If you were wondering, that is 436,363,636 cups of coffee, a number which is about as meaningless as watching Love Island. Anyway, the UK’s VR industry may be worth £1.2bn by 2022, and it is predicted to be the fastest growing area in entertainment and media today. 7.8m VR headsets are predicted to be sold in the UK by 2022.
The general jist I had is lower estimations; PwC has lower numbers than others in the field, which may cite cynicism. Yet with the growth rate being high, it may well be that it is focusing on the consumer-end side of the industry, which will indeed be slower than behind doors in B2B.
This is all part of PwC’s annual report for the entertainment & media sector, which covers 2018 – 2022. According to the people far cleverer than I, the sector will be worth £76bn by 2022, up from £68bn in 2018. Ultimately, the market may grow by a hefty £8bn over the next four years, making the UK the second largest market in Europe, the Middle East and Africa (EMEA), after Germany. Go team.
Mark Maitland, UK head of Entertainment and Media at PwC, said: “The UK’s entertainment and media sector is forecast to grow at a healthy rate over the next four years with some of the largest and fastest growing markets in digital and technology, reflecting its location as a place for innovation.
“To stay ahead of the curve, entertainment and media companies must revisit how they envision their business generates revenues and how they build and retain trust. Given the pace and scale of change underway, speed is key.”
So, the VR market may grow strongly over the next five years. As suspected, this will be largely supported by portable dedicated headsets from HTC, Oculus and others in 2018, heralded as a second wave of hardware that is easier to use, better supported and will ultimately be priced for normal consumers. The company predicts 3m to be sold by 2022, which strikes me as very low.
PwC also has faith in Ultrahaptics, which makes me very, very happy.