Government Pledges £18m To Support Virtual Reality Projects

Government Pledges £18m To Support Virtual Reality Projects

The government’s Industrial Strategy Challenge Fund will be diverting £18 million to organisations to help develop the next generation of immersive experiences, enabling the UK’s most talented storytellers to create engaging content of this kind.

Immersive experiences will be developed across three areas – performance, sports entertainment and visitor experience.

For example, the Royal Shakespeare Company will be leading a group of 15 specialist organisations from music, theatre, gaming, research and video production industries to create live performances unbound by location, with audiences using smartphones, live streaming and extended reality headsets to experience live shows like never before.

As for sports entertainment, a new esports platform is being created called WEAVR, where gameplay data will be used to transform how remote audiences experience both esports and physical sports.

Margot James, minister for digital and the creative industries, said: “The UK is home to some of the world’s leading digital and creative talent. Through our modern Industrial Strategy and multi-million-pound creative industries sector deal, we are bringing them together to give audiences a truly unique experience.

“The growth of immersive technology has the power to transform the way in which we watch theatre, play games or go to the cinema, and these new projects will demonstrate how we can take people closer than ever before to the live action.”

Recent stats from the International Data Corporation show that both augmented and virtual reality are expected to see big growth this year – so now’s the perfect time for companies big and small to start looking into commercial 360 VR to see how they could benefit over the next 12 months and beyond.

The Worldwide Semiannual Augmented and Virtual Reality Spending Guide estimates that spending in these areas will reach $20.8 billion (£16.4 billion) this year, a 68.8 per cent rise in expenditure compared to the final figure anticipated for 2018 – at $12.1 billion.

Retail and personal and consumer services are two sectors predicted to spend the most on this kind of technology this year, so if you do operate in these industries it might certainly be worth getting in touch with us here at M7 Virtual to see how we can help. If your competition is beginning to take interest in virtual reality, you certainly should be too… or you run the risk of being left behind.

There are all sorts of applications for virtual and augmented reality, from both a customer and employee perspective. Yes, you want to wow your target market and this kind of tech is perfect for enabling you to do this – but you could also use it for remote video conferencing, for example, or even staff training days.

if yo’re looking for a specialist tourism VR company, get in touch with the M7 Virtual team today.

Contact Call to discuss 360 Video & 360VR

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