I attended the NYVR conference last week at the Javits Center in New York City, which collocated with PPE (Photo Plus Expo). I’m not quite sure that VR is for me especially from a content creator’s point of view
but I do see a lot of possibilities as a user.
The conference took place over three days with two days of seminars directed to those in the industry and one day toward users or consumers. I attended sessions on all three days, which gave me great insights from different perspectives. The sessions directed toward those already working in the industry were very compelling even though a lot of the information was over my head. However, I had the extra value of learning from the attendees and their questions
The VR industry is making a big presence in New York City. Los Angeles is a huge center for content creation and San Francisco is a big center for tech and New York City is where major Networks are located and where a lot the money is. The industry is in its infancy so for a start-up company it’s a big plus to be just a subway ride away from major Network headquarters and Wall Street investors.
One session that intrigued me was Spatial Audio in VR. VR isn’t or shouldn’t be just only a visual experience. It should be an experience that touches upon many of our senses and certainly sounds. That’s what makes it immersive. Mono audio in VR is somewhat like watching black & white TV. To truly give a viewer an immersive experience the audio that a user experience needs to impact them as well as the visual does. Sounds should change as the user walks through an environment or turns their head. Prices have come down for binaural audio headsets making them more affordable and accessible for the consumer. Check out Hooke Audio.
Some interesting stats about the travel market:
- It’s highly competitive
- Consumers seek large amounts of resources before finally making a decision.
- Usually, a consumer makes 350 touch points before making a decision.
- Tourism has one of the lowest conversion rates in the e-commerce space.
- VR lends to have a much bigger conversion rate – about 24%! The more immersive the experience is, the more engagement a user makes and the more of an emotional connection they have with the content, bringing the consumer closer to their decision. It’s important to get the user to “buy” and make that possible for them while they are still in the VR space.
I sat in on a panel discussion about Branding and Marketing with VR. VR does well with brands that are emotive, brands that you have to feel. If you are able to identify the emotion that you want someone to feel about your brand, then you can create a good VR experience. VR also turns someone who has had a VR experience into an advocate because they talk about. And that has real value. VR is a good space for capturing user data because it’s interactive. It’s easy to see how and where the user connects with the experience.
Traditionally, advertisers have targeted people in the 18-34-age bracket. VR has also been targeting that same demographic because their typical user comes from the gaming space where VR has played a big role. I wonder though if that target will change somewhat and perhaps include the “baby boomers”, especially since it’s a huge demographic and still holds the majority of the wealth? It seems to me that there is a lot of opportunity in that area and not just in the area of pain management. I see opportunities in travel and entertainment that can provide VR experiences when the real experiences are no longer accessible – like climbing Mount Everest.
It’s a brave new world. Or is it a virtual one?
Check out more about Virtual Reality in my last post from NAB New York.