How Media Organizations Are Being Enticed By Virtual Reality
For a while now, some organizations like Condé Nast and Vice Media have explored virtual reality innovations as another frontier for presenting and a good avenue to offer advertisements. They have forged an alliance with organizations that create VR headsets and programming producers that broadcast events in virtual reality and are attempting to ease the creation of virtual reality content. A few media and entertainment organizations are likewise beginning to put resources into virtual reality companies themselves.
HBO was as of late the lead funding company in an addition to a funding round for Otoy, this is a Los Angeles-based special-effect upcoming software. Otoy, possess a Light-Stage facial rendering innovation, used in the movie “The Curious Case of Benjamin Button,” has won an Academy Award, has also come into virtual reality. Discovery Communications and Liberty Media partook in the funding, which realized as much as $37 million and was an expansion of financing that occurred in 2014, as indicated by VC Experts, a funding research firm.
Jules Urbach, the founder of Otoy, said, “Not a single media company isn’t thinking about what happens when the rectangle goes away.” When talking about a future where videos can be experienced in virtual reality instead of screens, he said, “Everyone needs a strategy”.
Otoy, whose name is another way to say “online toy,” gives individuals a chance to take virtual reality video, process it and afterward disperse it to viewers with its innovation. Otoy likewise makes a virtual reality player that is free to download; the organization needs to be the standard for virtual reality circulation.
“Think of them as the cloud system similar to what Pixar would use to create incredible graphics,” said Matt Miesnieks, whose firm Super Ventures puts resources into virtual and expanded reality new start up companies.
Otoy could in the end turn into a platform, similar to an Amazon Web Services for design, he said. Michael Lombardo, HBO’s president of programming, said most video made for virtual reality as of now “inclines toward advertising stunts or promotions”.
However, that could change when organizations like Otoy turn out to be more incorporated into the process of making programming.
With the extra funding, Otoy’s valuation of more than $300 million did not change from 2014, as per VC Experts, which included that the start-up had raised a sum of $101 million. Of the 133 virtual and increased reality speculations made in 2015, media organizations were involved in six, as said by a venture capital research firm CB Insights.
Discovery Communications presented a technology last August called Discovery VR, which you can get through Apple and Android applications, and through different other outlets. Discovery VR has more than 75 virtual reality encounters about such themes as sharks, gold mining and surfing. The application has been downloaded almost 600,000 times and has been seen more than 23 million times, as indicated by the organization.
The investment in Otoy is only one of a few financing bargains that media organizations have involved with virtual reality organizations. In September, Disney made a $65 million interest in Jaunt, a virtual reality camera producer that likewise has programming for editing and distribution of the video. Comcast and Time Warner were involved in a $30.5 million funding round in November for Next VR, which utilizes virtual reality to telecast live-programs. In January, Legendary Entertainment put an undisclosed sum in 3BlackDot, an online networking stage for virtual reality.