An interesting report on VR content spending 2020 that suggests that the overall VR content spending will likely surpass $1bn this year.
Talking about the VR headsets, market analyst Omdia says that the projected sales of VR headsets in 2020 will cross the 6.4 million mark. The accumulative content spending on VR will reach a massive $1.1 billion in 2020.
The research report further shares some fascinating insight into the projected revenue. The report shares that by the year 2025, the VR content revenue will reach $4 billion. The majority of the revenue i.e. 90% will be generated from VR games by then. The research further indicated that VR will be worth a whopping $10 billion in 2025 that is by combining the both hardware and software domains of VR.
Moreover, the report also indicated a surge in the growth of VR in 2020 thanks to COVID-19 lockdowns worldwide. The demand got sky-rocketed but the supply, on the contrary, got disrupted due to “manufacturing challenges in the first half of 2020 and the November launch of next-gen games consoles diverting gamers’ attention and budget.”
Talking about the household penetrations, Omdia analyzed that the VR household penetration will be 1.2% in 32 countries by the end of this year. This figure will subsequently rise to 3% by the year 2025, this analysis shows that there’s still a long way to go for the VR to be a regular household item.
Another important insight in the report was the significance of standalone headsets like the Oculus Quest. Standalone headsets comprised 3.3 million out of 6.4 million headsets sold this year. The report further stated that 1.2 million units of Quest devices will be sold by the end of this year and this figure will increase to 5.6 million units by 2025.
Though the research report by Omdia shows a promising future of VR, it still seems a long shot. As the CEO of Playstation said, “we are more than a few minutes from the future of VR.”