×

Location-Based VR Predicted to Surpass $800 Million by 2022

Virtual reality (VR) arcades and other location-based VR entertainment venues could generate more than $800 million in worldwide revenue by 2022,  according to the latest Futuresource Consulting VR Tracker Report.

Consumers are expected to spend $299 million on location-based VR entertainment in 2018, according to Futuresource. By 2022, that amount is expected to grow to $809 million.

At the moment, much of the growth of location-based VR is being driven by VR arcades, which often offer access to the same gaming titles also available to consumers who have VR setups at home. In 2017, some 4000 estimated VR arcades worldwide brought in $79 million, or 40 percent of all location-based VR revenue.

However, Futuresource estimates that higher-end location-based VR will play an increasing role over the next five years. By 2022, multiplayer VR experiences will make up 41 percent of all the global location-based VR revenue, the company estimates.

“Multi-player location-based VR  allows players to roam free, untethered and with others in a VR environment,” said Futuresource associate director Carl Hibbert in a statement. “This category is expected to have the highest CAGR rate across the forecast period, despite a lower number of installations.  This is due to consumer desire to pay for sociable experiences with friends, especially in more developed markets.”

Popular on Variety

The VR industry has in recent months increasingly bet on location-based VR, with companies like Survios betting on VR arcades, while others are increasingly investing in multiplayer experiences. The trend has also caught Hollywood’s eye: Just this week, FoxNext announced a new multiplayer VR experience based on the “Alien” franchise.

More Digital

  • Jeff Bezos

    Jeff Bezos Forms $10 Billion Fund to Fight Climate Change

    Multi-billionaire Jeff Bezos, the world’s wealthiest person, announced a $10 billion fund to invest in projects that will combat the alarming trend of climate change. The Amazon founder and CEO announced the formation of the Bezos Earth Fund in an Instagram post Monday (Feb. 17).⁣⁣⁣ According to Bezos, the fund will begin issuing grants this [...]

  • Jake Paul

    YouTuber Jake Paul Launches Entrepreneur How-To Platform, Financial Freedom Movement

    YouTuber Jake Paul wants you to be financially free, for $19.99 a month.  At a rally on Saturday, the content creator — along with influencer friends and around 50 teenage and tween-age fans, some chaperoned by parents — launched the Financial Freedom Movement (FFM) in partnership with GenZ Holdings Inc., a Los Angeles-based brand development [...]

  • HQ Trivia

    HQ Trivia Live Game App Shuts Down

    After a two and a half years, HQ Trivia — the live game-show app that gave away cash prizes to winners — is shutting down. HQ Trivia’s move to shut its doors was first reported by CNN. The company is laying off its 25 full-time staffers, according to the report. In a tweet Friday, CEO [...]

  • Golden Mics - The Podcast Academy

    The Oscars of Podcasting? First 'Golden Mics' Awards to Debut in 2021

    The burgeoning podcast biz is looking for its own version of the Oscars, Emmys and Grammys. On Friday, a group of podcast publishers and producers including Spotify, NPR, PRX, Sony Music Entertainment and Wondery announced the formation of the Podcast Academy, a membership-based organization dedicated to promoting the medium. As part of its charter, the [...]

  • Mike Bloomberg

    Mike Bloomberg's Odd Meme Blitz Spurs Instagram to Require Influencers to Disclose Paid Political Content

    A new paid meme campaign on Instagram by billionaire Mike Bloomberg, who’s running a guerrilla bid for the 2020 Democratic presidential nomination, has prompted Facebook to clarify that influencers on the platform must disclose such arrangements. This week, Bloomberg’s presidential campaign launched a broad campaign across at least 19 top Instagram accounts with a collective [...]

More From Our Brands

Access exclusive content