Does VR Marketing Have a Future?

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With the recent news that Nokia is scrapping the manufacturing of it’s high end 360-degree Ozo camera, it would seem that 360 is on shaky ground. Far from it, say the experts. Trends show the Virtual Reality market, which includes 360 video, to be holding steady. According to Greenlight Insights, the 2017 numbers show VR to be a $7-billion dollar global industry, and projections for five years down the road stand at $74.82 billion.

                                                                                         Chart courtesy of  Variety , April 11 2017

                                                                                       Chart courtesy of Variety, April 11 2017

So what does this all mean for the future of VR as a digital marketing tool? Does Nokia’s decision indicate a decline in interest? Definitely not! 360-degree video is such a relatively new technology that marketers are just beginning to figure out how to capitalize on it.

 

In late 2015, brands like Corona, Nestle, and Samsung experimented with 360 ads on Facebook. Now that the first domino has been pushed over, more and more brands are falling in love with the immersive power of 360. Recently we’ve come across a slew of 360 commercials on Twitter. One of our favorites, from Excedrin, effectively uses 360 to mimic the symptoms of a migraine. The camera is centered in the middle of a busy restaurant kitchen, so that the viewer “becomes” the suffering pastry chef. Noise, chaos, and a CG halo effect surrounds you from all directions – the ad definitely makes you want to grab the nearest bottle of Excedrin!

Note: Use Chrome or Firefox to view the video in 360

 

Facebook and Twitter aren’t the only platforms to experiment with immersive ads. The next logical step is pop up ads for VR headsets. Not surprisingly, Google is already working on a prototype.  

 

If health and beauty products like aspirin and deodorant (mentioned in a previous blog) can use 360, then just about any product can benefit from this technology. The key is thinking differently. A 360 ad must give the viewer a compelling reason to look around. Otherwise, a traditional video could do the job just as well. If you’re thinking of creating a 360 ad, we’d love to collaborate with you! Contact Cabana VR and let’s get the conversation started.