For centuries people have been dreaming of new worlds and dimensions, which has recently been brought to life in science fiction films and has become reality through virtual reality (VR).
In 2014, the VR industry got quite a lot of movement, because in March Facebook acquired VR pioneer Oculus for a total of 2 billion dollars. Global technology companies such as Google and Samsung followed soon after and invested heavily in the growing industry.
Xiaomi`s entry into the VR industry.
In late 2015, Xiaomi founder and CEO Lei Jun discussed with Alee, the co-founder who heads the marketing team, and other senior Xiaomi executives how to bring more cutting-edge technology to Mi fans. It was at this time that Mi Lab was founded and the two R&D facilities AI and VR were introduced.
Lei Jun told the VR team, “If you want to dive deep into the VR field, you have to be prepared for a hard time of at least 5 years“. From day one, Xiaomi has chosen to dedicate itself entirely to researching and adapting VR practices and integrating them into Xiaomi`s technology.
In 2016, we launched our first PRC headset in standard RMB 199 format in China, a device that requires a separate smartphone. Xiaomi has continued the development of a standalone PRC headset that is easy to use anytime, anywhere, yet affordable, while providing a high-quality PRC experience.
Xiaomi was determined to find the best and most dedicated team in the world to work with. Since 2015, Xiaomi employees have been visiting Oculus to collaborate and understand your VR developments. In order to provide customers with the best in the industry and enable more people to enjoy high-quality VR experiences, the two companies have jointly launched two stand-alone VR-headsets: Oculus Go and Xiaomi Mi VR Standalone.
Today, Xiaomi`s PRC platform brings over 100 popular PRC games from around the world to China. For example, in the game “Hello Mars”, which uses NASA statistics, players can experience an adventure by taking a spaceship and landing on Mars. In “Dream Fight” the player can float over oceans and villages and explore the world.
According to the China Culture and Entertainment Industry Association, in 2017, PRC games generated revenues of approximately 62,5 million Dollar in China, a 28.2 percent increase over the previous year. There were over 800 popular PRC games on the market, mainly from global manufacturers. Meanwhile, Xiaomi is working directly with developers to bring more engaging content to China.
Constantly growing content in the global markets.
Currently, VR content in global markets primarily affects the gaming, education, design and tourism industries, among which gaming is also the most popular.
The analyst firm TechNavio assumes that between 2016 and 2020 the global VR gaming market size will increase by a total of 84,4 percent. By 2020, sales will reach 162 billion dollars, with the largest revenues coming from the USA.
As the VR industry has grown, numerous tools have been introduced, such as VRChat, a social platform that allows users to create and explore virtual world with other people from around the world. You can play the game with a VR headset or in desktop mode, but a VR device offers an even more intense experience.
However, the VR industry is still very young and VR content is still at an early stage. According to Xiaomi`s research, the average time people spend on VR on a global scale is only 21 minutes per day. On the devices of Oculus, the world`s largest VR platform, the average time spent on VR is 37 minutes. Even in these early days, Xiaomi has found that 20 percent of VR players are willing to pay for VR games, and most players place more value on the quality of the content than the price.
We believe that VR must undergo major changes in hardware and content to provide users with an experience that truly transcends and expands the real world. It may take some time to achieve this goal, especially since Xiaomi is only now starting in China. In the years and decades to come, it can be assumed that Xiaomi will have a strong impact on the growth of the PR industry worldwide.
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