More fascinating experiences are made across a large group of multiple industries and VR/AR is dangling on the edge of prevailing adoption as VR/AR technology continues to develop. So how can you create growth, drive this adoption, and monetize these deeply engaging experiences? Can traditional business models even deliver into the VR/AR space? The reply is a resounding yes. Though this developing technology can be threatening to some businesses, you have to agree that VR/AR is just another way to view content, and the favorable circumstances are many.
Location-Based VR/AR in Driving Awareness, Adoption, and Revenues
There is important money to be made by companies through location-based experiences on a global level. What we are seeing is that companies are contributing money in end-to-end solutions, in the same way, they did with projection. These content providers acknowledge they need to possess the entire technology suite in order to bear wonderful experiences, and then we’ll start to see high pixel counts, increased fields of view, high computational power solutions, and high bandwidth delivery from these investments.
In-App Purchases
In-app purchases are often combined with free apps or subscriptions to increase generated revenue and reach a broader audience even though it can be a standalone monetization model. In fact, as of 2017, the superior way of monetizing all applications in the mobile environment is free downloading with in-app purchases. Moreover, IAP is deliberated to be the strategy that lets you monetize your content and is most money-making. However, it is not all roses, and if carried out inadequately, it can cause many bad user reviews, low rating in app stores, and tons of allegations at customer service mailbox. Before pursuing this way of monetization, all disadvantages should be deliberated and treated carefully to not fail on the KPIs.
Freemium (Free-To-Play)
The strategy of freemium lets you monetize your content and is used universally when the application delivers digital content precisely to users, for example, in GIS, music players, social or health apps. This strategy of pricing indicates a way in which the application can be downloaded free of cost, but the money is charged for extra features or services that boost the functionality of the app and is often known as “premium” subscription. In other words, application users get the app for free, but they cannot approach the full functionality without promoting to the paid (premium) version.
Non-Gaming Models to Look At
Moving away from technology innovation, non-gaming content, content quality, cost reduction, and increased frequency of use, are all intonation points which will see further market adoption. In fact, a high-quality 360º video has advanced excessively in storytelling and marketing. This content can easily be delivered through current applications, and analysis shows that it also stimulates buyers to watch and interact with this type of content, as well as instigate viewers to want to subscribe, share, and view other 360º videos. When it comes to models of business to augment this content, VR is being developed as an accomplice to propose buyers extra value or experiences. VR/AR can be used very well as a pay-as-you-use type model.