Augmented & virtual reality trends to watch out for in 2018
Augmented and virtual reality have certainly taken precedent within the past few years. After the likes of Pokemon Go shook cultural waves around the world, people became exposed to the idea of VR/AR becoming a prominent feature of future communication methods. Therefore, in this article we’re going to discuss virtual reality trends to watch out for, and how they may impact the music industry.
Value of the industry
During the coming months, it seems to be very likely that virtual & augmented reality technologies will become a lot more mainstream within society. In 2015, the virtual reality industry was worth an estimated $129 million, and the industry is now projected to be worth $2.5 billion by the end of 2018. It’s certainly difficult to disagree that VR & AR technologies are becoming more widely adopted by consumers.
Applying the technology to the music industry
With consumers taking to the streets on a regular basis to try (and possibly purchase) virtual reality products, it is almost inevitable that marketers will experiment with advertising in a virtual reality space. Whether it’s Ultra Music Festival’s preview of what it’s like attending a festival, or a DJ promoting a virtual reality set, the potential opportunities for monetization of VR within the entertainment industry are almost endless.
360 degree sound
As well as advertising, the rise of Virtual Reality will almost certainly provide a more immersive experience for consumers. With the updated graphics and immersive 360 sound, we wouldn’t be surprised if people were spending the majority of their day within a virtual reality space. Hear360 recently introduced a “omni-binaural” microphone that is able to record 360 degrees worth of audio – and therefore provide a more interactive experience for the consumer.
The value of VR use on social media
Due to a more immersive experience for users, it’s probable that more 360 degree virtual reality videos on social platforms will appear in news feeds a lot more. With large brands such as Honda and Microsoft providing 360 VR Videos on social networks for users to interact with, the amount of money being pumped into the system to enable VR & social networks to co-exist means that consumer adoption of virtual reality will become widespread once users are able to interact and preview it on the likes of Facebook & Instagram.
Lack of products on the market
Due to the low range of products currently available, the price of virtual reality is excessively high. But as more products and competition enters the market, the average price of a virtual reality product is likely to decrease. It’s essentially a supply and demand issue right now. Whether it’s sooner or later, it doesn’t take a genius to figure out that virtual reality will only become widely adopted once it’s affordable for the majority of consumers.
Another factor in consumer adoption is the aesthetics of a product. After all, if we’re going to interact with it on a regular basis, the chances are that we’ll want to take it out with us in our daily lives. Here’s a video on how tech companies are adapting virtual reality technology in order to make it easily usable within our daily lives:
Finally, the VR industry is almost certain to see a rise in developers as consumer adoption becomes widespread. As the industry is likely to grow massively over the next few years, constant competition from new developers is necessary in order to help cultivate talent. With augmented reality & virtual reality becoming prominent within the modern society, we can only look forward to the trends that will help shape the landscape of our future technological society.