This virtual reality company wants to change the way content is developed
BI Intelligence
Virtual reality can be overwhelming for some, but one company wants to make it easier.
Los Angeles-based software company Visionary VR, which focuses on story creation, has raised $5.3 million a round of funding led by DFJ Ventures. Bubba Muraka, a DFJ partner, will also receive a seat on Visionary VR’s board.
Visionary VR's goal is to help virtual reality content creators simultaneously build and experience the stories they are creating without having to leave their headsets to do it. The company wants to capitalize on the surge of developers and creators who are diving head first into VR as devices such as the Oculus Rift are about to hit the market.
This is Visionary VR's first major funding round since angel investors and friends and family poured $580,000 into the company. This new money will let the company "accelerate and build" its commercial software suite, co-founder Jonnie Ross told TechCrunch.
“DFJ invests in companies that are crazy enough to change everything and we’re one of those companies,” Ross said.
CEO Gil Baron echoed those sentiments in a separate statement. “Today, only expert-level developers can create VR stories,” Baron said. “We’re going to change that.”
The tech industry has promoted the prospect of VR for the past few decades. But only now, with headsets backed by big names like Sony and Facebook, is VR finally becoming a concrete product with mass market potential. While VR technology is largely associated with the gaming industry, the platform offers a new set of content opportunities in entertainment, advertising, and more.
But where is it all going?
Margaret Boland, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on virtual reality content that examines how various VR headset categories will shape VR content development and looks at the trajectory for mobile gaming revenues to get a sense of how spending on VR content might develop. The report also lays out what types of content users and developers can expect on VR platforms, including gaming, video entertainment, and advertising.
Here are some key takeaways from the report:
- VR headset manufacturers are driving both the development and distribution of VR content by investing significant technical and monetary resources in developers, in an effort to build up an exclusive content library.
- High demand for VR headsets by mobile and console gamers will fuel demand for VR content. The VR content market will take an increasing portion of the mobile gaming software industry.
- Beyond gaming, VR video entertainment will remain short form until demand for VR headsets increases.
- Ads featured on VR headsets will likely have higher view-through rates than standard video ad spots.
- Other industries are also beginning to experiment with VR content. Travel companies, publishers, e-commerce merchants, and social platforms are beginning to see potential in this new category.
- VR content faces major hurdles that could keep developers from investing: The VR experience must be good enough for people to take up the devices. In addition, developers need to know that a sufficient user base exists to be worthy of the resource investment in VR content.
In full, the report:
- Provides a breakdown of each type of VR headset, what platforms they run on, and how content will differ for each.
- Includes estimates for global VR headset shipments by category.
- Includes a mobile gaming forecast to give a sense of the most important market that will drive spending on VR content in the next five years.
- Lays out what other industries are developing VR programs.
- Discusses some of the potential barriers that could dissuade developers from investing in VR content.
To get your copy of this invaluable guide to the VR universe, choose one of these options:
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the world of VR.