Virtual reality is big, and sooner or later, every business big or small, needs to answer the question of how that company’s business model adapts to this new technology. The three important things to consider when entering the marketplace of virtual reality are what type of consumer device to target, how to develop the media and whether to hire a virtual reality consultant.

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The upcoming generation of consumers that will lead the world into the future are, for the most part, completely versed in the realm of computers, particularly with respect to media consumption. One of the newer technologies that younger people really like is virtual reality. It is estimated that within the next ten years, virtual reality will generate billions of dollars in revenue, with high speed internet providing a significant amount of content. It is a huge growing market on which one must capitalize.

The headsets for virtual reality are various, and a few styles are noteworthy:

  • Using an actual VR headset – Put on a headset and completely enclose the eyes therein, then plug into the computer to see the virtual reality media.
  • Using a cellphone – Snap a cell phone into the headset, instead of connecting to the computer, and access virtual reality, for which streaming latency is compensated.
  • Using cardboard – Google Cardboard uses a cell phone, but the headset is made of cardboard.
  • Using a mixture of media – Augmented reality, like the Microsoft HoloLens, merges virtual reality and reality into one system. The Microsoft headset contains an onboard computer, complete with Microsoft Windows.

It is possible for the private individual to create virtual reality media for free by using open source or public domain software, including Unreal Engine, Blender 3D modeling, FreeCAD, Gimp and Audacity. Though these tools are readily available, creating virtual reality media is a difficult thing to do. It might be best to seek out a consulting firm. Here are some helpful price estimates that consulting firms normally charge, according to Thinkmobiles:

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  • Simple Gaming – $5,000 to $8,000
  • Online Shop – $15,000 to $25,000
  • Horror Game – $20,000 to $80,000
  • 3Ds Max – $50,000 to $200,000
  • MMORPG – starts at $100,000



This article was written by Richard Carranza of for CBS Small Business Pulse.

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