Virtual Reality Profits Projected into the Billions for 2016

No one can deny the draw of a popular tabletop arcade machine. But what about a virtual reality headset? Does the average consumer adore gaming enough to dish out their hard-earned money for a virtual reality gaming experience?

According to the virtual reality industry, the answer is yes. Not only “yes,” but an emphatic yes at that.

The Facts and Figures

A group called SuperData Research has released a report on the virtual reality gaming industry, and the numbers are astounding. In 2015, virtual reality brought in $660 million in revenue, but that number is going to skyrocket in 2016. For now, it’s projected that the virtual reality industry will draw $5.1 billion.

The next few years are projected to accrue an even bigger haul. In 2017, consumers will spend $8.9 billion and in 2018 consumers will drop a whopping $12.3 billion in gear and products.

According to the recent report, the high spike in revenue is no doubt due to the accompanying increase in interested users. In 2016, the global audience for virtual reality marketing will reach 55.8 million users. It is expected that developers will manufacture 38.9 million devices just this year.

Who are those 55.8 million users? According to data, it’s the up and coming generation’s interest. When polled, 74 percent of those under age 18 were interested in virtual reality gaming. As the ages increased, the interest dropped. Only 65 percent of millennial-aged consumers reported an interest, followed by 54 percent of Gen X-aged adults and 42 percent of the Baby Boomer generation.

From Facebook’s Oculus Rift headset, Sony’s PlayStation VR, Samsung Gear VR and more, there will be plenty of gaming options for consumers to select and plenty of games to try on each. Wevr, a California-based startup ready to become the “YouTube of virtual reality,” has raised $25 million for startup costs.

It’s clear that virtual reality is the next wave of gaming for the future. Will you be joining in?