Public Entertainment Suffers Together, VR Included
As expected, COVID has had a significant impact on the VR industry, both in public and private consumption. Location-based VR was once the leading market segment for VR by revenues and active usage, and this has reduced significantly in 2020. The Void, a leading location-based VR provider, has defaulted on loans and is expected to seek a buyer in the near future. Sandbox VR also declared bankruptcy in August. Intel Studios, the volumetric capture effort of the company, has also shuttered; this is not a location-based-specific impact, although pandemic market dynamics have certainly shifted consumption opportunity for high-end VR content.
All that said, the outlook remains promising for location-based VR, once norms return; a significant bounce back is also possible, with consumers desperate for public, social entertainment experiences. And while the short-term outlook for location-based VR is grim, many other VR opportunities have presented themselves alongside the pandemic. Videoconferencing and collaboration are expected to see significant growth, both short term…
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