News Corp Is Taking a Bold Step with Augmented and Virtual Reality
Augmented reality is steadily becoming the next major component in consumer engagement and interaction. It has found a lot of its potential utilized in real estate and gaming and News Corp is ready to tap the potential of this industry with its recent investments.
News Corp Investing in AR
Not too long ago, News Corp Australia started investing in augmented reality company Plattar. Plattar is a cloud based platform that gives publishers an avenue to create, manage and share augmented reality content. The platform is made up of a template driven app builder and a content management system with which users can manage augmented reality content and share with any device.
Augmented Reality Market Prediction
According to a report by Manatt Digital Media, augmented reality is projected to generate $80 billion in revenue in 2020 and this figure is not inclusive of hardware sales. It will become foundation for immersive journalism where readers can experience a story and be a part of it at the same time. With News Corps investment in augmented reality, their real estate business will get a boost and the immersive consumer experience will increase the company’s revenue.
Augmented and virtual reality technology has come change the way we do business and a lot of sectors will have a revamped look and feel when they incorporate this technology. The real estate market is one such sector and a lot of successes have been recorded. Recently the luxury real estate company Southeby started using virtual reality headsets for high end homes showings in the US. Other companies in the property market are also following suit and launching virtual reality tours of their properties where a potential buyer can see a property without actually being there physically. This has proved extremely useful for investors looking to buy property that is far away from them.
Digital Real Estate Sector
From estimates, the digital real estate sector accounts for over 15% of News Corp’s valuation and it is expected that revenues generated in this sector will increase from 0.92 billion in 2016 to over 1.31 billion by the end of the forecasted period. This sector generates revenue from selling advertising services online on its real estate sites and the introduction of augmented reality on these websites will create more excitement and attract more customers. Recently, Plattar conducted a trial run for its digital real estate subsidiary REA group and it was largely successful. It simplified the search process for the user by allowing them find their ideal property and actually exploring it with their eyes. Before the consumer can have access to use the app, he must first download it and scan the print listings on his smartphone.
The app then renders 3D interactive images of location map and detailed information about the property. All of this greatly improves the search experience for the desired property. News Corp’s investments in this area of augmented reality and virtual reality will surely boost their real estate business and drive more revenue in the future. This will give them a competitive edge and allow them thrive in the market.