Over the past month, Hollywood and the film industry has gone VR mad. Talent poaching, venture capital investment, virtual reality movie production, studios are racing to be first in the new storytelling medium. Here are three key points:
In July 2016, entertainment brands including Comcast, Fox and talent agency WME invested $43 million in VR ventures, setting off a frenzy for virtual reality content. HTC Vive X, the global VR accelerator, also offered $100 million for content creators, publishers, and startups.
Hollywood director Ivan Reitman, the 69-year-old filmmaker behind “Twins”, “Dave,” and "Ghostbusters" says “VR is remarkable. What it does is force you to bring yourself into the story, if you haven’t tried it, you just need 10 minutes with it to realise it’s an amazing experience.
Interactive cinematic VR is the holy grail, where you are not just a passive observer, but interact with the story, and influence outcomes. AFTRS, FSM and Start VR have created VR Noir, a first-ever virtual reality movie length detective series. In episode one, you take the role of a burnt out detective with a secret past.
VR is not the same as film. It’s a brand new medium, with an increasingly thirsty audience. Hollywood has stacked chips on the table and studios are redefining storytelling and media experience. Will demand for VR content reach the Everest heights of films and TV shows? These companies seem to think so. What do you think? Share your thoughts.