The metaverse and virtual reality are spaces we have have written about extensively. We believe that VR/AR has a place in the future, and we are still in the very early days. One of the key players leading this effort is Oculus (owned by Meta – NASDAQ:FB).
According to data from Appfigures, estimated downloads for the Oculus app in December 2021 totaled 1.7 million, up 104% year-over-year. This is yet another year of triple digit growth – in 2020, downloads were 826k (+106% year-over-year).
Much like the smartphone, VR started with limited use cases. To get the innovation flywheel spinning, companies have had to attract users and developers.
Companies like Meta (Facebook) have done just that by allocating billions of dollars to build out the VR ecosystem. The flywheel is just getting started as consumers adopt the product and and developers start to build. The result is an improved value proposition and influx of capital which reinforces the flywheel.
This past holiday season we saw perhaps the highest level of VR adoption ever, and Meta’s Oculus led the race. In our recent 2022 Idea Day, we spoke with Ryan Engle, CEO & founder at GOLF+ VR. Ryan mentioned the massive wave of growth experienced this December alone, and how supportive Meta has been as the platform for third-party apps like GOLF+.
So far, Oculus has proven to be a consumer favorite given the hardware independence and growing app library. Today, users can work and even attend live events in the met averse.
The data shows us we’re still in the early innings, and it will be interesting to see how the technology progresses, and who leads the way.
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