Recently, virtual reality (VR) has been making waves at big name film festivals like Sundance. Film executives see the potential in two ways:
These forward thinkers see VR as a way to blend these two perspectives together, and immerse viewers in a whole new experience. While traditionally VR has been a isolating experience, last year at Tribeca Film Festival, those barriers were “caved in” so to speak, with the VR film “Cave.” This film allowed up to 16 people to explore a movie in a social space.
By using virtual reality to drop the viewer right into the scene opens up a whole new world to how we understand, enjoy and explore the movies we watch.
One big name in film pioneered the way in VR: IMAX. However, after investing tens of millions in virtual reality in 2016 and 2017, IMAX announced it is pulling out of this business because they haven’t figured out how to monetize the service. Still, it is only a matter of time until other big names like Hollywood and other film investors climb aboard. Meanwhile there is a looming question amongst film makers: to invest in VR technology or not?
There is evident space for VR in the film industry, but currently, there is some hesitation. Regardless, if film investors want to keep up with competition, at some point they will need to invest in VR.