the next level of adoption VR in a very cool way: music concerts. The expanding interest and production around the intersection of virtual reality and music concerts lately simply can’t be denied. The new developments are intriguing, the challenges staggering, and the potential overwhelming. But the main questions are just what type of players will actually get it right, and what are current and future key factors to consider within such a precarious arena in order to seize business success?
First, a bit on the state-of-VR-interest. Consumer intrigue about VR is actually high and seems to be particularly ripe for greater experience and exploration with music and VR. In fact, results from a VR focus group study conducted by the Consumer Technology Assocation (CTA) found that the most popular suggestions from consumers interviewed for VR content include lifestyle activities such as concerts, sports and exercise. “Concerts are a natural and viable application for VR – a technology that has the potential to change entertainment as we know it,” said Brian Markwalter, senior vice president, research and standards, Consumer Technology Association. “Just as VR is transforming the way we enjoy gaming and travel, VR has the unique ability to offer an immersive, one-of-kind experience – engaging audiences and tapping their passion like ever before."
In fact, CTA has projected that VR headsets will be among the tech sector's overwhelming leaders in year-over-year growth in 2017, projecting U.S. sales to reach 2.5 million units (a 79% increase over 2016) and $660 million in revenues (43% increase).
However if this is the case, there seems to be a bit of a slow build. And many in the industry say that lack of diverse and quality content is a factor.
Cover photo courtesy of AP Photo/Manu Fernandez