The latest VR Tracker Report from Futuresource Consulting forecasts consumer spending growth on virtual reality attractions to reach $809 million by 2022.
Currently VRcades, of which there are estimated to be around 4,000 with 75 to 80 percent in China, dominate. However, better quality, more immersive experiences are anticipated to see significant growth.
Futuresource’s Global Virtual Reality Tracker Report predicts that by 2022, multiplayer VR experiences will account for 41% of Global Location Based VR (LBVR) consumer spend.
Carl Hibbert, Associate Director of Consumer Media & Technology at Futuresource Consulting, said in a statement, “Q1 2018 saw significant growth and rising consumer spend, which is expected to lead to full year spend of $299 million in 2018 across the four types of LBVR categorised as arcades, multi-player experiences, VR cinemas and VR theme parks. Of all four categories, ‘VRcades’ has seen the fastest take off. The category was estimated at $79 million consumer spend in 2017, accounting for 40% of all LBVR revenues.”
Multi-player LBVR allows players to roam free, untethered and with others in a VR environment. This category is expected to have the highest CAGR rate across the forecast period, despite a lower number of installations. This is due to consumer desire to pay for sociable experiences with friends, especially in more developed markets. Furthermore, the majority of multi-player installations offer original content restricted to franchise partners, thus remaining exclusive and adding to the attractiveness.”
The at-home VR market has been slower to take off than anticipated, but it may be that LBVR will stimulate consumer take up as equipment quality improves and costs decrease.
Growth in Multi-player Location Based VR
IMAX and Warner Bros, The Void and Fox have all staked a claim in the new market. The VOID have enjoyed success with the collaboration with Disney to develop the Star Wars themed, hyper-reality experience, Star Wars: Secrets of the Empire. FoxNext recently launched a location-based VR experience based on the Alien franchise, Alien Descent.
Ubisoft is developing VR opportunities for its Rabbids, Just Dance and Assassins Creed IPs. The gaming giant is working with LAI Games and Triotech to offer a variety of real world formats to suit different venues and audiences and even has it’s own test bed Rabbids family entertainment centre in Montreal.
VRcades are likely to be driven to improve their offering too by offering a more social experience. VR World NYC includes more than 50 VR state of the art experiences which are fun for players and spectators in the largest virtual reality attraction in North America.
Images: Zero Latency, The Void