5 ways to make big money in the VR industry

Groups like TrendForce have predicted that the virtual reality industry will be worth $70 billion by 2020. One of the most anticipated technologies approaching the market, it has greatly impressed those who have had the opportunity to lay their hands on it.

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Virtual reality uses state of the art motion sensing technology and speech recognition software which immerses the individual in a colourful digital experience. Analysts from Forbes report that although investing in virtual reality may not provide immediate returns, it is definitely worth it.

Investments analysts at Digi-Capital claim that investments in VR reached $2 billion in the period between July 2015 and July 2016. Even though the market has already started expanding, there is still plenty of room for innovation.

From shopping to entertainment, travel, fitness, and even education, VR can enhance the overall experience as well as outcomes with its sheer new-school technology. Given the gold rush, entrepreneurs can think of numerous ways to make it the next big thing in the startup ecosystem.

Here are a few ideas to get into the game and jump on the VR bandwagon.

Create VR content

According to SXSW PanelPicker, 25 million VR headsets will be up by 2018, which will combine high-capacity networks with ultra high-resolution cameras, microphones, and full wave displays, creating a market for great content to come. To get into the game of VR, you can pick a niche and create a vast array of interesting content that people are vying for. Content development can take several forms — ranging from YouTube videos to Wordpress blogs to review the latest technology, observations on movies, exhibitions, and games. The idea is to come up with something innovative and engaging enough to attract the interest of your target audience. The vision and immersion experience would be the key drivers for content consumption.

VR apps for healthcare

Making remote diagnoses happen would be possible with just a few clicks. The traditional process of medical treatment consists of a series of steps from identifying the symptoms to diagnosing the disease and chalking out a plan. With the aid of a plethora of applications and visualisation tools, it has become possible to deliver effective care remotely, but according to experts, virtual reality can dramatically make the whole experience fast, smooth, and more real. Through the use of medical haptic gloves, a patient can be diagnosed remotely with the help of sensory feedback during a physical exam. Patients and doctors will be face to face, engendering the experience of a real office visit.

Sell VR headsets

One of the most popular VR viewers is Google Cardboard because of its low price in comparison to other advanced headsets. It is a cardboard viewer so it has its own liabilities. It is not very convenient to wear and requires an additional strap.

Companies in China have started producing their own versions of the popular VR viewers. You can acquire a little startup capital and buy those headsets in wholesale. These headsets can be sold at retail locations or via online selling platforms.

Renting VR headsets

Headset units by Oculus rift cost $600, while the ones from HTC Vive are priced as high as $800. Now add the cost of an additional powerful computer. This is all the investment you need to start a VR headsets rental business. In the present scenario, VR headsets are more of a luxury item and not an everyday use of technology. Your target demographic can be the category of the population that wants to experience the new technology, but for now is not quite sure about investing in buying equipment.

Theatre experience with VR

This option requires a certain amount of investment as you will need to find a place and supporting equipment. But once it is done, you can create a mini theatre where people can sit and experience the immersive world of imagination through their virtual reality headsets.

People can visit your setup to enjoy videos, photo galleries, and so on, which could be for either education or entertainment purposes. When word gets out and the footfalls increase, you can start charging people for the experience and start your small business.

The big companies are finding ways of innovation, and this is the right time for small entrepreneurs to jump into the business without worrying about investments and set-up costs.