As of the first quarter of 2017, China’s market share was second only to the United States and Japan, making it the third largest market for virtual reality in the world.
According to foreign media Tech in Asia, the Chinese market, with nearly 1.4 billion consumers and capital injecting substantial funds into virtual reality (VR) and augmented reality (AR), is destined to become the first country to popularize virtual reality.
China's science and technology industry will undergo tremendous changes after 10 years.
However, what kind of environment is China's VR now? What will happen in the transition period? What can the global market learn from the adoption of Oriental VR or AR? Overseas media are also very concerned.
Ryan Wang responded to the above questions in a recent interview with Tech in Asia. He is an investor and venture capital companies in Beijing and San Francisco focus on VR and AR, blockchain and future technology.
China welcomes VR boom
In the third quarter of 2016, Shenzhen's manufacturing companies began to produce VR equipment, which means that China's VR industry has begun to flourish. When the Oculus SDK was launched in 2016, manufacturers began to focus on launching similar products. During that year, VR became the hottest investment industry, and startups were moving toward B2B.
“Chinese investors also participated in 36 transactions, totaling US.2 billion, which are mainly used for investment funds in the VR and AR sectors. Although the VR market share reached 90% in the middle of 2016, the data shows that as more and more Participants entering the industry will drive the growth of new content, and the industry is expected to expand by more than four times in 2017."
Ryan Wang said: "We are studying how to enable China to achieve a fully developed VR eغير مجاز مي باشدystem."
Experience VR offline shop in China mall
Although there are VR experience stores in many shopping malls, most of them are losing money. Without content distribution systems, lack of high-quality software, and no standards for games, if such situations continue, there will be no development at all.
However, this is just a beginning. Some top companies are working together to try to establish a dedicated distribution channel to import high-quality foreign content into Chinese VR devices.
Ryan Wang added: “The biggest challenge for this industry is not that we have a large enough installed base. The biggest challenge this time is that there are many more porridge and no real users.”
At this point, Vive (VR system) users spend an average of 5 hours per week on VR devices. By the end of 2017, VR arcade may be the main reason why users spend 2-3 hours per day in VR. These initial users will begin to build a VR society from within, and it is very likely that China will take the lead and bring hope to the entire industry.
Ryan Wang said: "Although the current data looks unsatisfactory, I think it is still a very impressive opportunity."
Consumer mindset
Compared with American consumers, Chinese consumers are significantly more tolerant of new technologies. Consumers in the United States tend to wait until the technology matures and is validated before starting to use it on a large scale.
Ryan Wang continued: “In China, people have always been dissatisfied with the status quo. They want to get better. As long as something is slightly better, it is very likely that they are eager to try and can't wait to try it out.”
In addition, China relies heavily on mobile devices. VR mainly depends on mobile devices such as mobile phones. This intangible brings unique advantages to China. The United States may be the driving party for VR or AR technology, but China is definitely in a leading position in terms of allowing people to really use and believe it.
Global economic innovation
In China, the relevant departments are also working hard to promote the development of this technology, and to stimulate the improvement of its eغير مجاز مي باشدystem to make it develop faster.
VR will become part of China's "global economic innovation."
“The new round of science and technology revolution centering on the Internet is actively developing, and new technologies such as artificial intelligence and VR have also achieved a leapfrogging development. The combination of virtual economy and real economy will revolutionize our work and lifestyle. Variety."
This is the promotion of the VR industry by Chinese authorities. It is precisely because of this boost that the development of this industry in China will no longer be just a matter of distribution, but will be pushed forward quickly.
Introduce education into VR
In addition to games, education will become another major driving force for consumers to adopt VR. There are more Chinese students than anywhere in the world, but there are not enough teachers to nurture this generation of young people.
On a smaller level, Chinese parents are very concerned about their children's education and are more willing to spend money on this. On average, 20% of the income of each Chinese family is spent on children’s education. In contrast, in the United States, this figure is less than 5%.
China: Technology Innovation Center
Under China's inflation and strong currency controls, China may absorb some American talents to deal with a new such eغير مجاز مي باشدystem after several years.
Ryan Wang said: "The United States already has leading technologies and content, so their market is small. They have those key things but they can't commercialize it. They have a view of Chinese companies and they have various channels for commercialization. The market is also ready, but there is always no high-quality content. "
“In China, we are at a stage where all platforms have been established. We have established all distribution channels and established a framework for the entire eغير مجاز مي باشدystem. However, in terms of content quality, we are still inadequately prepared.”
This provided a great opportunity for the top talent in this industry in the United States to allow them to provide high quality content to the Chinese market in China, where the infrastructure has been improved.
In the short term, the United States will contribute to technology and China will take responsibility for them. In the long run, both countries need to work together to promote the global adoption of VR and AR. The efficiency here will depend on how much capital is injected in this area.
"Any investor, entrepreneur, developer or creative technologist who wants to have a real impact on VR must understand two key points: which market is bigger, and which market will achieve rapid adoption on a faster scale." At the end of the interview, Ryan Wang gave this advice
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As one of the world's largest hardware manufacturers, and gradually becoming a major metal processing country and exporter, China has a vast market and consumption potential.