The world of entertainment has undergone drastic change over the past few decades. Gone are the days when films were the domain of major Hollywood production companies, as content distributors like Netflix have become content creators as well. Sticking to film, with a far greater distribution range thanks to in-home streaming, theatres themselves are closing at an alarming rate. Music distribution is no longer the exclusive domain of major record labels, and let’s not talk about print… With everything seemingly up in the air, one is left to wonder; what next?
If the PwC’s 2018 Media & Entertainment Outlook report is to be believed, the next trend in the world of entertainment may just be virtual reality. Alongside over-the-top (OTT) video and internet advertising, PwC predicts that virtual reality (VR) will be the fastest growing revenue generator for M&E companies in the U.S. during the five-year period from 2017 to 2022.
Thanks to products like the Oculus Rift, the VR industry is rapidly turning into a major emerging market in the realm of entertainment. Going beyond gaming, even outlets such as USA Today, Washington Post, and The New York Times are joining the trend, making inroads into the emerging VR journalism platform. With revenues that reached $1.5 billion in 2017, the U.S. is currently the world’s leading VR market, and that total revenue is expect to increase to $7.2 billion by 2022.
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