The Future of Virtual, Augmented and Mixed Reality and Its Impact on Brands. Thoughts from The CMO Club Los Angeles Chapter Roundtable on leveraging New Technologies and Marketing Platforms
The Future of Virtual, Augmented and Mixed Reality and Its Impact on Brands
Roundtable led by Joanna Popper, Global Head of Virtual Reality for Location Based Entertainment at HP. The top six things needed for the widespread adoption of VR/AR/MR, or Extended Reality (XR) for short.
- Technology– Billions in investments are pouring into the technology. Those big head-mounted devices we now use are likely to become a small pair of goggles or even glasses soon. Today, you have to be attached to a powerful computer for XR, Tomorrow, not so much. Oculus Go, a head-mounted device connected to a computerized backpack recently premiered, allowing XR technology in a smaller, more portable package.
- Content– Just like the shift from standard definition TV to high definition, it takes a while to amass enough content to attract the masses. The very definition of content is expanding as we speak, from immersive gaming to programs that psychologists utilize in helping veterans suffering from PTSD to recover. Non-profits are now using XR technology and the expanding definition of content to take viewers 10,000 miles away to their charity’s activities in far reaches of the world, fueling empathy and funding revenue.
- Location Based Entertainment – There are several venues in the LA area where XR technology had morphed into amusement park-type ride experiences. You purchase a ticket and experience the XR technology first hand. These will be some of the exciting ways this technology will start to receive mass exposure until the prices of the headsets come down, and more content accumulates.
- Social Collaboration Applications – Getting friends to experience this together and in groups will help with the adoption.
- Marketing the experience – To market a movie, you don’t say, “let’s get in the car and drive 30 minutes to wait in line and then sit with a bunch of people in a dark room.” No, you sell the experience. Right now too much is focused on selling the technology, rather than the actual XR experience – Think, “hey, do you want to go walk on the moon with me?”
- Significant applications for training and learning– There is a 9X retention rate when people learn through XR, as opposed to traditional methods.