5 Ways to Monetize Virtual Reality

Marketers who are not familiar with virtual reality’s place in terms of sales and marketing may not be aware of how VR can directly translate to money. Yes, it is possible to monetize the deeply engaging experiences that VR allows. The following are some of the methods for you to monetize virtual reality:

  1. Through Games

In-Game Advertising is the classic and most popular method of monetizing VR games. When you introduce the in-game ads the application can come free yet still enable the game to rake in decent revenues. Another way for virtual reality to be monetized through games is In-Game Gifting. Offering players the ability to gift their fellow players is a great way for businesses to earn money using their games. Dormant friends that are sent gifts may be enticed to become active again. Cross marketing is one other method to earn money through gaming. You can join the affiliate market and promote other apps within your game. You may also earn by letting other companies use your app to promote their products. This also enables you to promote your game inside their app. You can also use the freemium method which entails releasing a lite version of the game first; then a full version will be offered at a reasonable price. Your full version of the game needs to have great additional features and better functionality.

  1. Through 360 Virtual Tours

360-degree virtual tours have been first adopted by the real estate industry to decrease the amount of time spent on physical viewings. Today it is used for almost every property for sale or for rent in the country. This technology does not limit itself to real estate. It can be adopted in the construction industry by showing a virtual tour of what the building would loom once it is completed. This concept may also apply to practically any customized or manufactured product. This may also suit company showrooms and storefronts. You may use this technology when shooting wedding coverage. It can also be used to shoot a documentary and narrative content and easily share it on social media platforms. This may not directly convert to cash for now, but it might be in the future. Right now it serves as a great business card aimed to generate new business.

  1. Through Location-Based Virtual Reality

The usual means of monetizing LB VR is through added fees on tickets for entry to interactive museums and theme parks. It allows for direct monetization much better than home content. That is why the LB VR is the second highest-grossing VR software. There are also LB VR experiences that enable direct per minute revenue such as VR-on-wheels (moving vehicles with VR experiences) and the VR arcades. LB VR has yet to be deployed in public places such as malls and cinemas. Avatarico is one of the companies whose focus is on research and application of VR. They have been doing it since 2012. The company was the first to develop a multiplayer VR game in 2015 which is now used across 60 cities all over American, Europe, and Asia. 

  1. Through Virtual Reality for Home Use (Virtual Tours)

VR has been used in both buying and selling real estate property and it changed it tremendously. One of the major challenges in real estate is to sell an empty property without furnishings and finishing touches to make probable clients feel what it is to live in the said property. Virtual tours make it possible for probable tenants or buyers to put virtual decorations and furniture in the property virtually. Through the virtual tour, it is also easier to walk through the rooms of the property and scan the entire room. Property buyers may also take time on the areas of the property they find more important.

Today it’s easy to produce your own virtual tour. Through using the free tool provided by Virtual Tour Easy, you can create your own virtual tour in just five minutes following only simple steps.

  1. Through Opening VR Arena

Virtual reality technology has been used in arcades for years now. But if you already own an arcade and want to invest in a new business, you can try converting it to a gaming center. A gaming center is age-proof and it has the propensity to attract clients even 10 years after. When a VR enthusiast owns an HTC Vive at home, the VR arcades will have exciting new things to discover.

 

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