Leveraging Virtual Reality for New Entertainment Business Ventures

These days, consumers demand more from their immersive experiences than ever before. Be it intense immersion and theming through highly detailed props and sets, or cutting-edge graphics that make players feel like they have been transported to another world, people want the fullest possible feeling of escapism — and anything less will not suffice. Thankfully, advances in VR technology have allowed game developers to deliver the most immersive entertainment experiences imaginable.

The evolution of virtual reality technology
Early VR experiences were simple, largely consisting of people navigating different environments, sometimes doing an action, such as fighting a zombie. Yet, the evolution of the underlying technology has allowed VR experiences to become much more advanced and complex. Virtual reality games can now be hyper-immersive, with realistic graphics and capabilities that allow the virtual world to react to the player’s movements and actions in the real world.

Another evolution VR has seen recently is the extension of the length of VR experiences. Early VR experiences lasted only a few minutes, as that was all the technology was equipped to handle. Now, games are becoming longer and longer — sometimes even lasting a half hour or more. Essentially, the main restriction VR developers face is the stamina of players. Determining what length to make a VR experience depends heavily on how long a player can play before feeling tired.

One of the innovations pushing VR technology forward is known as “limitless VR.” Early VR experiences caused many issues for users, considering their “deceptive” nature of creating the appearance of motion, despite the user remaining entirely stationary. The result was often disorientation and dizziness due to the disconnect between users’ minds and bodies. However, with “limitless VR,” users move freely around an open space while wearing the VR headset, freeing them of these unfortunate side effects.

Virtual reality is set to take the entertainment industry by storm
The development of VR technology has allowed what was once on the fringes of the gaming industry to become a blossoming industry in its own right. According to research, the global market size of the virtual reality industry was estimated to be around $59.96 billion in 2022, with an expected growth of 27.5% from 2023 to 2030. In other words, the virtual reality industry is absolutely massive, and continues to grow.

Part of the reason why virtual reality is such an exciting prospect for investors is that it is the fusion of so many different sectors. Virtual reality is not only an entertainment offering and a budding technology, but it also requires significant real estate to house the new entertainment offerings. Thus, the expansion of virtual reality-based immersive entertainment will have a profound positive economic impact on several industries.

Recently, major technology companies like Meta and Apple have been interested in expanding VR, so it is now the opportunity for technological innovators and those in the entertainment space to embrace this technology. Once these companies release their take on VR, the demand among consumers will likely skyrocket even further than it already has, meaning that entertainment destinations already incorporating VR into their offerings will be ahead of the curve.

The locations with the most potential for implementing a limitless VR offering are those with large, open spaces, such as shopping centers, family entertainment centers, and bowling alleys. If there is already a large space available, the set-up required is often minimal, requiring only 2-3 days for the installation and optimization processes. As such, businesses can launch their own high-end immersive entertainment experiences quickly to take advantage of the fast-moving opportunity.

For businesses with multiple locations with open spaces — such as family entertainment center chains — there is also an opportunity to grow a franchise of VR locations. The beauty of virtual reality technology is its flexibility, meaning that the same equipment can be used to deliver users with seemingly boundless possibilities. One day, a customer could be fighting zombies, and the next, they could come back and raid an island. With many VR companies offering a wide variety of games, a location can install the equipment and use it to offer visitors several unique experiences, or offer different experiences at different locations.

With the wide range of applications it allows, virtual reality-based immersive entertainment represents a tremendous business opportunity for those in the entertainment sector. Whether it is implemented as an expansion of a pre-existing entertainment location, or used as the foundation for a new franchise opportunity, the widespread demand for this booming technology is an exciting prospect.


Follow Us

Subscribe to Our Newsletter

What's Next, Updates & Editorial Picks In Your Inbox

Related Articles

© 2017-2021 Advisors Magazine. All Rights Reserved.Design & Development by The Web Empire