Virtual Reality - Innovation or Waste of Time?
We, humans have already shown our endless capacity to engage in addictive, time-wasting endeavors, hence the meteoric rise of viral games like Angry Birds, Candy Crush and even social media. Are we now moving to a new level of escapism with the expansion of virtual reality? Oculus acquired by Facebook for $2 billion, has recently introduced a new line of products to expand the virtual reality footprint; this includes a new user interface which allows customization of your virtual home space, a headset device which doesn't require a phone or computer (Oculus Go), and the ability to engage with applications on your personal computer (Oculus Dash). This has the obvious appeal of making your virtual reality experience more attuned to your individuality, and more highly addictive. Facebook Inc. CEO Mark Zuckerberg recently reported his goal of getting a billion users into virtual reality, and even hired a new advertising agency for the project. This new line of products promises to pique the interest of more than a few. So where are we headed with this platform? Will it become, in its largest use case, just an expensive toy (both in actual cost and in hours of productivity lost) where we spend endless hours immersed in pleasurable experience? Or will it stand as an innovative tool towards the betterment of humanity in a new realm of existence - the virtual world?
This all remains to be seen, but we can take a look at the current landscape to see if it reveals any clues to what the future holds for virtual reality. One major industry which has unsurprisingly found a home in VR is adult entertainment. PornHub has already attracted a market for an enhanced viewing experience on the VR platform. The written reviews are mixed, however 500,000 views a day tells its own story. Now that the price has been reduced to $199 on Oculus Go, it may be slightly more attractive to another large audience, the gamers. Sony PlayStation VR retailing at $399 has reported reaching one million plus units sold, along with its line of familiar games. However, these numbers may be lower than expected, some say. It's not clear whether cost or content plays a role in limiting the expansion, but Sony is geared to continue developing on the platform. They boast a forecast of 60 new games and a redesigned headset, which is scheduled for release today. Facebook hired advertising agency Space Camp to initially target an audience of gamers, as per AdWeek. However, the plan is to branch into more mainstream users and even more interestingly, social media group VR experiences. Needless to say, it wouldn't be a stretch to imagine who the greatest consumers of VR are likely to be.
Yet the release of Oculus Dash dangles a new promising use of VR for productivity and business. Developers, content creators, and editors can all benefit from having unlimited screens to manipulate as needed in thin air. Use of VR for a productivity boost may be well worth the cost for some, although others may not consider the mere possibility of productivity gains as being enough to purchase a host of equipment. In a smaller arena, there have been applications of VR for engaging customers in banking and financial information, and even for performing transactions. BNP, Wells Fargo and Citibank have each developed uses for VR. But there are no signs yet that this trend is catching on, or offers any major benefits for banks or consumers (besides keeping up with trends and a distant possibility of being able to reduce physical branches). On the other hand, the potential uses of virtual reality in health care are numerous. As summarized by The Medical Futurist, virtual reality can be used for training physicians and nurses, practicing novel procedures, educating patients, helping stroke victims recover and helping patients feel more at ease and connected when hospitalized. It is easy to see there are no scarcity of uses for VR in medicine, however the costs of institutional implementation and being able to prove outcomes may be the key limitations. The question is, will VR provide a measurable significant benefit over currently existing techniques...enough to justify investment? In the medical training arena, VR is likely to expand. This will occur if it can be positioned as being superior to current textbook and digital training, and its not hard to imagine that scenario. However, winning over this tough industry on the patient care side may possibly require clinical trials which may prove to be a greater burden than the hype can overcome; although, some physician practices looking for marketing edge to attract patients, or to treat conditions which are not well managed by current medical approaches (i.e. pain management, psychiatric conditions) may be willing to dive into these unconventional futuristic therapies. Other industries which could also realize obvious benefits with virtual reality include new age fitness, sports, real estate, architecture and any element of design.
It's apparent that possibilities for future uses of virtual reality are many, however are these applications better than what currently exists or better than what will exist in real life future technologies, besides the perk of being dressed in a pretty futuristic package? If VR can outpace other technologies it will definitely have an advantage. The key for widespread use of VR is likely to be creating demand in key industry leaders and lowering costs. Once people are exposed, they will continue to re-imagine new uses. The VR effect will snowball, and those companies wishing to avoid being deemed obsolete will start to incorporate VR in their industry practice as well. The obstacles to virtual reality implementation are not impossible to overcome, and with the right marketing, there is no real doubt that it will expand and the audience will become larger than it is today. Nonetheless, there are still many "ifs" for establishing broad application, as opposed to gaming and social media, where there is already a captive audience. These crowds have already demonstrated willingness to move into a digital realm for entertainment or social interaction. If executed creatively, moving from social media on the desktop and mobile screen to social engagement in the virtual world, offers an immensely greater opportunity for uniquely rewarding (but also potentially harmful) social experiences. Even without widespread use in many sectors, the social media and gaming industries alone can fuel VR growth, as long as costs decrease and more people are exposed to the taste of virtual reality and social engagement. We predict VR will grow as expected, but the full scope of true societal benefit may only be realized in limited scenarios, massively overshadowed by the entertainment side. Yet, for even a small application in a powerful industry (i.e. medicine), you may argue that it will still be worth it. What do you think? Read more about Oculus Rift here..