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In the mid-20th Century, prognosticators foresaw a near-future where ordinary people would traverse the skies in flying cars and jetpacks. That future never came, but something similar occurred in the middle of the last decade: tech pundits and industry boosters told us that hundreds of millions of people around the globe would soon be donning virtual reality goggles to play games, watch 360-degree videos and live sporting events, remotely interact with friends and relatives as if they were in the same room, and tour art museums, historical landmarks and far-off lands from the comfort of their couches.
“Reality Check,” the new 21-page special report from Variety Intelligence Platform (VIP), explores the hype machine behind virtual and augmented reality, and how investors, particularly in the entertainment space, may have jumped the gun too soon and projected outlandish expectations onto a medium that still has plenty of significant, unexplored potential.
The initial wave of investments in VR and AR following Facebook’s acquisition of start-up Oculus VR in 2014 was a seemingly great sign for the gaming and tech spaces, with up to an estimated $2.3 billion in funding for VR and AR companies in 2016 (per Digi-Capital).
But something happened on the way …
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