What is VR?
Virtual Reality is a technology that a user typically wears on they’re face or over one’s eyes, which displays a computer-generated environment with scenes or objects that appear to be real.
Virtual Reality is one of the fastest growing sectors in today’s market. The global virtual reality market size was valued at $15.81 billion USD and is expected to grow at a compound annual growth rate of 18.0% from 2021 to 2028.
What does this mean for advertisers?
With such a booming market, it is expected that advertisers see this as an opportunity to implement their ads into the VR experience. Especially because the user’s attention is fully on the VR experience when in use and therefore would be much more likely to pay attention to an advertisement.
Back in May of this year, Oculus, one of the leading producers of Virtual Reality technology, announced that they we’re beginning to test adverts in their mobile app. Later in June they moved on to testing ads on consumers while they had a VR headset in use.
Oculus, who is owned by Facebook Reality Labs (FRL) has stated on the 16th of June that “Our primary focus at Facebook Reality Labs is to bring more people into VR, advance the consumer experience, and make progress on our longer-term augmented reality initiatives.”
What is the potential of this technology with advertising?
There are also ways that companies are planning to implement ads into VR for a much more interactive experience with their potential customers. For example, Forbes created a list of ways VR would impact the future of advertising. One of their points is that companies could implement their products into a VR experience, allowing people to interact with their products in a virtual world. Apart from this Forbes also predicts many other possible uses for VR advertising that could be feasible in the future.
Due to the growth of the VR market, advertisers will likely have their interests peaked soon. This is to mean that we could be seeing more and more ads in our virtual reality experiences from this point forward.