Virtual reality is currently perhaps the most exiting development for advertising potential. The other day, I was able to try the Oculus Quest 2 for the first time and the device surprised me. The environment was more immersive that I had expected and my creative juices thinking about all the advertising potential were flowing immediately after my VR session. The applications of virtual reality are immense and this blog will merely scratch the surface of the potential this exciting technology has.
The augmented reality (AR) and virtual reality (VR) market size worldwide is expected to grow rapidly as you can see the chart below. By 2024, it’s expected to grow to 297 billion U.S. dollars. That is a 867% increase from 2021!
New technologies have an adoption curve. When it comes to VR, we have passed the innovators and early adopters stages, which you can see to the left in the chart.
There are some important factors that have moved VR towards mass adoption, e.g. more affordable hardware, faster internet speeds, consistent growth, and a more receptive audience. You can read the Adobe blog “Grab Your Headset: Virtual Reality Poised For Real Adoption” to read more about the adoption of VR.
The three As in VR trends are: Availability, approachability, and affordability. Here are some VR stats to consider:
- A VR travel experience can significantly increase travel intent and online bookings (Source: YouVisit)
- VR can give brand engagement a serious lift. Businesses can attract customers into their shops with VR technology (Source: Swag Soft)
- Expansion of ad placements into VR games is also a trend that we’ll see in VR (Source: Swag Soft)
- VR is going to give e-commerce a serious boost and increase online shopping conversions (Source: Swag Soft)
When it comes to marketing, VR is in an earlier stage in the adoption curve above. This could be a good opportunity for your business to be an early adopter and be ahead of the competition. The VR engagement is an “unfair advantage” for brands. Moreover, virtual concerts can now attract thousands of attendees and also raise money for good causes. Have you ever heard of Wave? Many haven’t but platforms like Wave will become more relevant. It’s a platform for virtual entertainment. You can visit the site here: www.wavexr.com. John Legend recently performed a virtual concert. Brands that take advantage of this “unfair advantage” will be a part of this marketing disruption that will reshape the marketing landscape.
Good stuff, isn’t it? If you have any comments or questions, you can contact me here. Check out some of my other blogs while you are on here. For now, have a wonderful upcoming 4th of July weekend, be safe, and never stop learning. Cheers!
Photo by Markus Spiske on Unsplash
