China’s VR Movie Market Developing Fast and Furious

  • At the 74th Venice International Film Festival held this September, worldwide movies in variety were exhibited to its audience, however, the newly set VR movie reward category caught the most attention. Among the shortlisted works, four Chinese VR movies hogged the spotlight, announcing the rise of China’s VR movie market. [b]Chinese VR Users[/b][b] [/b][b]A[/b][b]re [/b][b]E[/b][b]ager [/b][b]F[/b][b]or VR [/b][b]M[/b][b]ovie[/b][b]s[/b][b][/b] As VR movies come into the foreground of future VR-based entertainment, Chinese VR users’ great passion for VR movies begins to show. This August, Wang Congqing, the China Regional General Manager of HTC Vive, released a series of detail statistics about Chinese VR users, which suggested that following closely off-line VR experience store, theatre has become the second hot choice for people to seek VR-based entertainment. At present, 56.9% Chinese users have bought VR devices to watch VR videos, and 74.9% of them are very looking forward to seeing a whole VR movie on VR content distribution platforms. And VR movies have not only appealed to Chines users, but also to the globe. Goldman Sachs have predicted earlier in 2016 that worldwide VR video viewers will top 50 million in 5 years, and 170 million in 10 years. Though, due to the technology bottleneck exiting, VR videos available now are generally less then 20 min, when it comes to 2025, audiences will be able to enjoy videos of no less than 120min, as predicted. [b]Mass Capitals Flowing Into VR Movie Production & VR Cinema[/b][b][/b] The world VR movie market is developing fast than ever, attracting floods of investment from industry key players, and China is also loath to lag behind. It is reported that many magnate film companies like Enlight Media, Huace Film, Alpha Animation and Culture, New Culture etc, have announced to invest in VR companies, while, Black Ant, one of China’s foremost VR content developers who has managed to raise tens of millions of RMB in A-round financing this March, stated that they will continue their efforts on further VR movie development. At the same time, major theatre chain operators like Wanda Group, Stellar Megaunion Corporation and Continent are also planing on opening up off-line VR theatre centers, which could be the embryo of future VR theatre chains. To sum up, considering people’s rapidly growing interest, and active capital flows, China’s VR market has already exhibited its own vigour, beckoning to global VR companies who want to have a share and maximize their benefit in the future. So, when could be the better time to venture into Chinese market than now? If you want equipped yourself with more Chinese industry resources, please come and visit [b]2018 Asia Amusement & Attraction Expo[/b] and [b]2018 Asia VR & AR Fair & Summit (VR & AR Fair 2018) [/b]happening the same venue and the same time! It’s the best place for you to start your VR movie business in China! [b] [/b] [b]2018 Asia Amusement & Attraction Expo[/b][b][/b] [b]Date: [/b]April 3-5, 2018 [b]Venue: [/b]China Import & Export Fair Complex (Area A) [b]Website: [/b][url][/url] [b]2018 Asia VR & AR Fair & Summit[/b][b] [/b][b](VR & AR Fair 2018)[/b][b][/b] [b]Date: [/b]April 3-5, 2018 [b]Venue:[/b] China Import & Export Fair Complex (Area A) [b]Website:[/b][b] [/b][url][/url] [b]Guangdong Grandeur International Exhibition Group[/b][b][/b] [b]Contact:[/b] Ms.Dora Leung [b]Tel: [/b]+86 20 29178995 [b]Fax:[/b] +86 20 8257 9220 [b]E-mail:[/b] [email][/email] [b]Tel/WhatsApp:[/b] +86 13066247489