Too much supply and not enough demand is taking its toll on China’s Virtual Reality (VR) startups.
Xu Hao, a representative at Youku and Jaunt China CEO Fang Gan. (TechNode)
Has winter come to virtual reality in China? Among the 11 virtual reality companies listed on China’s NEEQ , only two companies – Mcvrar and Techtheme – recorded a profit. Joyspoon Animation managed broke break even, but the remaining eight companies saw varying amounts of loss, according to Wind Info‘s data (source in Chinese).
More than the financial performance in VR, however, it’s the public’s interest in the new technology that is creating the market. Tech companies are aware that great ideas and creative work arise from hard work and visibility. That’s why Chinese tech companies are teaming up to create a VR film contest.
Chinese tech companies UCCVR, Jaunt China, Shanghai Media SMG, and Youku jointly launched 2017 Global Creator VR Video Competition (GCC VR Short Film Festival 2017) at a salon event in Shanghai on Friday, February 24, 2017. The competition is organized by UCCVR Founder and CEO Allen Fu Guoxin.
The contest is open to any VR film and television producer, creative video team or individuals who are excited to get involved in aa VR video project. Any VR original video and video content can be submitted.
The competition has created awards that are worth millions of RMB: outstanding works will have the opportunity to get the top VR camera shooting rights, sophisticated VR shooting equipment, the highest quality distribution and promotion channels, and other rewards.
Applicants can submit their works through the official website until May 31. From June 1st to June 26, the VR film will go through the selection and winners will be announced on the award stage.
The 2017 Global Creator VR Video Contest will last for more than five months, giving the team full production time. The competition will help to promote creative VR works and introduce them to investment opportunities.
At the salon event, UCCVR CEO and founder Allen Foo made six predictions for 2017:
- More than 15 million units of mobile VR headset will be in use;
- PC-based VR headset will see more than 200 million units in use;
- SONY’s PlayStation VR will sell more than 400 million units
- VR headset specs will be standardized;
- The amount of live VR content will exceed 2 million
- At least five percent of the content will be profitable.
Youku, China’s one of the largest mainstream video platforms, offers its content creator an option to upload 360-degree videos on its platform. Since they provide VR content, Youku already has some preliminary data on China’s VR viewers.
“Youku viewers like the videos that stimulate their senses and those with high-quality visual effect. They like watching 360 degrees extreme sports videos like skiing down the snow and making a parachute descent. The second type of videos that are popular are one with pretty ladies,” Xu Hao, a representative at Youku said.