VR games revenues to reach $8.2 billion by 2023, representing 580% growth over the next 4 years
A new study from Juniper Research has found that revenues from VR-specific games will reach $8.2 billion by 2023, rising from an expected $1.2 billion in 2019. It argued that the development of smartphone VR content is essential to increase consumer confidence in VR across all platforms, following a disappointing year of hardware sales in 2018.
The report forecasts that over 100 million mobile VR devices, including smartphone and standalone headsets, will access games globally by 2023; rising from 52 million devices in 2019. The report argued that low-cost mobile VR content is needed to initially engage users and encourage them to other VR platforms.
The new research, Virtual Reality Markets: Innovation, Disruption & Future Prospects 2019-2023, forecasts that mobile VR will account for over 55% of total VR games revenues by 2023.
Juniper forecasts that more than 50% of mobile VR games accessed in 2019 will not be monetized due to the difficulty of implementing advertising in VR content without impeding the user experience. In response, app developers must leverage in-app purchases to recover this shortfall in potential advertising revenue.