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VIRTUAL REALITY GETS REAL (IBC365)

Published on : December 10, 2020
VIRTUAL REALITY GETS REAL (IBC365)
Virtual reality is one of the many technologies to have been boosted by Covid-19 lockdowns, enjoying an uplift in spending as stuck-at-home consumers looked for alternative means of entertainment.  
 
Content spend on VR will have surpassed $1bn by the end of 2020, with 6.4 million consumer headsets sold during the year, according to new research by market analyst firm Omdia.  
 
Crossing the $1bn mark is a notable milestone for the VR sector, which has struggled to live up to high levels of hype about its future.  
 
Nevertheless, it’s worth putting this figure into perspective. Omdia reckons household penetration of VR headsets will be a mere 1.2% this year across the leading 32 countries in its research. Sales this year has been limited by manufacturing challenges in the first half of 2020 due to Covid-19, while the November launch of next gen Xbox and PlayStation games consoles has diverted gamer’s attention and budgets. 
 
The report’s author, Omdia senior analyst George Jijiashvili, says the VR sector is now going through a much needed period of readjustment after inflated early expectations about the technology.  read more