Backed by LG, AmazeVR is hoping to resurrect virtual reality’s consumer dreams

TechCrunch | 5/21/2019 | Staff
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For over 100 years entrepreneurs have come to Hollywood to try their luck in the dream factory and build an empire in the business of storytelling.

Propelled by new technologies, new businessmen have been landing in Los Angeles since the invention of the nickelodeon to create a studio that would dominate popular entertainment. Over the past five years, virtual reality was the latest new thing to make or break fortunes, and the founding team behind the Korean company AmazeVR are the latest would-be dream-makers to take their turn spinning the wheel for Hollywood fortunes.

Billions - Dollars - Investment - Marketing - Push

Despite billions of dollars in investment, and a sustained marketing push from some of the biggest names in the technology industry, virtual reality still doesn’t register with most regular consumers.

But technology companies keep pushing it, driven in part by a belief that maybe this time the next advancement in hardware and services will convince consumers to strap a headset onto their face and stay for a while in a virtual world.

Reasons - Companies - Sales - Headsets - Quarter

There are significant economic reasons for companies to persist. Sales of headsets in the fourth quarter of 2018 topped 1 million for the first time and new, low cost all-in-one models may further move the needle on adoption. Hardware makers have invested billions to improve the technology, and they’d like that money to not go to waste. At the same time, networking companies are spending billions to roll out new, high speed data networks and they need new data-hungry features (like virtual reality) to make a compelling case for consumers to upgrade to the newer, more expensive networking plans.

Sitting at the intersection of these two market forces are companies like AmazeVR, which is hoping to beat the odds.

Team - Technologists - Fame - Fortune - Executives

Founded by a team of ace Korean technologists who won fame and fortune as early executives of the multi-billion dollar messaging...
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