As I write this I can hear the strains of Stephen Sondheim’s classic tribute to endurance “I’m Still Here” playing in my head. I have lived through some bubblicious times. Haven’t we all? Yes, there are those who look at VR with a healthy dose of skepticism. But, once you get those hairy eyeballs inside a head mounted display the reality of doubt changes to one of opportunity. An opportunity spread over a number of verticals where not only do the creative possibilities abound but there is also money to be made from games and entertainment to education, medicine, travel, art, therapy, engineering, sports, live events, journalism, and much, much more. UK based consulting firm Kzero estimates that the global consumer market for Virtual reality will be worth $5.2 billion by 2018 and it appears that that only covers gaming. Who is to say that the perceived risk in VR couldn’t be spread across multiple verticals? Though both technical and creative challenges remain, I am more than willing to say that VR is here to stay. The industry is indeed moving at light speed fueled by consumer access to the technology and the appearance, however small, of dollar signs. And, at least anecdotally speaking, real money seems to be moving into virtual reality and not just on the tech side. Personally speaking, I had an AHA! moment last week. A well known and highly successful film finance executive informed me that his company would be starting a VR film fund and asked if our company would be willing to serve as consulting advisers. And, there it was. “Would you be funding studio ventures or independents? I asked. “Great stories,” was the answer. Not two days later there was another call along very much the same lines only the gentleman at the other end also asked if tax incentives and government subsides existed in some countries for VR production. So unlike VR at less than 60 FPS, it’s not enough to make you dizzy, yet, but it’s a start.
