5 Ways to Ensure A Profitable Location-Based Virtual Reality (LBVR) Investment
Virtual Reality is growing - especially LBVR. Commercial VR setups are popping up everywhere worldwide; be sure to know the following before starting to shop options.
Virtual Reality use worldwide is growing rapidly. By 2025, VR is expected to grow 765% to over 1.5B users (Statista). The growth is even more aggressive in location-based VR. FEC’s, Amusement Parks, Resorts, Theaters, and various retail storefronts are installing commercial VR setups across the world. Forbes estimates that Location-Based VR will more than double in 2018 to $1.2B. Furthermore, Location-Based VR is expected to grow to over $8 Billion by the end of 2022. That is +566% growth in 4 years!
A VR attraction should be featured in most entertainment outlets, but be sure to consider the following when selecting which LBVR Company to use for an install of a Commercial VR attraction:
GAMING – Ensure you have several options of games per audience segment, especially if you have a broader demographic of patrons. Yes, you want to have the most popular games, but ensure you receive fresh content. People want to be entertained now more than ever, and they want to try new gaming options, especially in VR. Fresh content keeps your patrons coming back . . . and bringing their friends & family.
PRESENTATION – as with any attraction, presentation and marketability is important to drive internal conversion with the traffic you already have. You want to monetize your VR investment, ensure it is attractive to your patrons. We offer fully custom builds to ensure the hardware and presentation is something that will draw attention.
SOFTWARE – this is even more important than the presentation in the long run. The software has to run smoothly, be intuitive, and reliable to you and your patrons. We have our own custom platform and get dozens of requests to replace the software on competitors builds. Ensure you know how it works, that it is reliable, and will not cause future headaches that cost money and hurt your ROI.
EXPERTISE – Virtual Reality & Augmented Reality are changing quickly. The hardware advancements, new games (we get 2-4 per week on average), and ever-advancing tech can pose a challenge if you aren't working with a team that is at the forefront of those changes. A VR build allows you to have fresh content, the latest hardware, and the most advanced entertainment experiences for your patrons. Ensure you stay ahead.
VALUE – The hardware and presentation are not unique differentiating qualities within LBVR. Any company can build the setups of others. However, the unique value proposition from a LBVR company is within their expertise & innovation, gaming library, software, and service. Many LBVR companies charge upwards of $20k per year for their service. Ensure you know what value the company is providing and all of the fees associated. Know the true value of the above versus the cost an LBVR specialist is quoting you.
Good luck in your endeavors! If you have any questions, don't hesitate to reach out to us at firstname.lastname@example.org. We offer industry leading expertise, the most extensive software, over 180 games (with more coming weekly), and the best value in the market.