Given the amount of hype about virtual reality over the last couple of years, you’d think the industry was dominating, bringing in huge profits, and getting ready for giant sales this holiday season. The actual reality is that, although early adopters love VR, hardware sales have been tepid and content development is slower than a lot of people would like.
Now, some of the industry’s leading players–companies like Facebook-owned Oculus, Google, HTC, Samsung, Sony, and Acer Starbreeze–have gotten together to form the Global Virtual Reality Association, a nonprofit that aims to “develop and share best practices for industry and foster dialogue between public and private stakeholders around the world.”
The companies behind the new association know that they’ve collectively created something that can change entire industries–fields like education, gaming, health care, manufacturing, and so on–and they don’t want to lose momentum as VR technology evolves. The question is, can the nonprofit help speed up content development as well as bring product costs down fast enough to get consumers on board in time for rosy predictions such as VR being a $38 billion business by 2026?