Research by VR/AR Insights Consortium shows that although the VR market is still very young, its total number of users will reach 44 million. These users will include consumers who already have VR devices and wait-and-see groups with plans to make purchases. The findings of the VR/AR Insights Consortium were generated based on surveys proposed by Magid.
The VR/AR Insights Consortium conducted a three-year research survey of leaders in the publishing, broadcasting, retail, advertising, content creation, and entertainment industries. The project aims to study the impact of VR technology and AR technology on consumers and evaluate the role of emerging technologies in marketing, retail, entertainment and business.
Currently, the VR/AR Insights Consortium adopts an invitation mechanism. Its members include A+E Networks, Best Buy, MasterCard Credit Card, Turner, Warner Bros. and The VR Society. By holding quarterly meetings, VR/AR Insights Consortium conducts in-depth analysis of raw consumer data to further understand current market conditions.
The raw data of the study shows that 26% of the consumer audience (ages 18-64) in the VR market is in one or more of the following consumption states:
There are VR devices at home:
7 million consumers, 10% of the survey sample
Use VR device once a week:
About 11 million consumers, accounting for 7% of the survey sample
Prepare to purchase VR devices within the next year:
About 37 million, accounting for 22% of the survey sample
"The facts show that when asked about the possibility of purchasing VR devices, some people may exaggerate their purchases. However, this data is still reliable because it shows that people really need VR hardware." VR/AR Insights Consortium’s co-founder, Mike Bloxham, also a senior vice president of media and entertainment at Magid Worldwide.
The study also shows that the purchase of VR devices is continuing to increase. Currently, 82% of the VR devices that people use are purchased within the past six months. According to the report, the user has a certain degree of awareness of VR devices. 60% of consumers know the brand of at least one VR device and 31% of consumers use VR device at least once.
Turner's new vice president of consumer research, Jeff Grant, said: "As Turner is still focused on exploring new forms of narrative, and continues to provide fans with better contacts so that they can participate in their favorite shows. We are committed to In order to provide everyone with a better understanding of VR/AR technology opportunities, although the current VR market is still in its infancy, it will continue to grow at a rapid pace.As a member of the industry, we hope we can continue to observe and learn. Create meaningful content and experiences for advertisers in VR."
Debby Ruth, senior vice president of Magid's global media and entertainment direction, added: "Magid's research and consulting experience in entertainment has enabled us to accumulate a lot of knowledge in the emerging VR/AR space. We can understand the hardware industry, the software industry, and The business dynamics between the two.At the same time, bringing together brands can help us to better evaluate emerging VR/AR monetization strategies through quantitative and qualitative research.
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