Updated: Oct 9
In this episode, we are explaining Virtual Reality and it's future. Virtual reality is an artificial environment which is experienced through sensory stimuli (such as sights and sounds) provided by a computer and in which one's actions partially determine what happens in the environment” Companies have been investing heavily into these technologies and the gaming industry is expected to take large leaps in market size because of patents being filed for advertising in VR headsets.
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The information in this episode comes from Verizon Wireless, Business Insider, MSN, IGN.com, and Thrillseeker Virtual Reality on Youtube.
What Virtual Reality or VR is?
According to the Merriam-Webster dictionary, VR is, ” an artificial environment which is experienced through sensory stimuli (such as sights and sounds) provided by a computer and in which one's actions partially determine what happens in the environment”
What companies have started to invest in this type of technology?
So far, we know that Google, Facebook, NVIDIA, Samsung, Sony, and many other companies have already invested in this technology. Verizon just launched what is called the Verizon Media Immersive which is an XR (extended reality) platform powered by 5G.
This is huge news. Verizon Wireless is the leading mobile network in the US right now. According to a press release from Verizon last month, “The launch of Verizon Media Immersive unlocks new opportunities for our partners and advertisers by providing the latest AR and VR capabilities to help them connect and engage with consumers in a more impactful and interactive way”
Why this is such a big deal?
According to the Business Insider, (quote) “The global virtual reality in gaming market size is expected to reach 92.31 billion dollars by 2027.” That’s a projected 30.2% increase in that market over the next seven years.
Why that number is so high and what about the gaming world?
Sony, the creator of Playstation, has recently filed for a PSVR patent. The images from the patent show an image of what a possible VR view would be with advertising imaging around the edges of the view screen, this is the summary of the patent .“One possibility as a new marketing technique associated with the widespread use of HMDs (head-mounted display) would be to display additional content such as advertisements in a VR or AR space. Techniques for effectively presenting such additional content in a VR space or an AR space have yet to be sufficiently proposed”
So you can see advertisements while playing your favorite video game. The main menu of your game can have advertisements. Load screens can have ads. This opens up an entire world for advertisers.
What about other industries?
That’s just the gaming market itself. There are endless capabilities of VR in many industries. Google has quietly been experimenting with holographic goggles and smart tattoos. According to an article on MSN, Google has been involved in several projects that include Smart Arm Wear called a smart sleeve. Smart tattoos called SkinMarks. The tattoo can be used as a remote to control a device by squeezing it, touching it, or swiping in a certain direction. Again, technology is limitless.
What are the privacy issues surrounding these new technologies?
There have been some huge concerns about privacy when using Virtual Reality. However, this company called admix has an idea of adding advertisements in VR immersively. For example, if a VR game was made in Time Square NYC the jumbotrons and LED screens would display real-world ads just as they are in real life. This is not an intrusive way to advertise this is also cool because the game developer can make money from ads and the advertiser is advertising a real product not a virtual one increasing potential sales for that company.