Are you looking to start a virtual reality-based business but not sure what to create?
If you want to learn more, please visit our website China VR Simulators Manufacturers.
VR opens to business owners new possibilities for showcasing products and services to their customers. The VR industry is growing quickly and experts estimate it will reach a CAGR of 19.0 % over the next few years.
If you are looking for a lucrative business, you should consider virtual reality business ideas.
The good news is that there are so many VR business ideas you can start and profit from the multi-billion dollar industry.
If you're looking to start your own virtual reality based business, there are several low-capital options you can choose from.
Below is a list of the most profitable virtual reality business ideas you can start in 2024!
Here they are:
Virtual reality content creation has grown continually, and experts expect the market will register a CAGR of 76.5% in few years.
The VR content creation market is driven by augmenting demand for VR content in different sectors to offer exquisite customer experience marketing strategies across diverse industries. VR content creation involves the development of sketches, pre-production activities, shooting, and post-production. Businesses use VR content to improve the overall consumer experience. Therefore, they hire content creators to help them meet the demand for VR content.
VR content creators use a VR authoring tool to combine visual elements like 3D objects with programmed scripts that tell the VR headset and controllers what to do when users interact in the virtual environment.
The VR content creation market will continue gaining traction as the adoption of immersive and 360 degrees videos increase in the retail sector.
How much you can make: $800/month
A Conversation with Bex Band, Women’s Adventure Leader
A non-profit community of female adventurers in the UK called Love Her Wild, founded by Bex Band, has grown to over 30,000 collective members and offers opportunities, funding, and guidance to women experiencing their first-time mountain hikes or going on their first overseas expeditions.
About
They started Love Her Wild over 7 years ago
Revenue
They grew the business to $800/month
Read this case studyRead by 848 founders
A virtual reality café is an establishment that offers customers a pay-as-you-go VR experience. Your customers visit one of your brick & mortar locations and pay by the hour to experience an all-you-can-eat buffet of virtual reality experiences. You can provide a cost-effective way to immerse in different backgrounds, including VR games, videos, and educational content.
As VR becomes more mainstream, consumers are ready to explore what the technology has for them. Therefore, starting a VR café can be a highly lucrative business.
How long does it take to build: 60 days (?)
Sporting is one of the domains where VR technology is put to use effectively and aggressively. VR technology enables users to amplify the sporting experience in nearly every field, including consuming content.
A Sports VR streaming service replicates the experience of being courtside at a game where a team is playing, so the user can view favorite sporting events in VR. The service provides a myriad of content, including live streaming sporting events such as the US Open, golden state warriors’ games, and other sports.
With a sports VR streaming service, no more paying for parking and expensive concessions! All the users need are VR headsets and can enjoy their favorite sports through the VR streaming service. Starting a VR streaming service is fun and a lucrative business opportunity.
How much you can make: $300,000/month
How long does it take to build: 180 days (?)
We Offer Premium Services For E-Sports Arenas Worldwide [$3.6M/Year]
Esports management software company ggCircuit has doubled its revenue every year since inception and amassed $4 million in revenue in the past year alone, while offering services to over 700 customers globally and projecting double that in revenue over the next 12 months.
About
Zack started ggCircuit almost 10 years ago
Revenue
Zack grew the business to $300K/month
Costs
It cost Zack $50000 to start the business
Read this case studyRead by 2,939 founders
Are you enthusiastic about applying new and emerging technologies to improve business processes? If yes, you can turn your passion into a profitable venture by investing in VR-based marketing.
Virtual reality marketing involves brands promoting themselves and their products using virtual and augmented reality technology. VR-based marketing allows brands to craft experiences, engage consumers, and encourage conversion in exciting ways.
Given the potential VR-marketing offers businesses, its demand has multiplied over the past years. Thus, starting a VR-based marketing agency can be a fun and profitable venture.
How much you can make: $68,000/month
How long does it take to build: 90 days (?)
How We Are Growing Our Ad-Tech Agency And Projecting To Close $3M Revenue In FY 2023-24
Ad tech agency ExperientialEtc, which offers experiential marketing strategies including holograms, 3D billboards, virtual and augmented reality, has recorded revenue of close to $1m for Indian FY 2022-23, with FY 2023-24 expected to bring in $3m, and is set to expand its delivery team to meet demand.
About
Karan started ExperientialEtc over 6 years ago
Revenue
Karan grew the business to $68K/month
Costs
It cost Karan $10000 to start the business
Read this case studyRead by 1,453 founders
VR data visualization service allows users to experience aggregated data in a virtual environment. Typically, data visualization enables the user to see analytics presented visually so the user may understand what data is communicating.
VR data visualization is in demand across different industries. The service allows engineers, designers, and other professionals to work with real-time data and virtually walk into their data so they can study it from every perspective.
If you love working with VR and are passionate about data analysis, you can consider starting a VR data visualization business. With the high demand for VR visualization services, you can turn your passion into a lucrative business opportunity.
How much you can make: $10,000/month
How long does it take to build: 120 days (?)
How I Created And Launched A Fitbit For Dogs
Pup-eeze, a wellness tracker for dogs that tracks activity, monitors location and automates their lives, was created by Chelsea Rhoads and Elizabeth Hess after realizing how difficult it was to travel with dogs, and now has a consumer-facing application for pet owners to monitor their pets' data and visualize trends.
About
Chelsea started Ivee over 4 years ago
Revenue
Chelsea grew the business to $10K/month
Costs
It cost Chelsea $250000 to start the business
Read this case studyRead by 4,834 founders
With the recent push for metaverse, designers and developers are now intrigued by the world of virtual reality. The UI/UX process of designing for VR is similar to designing for mobile, desktop, or other platforms.
The goal of a UI/UX designer for VR is to simplify complex tasks, improve the usability of a product, and make the VR user’s experience more delightful. UI and UX design are important in AR, where users must interact with virtual objects in the real world.
There is a huge opportunity for UX and UI designers to apply their skills to designing user interfaces for VR. Therefore, starting a UI/UX design for VR can be a profitable venture.
How much you can make: $15,000 — $100,000/month
How much does it cost to start: $999 (?)
How long does it take to build: 362 days (?)
How I Turned My Childhood Passion Into A $180K/Year Web Design Consultancy
About
Anebi started Eikon Labs over 4 years ago
Revenue
Anebi grew the business to $15K/month
Costs
It cost Anebi $999 to start the business
Read this case studyRead by 3,980 founders
The VR world is growing fast, and analysts predict that the industry will earn over $2.4 billion annually in the next few years.
Starting a VR app development business can be a profitable venture with high growth prospects. From web to mobile, VR Apps are quickly making their way into the mainstream and will soon become a reality! These apps use the power of VR to allow users to experience what V has to offer, including but not limited to gaming, healthcare, and education, among others. You will find VR apps on Mac/PC, Android, iPhone, and Xbox 360.
VR apps are driving revenue and will be a critical industry for mobile apps. If you are passionate about VR and you have some coding experience, consider turning your passion and skills into a profitable business of developing VR apps.
How much you can make: $3,750 — $30,000/month
How long does it take to build: 360 days (?)
How We Started A $360K/Year Software House [From Italy]
Italian software company Dreamonkey grew from $90k to $300k in revenue with a constant growth rate of 50% per year, thanks to their focus on high-quality web development, industrial IoT, and open-source software development for web developers.
About
Federico started Dreamonkey over 6 years ago
Revenue
Federico grew the business to $30K/month
Costs
It cost Federico $40000 to start the business
Read this case studyRead by 1,911 founders
Google searches for Escape Room VR has been growing globally. That means that awareness and demand for virtual reality escape rooms are increasing. Therefore, VR escape rooms have the potential for massive growth over the next few years.
To start a VR escape room business, create a business plan. A good business plan should help you track market trends and outline an operational strategy. Select the VR escape room you want to open and select the best location. Finally, select the VR escape room games and consider licensing requirements.
How much you can make: $1,000,000/month
How long does it take to build: 365 days (?)
How We Started A $12M/Year Escape Room That Brings In 400,000+ Players Annually
PANIQ ROOM is a global network of immersive escape room experiences with 20 locations, generating annual revenue of $10 million, aiming to reach 30 locations, $15 million in revenue, and 400,000 players annually, while investing in in-house production capabilities with Indestroom and focusing on marketing through Google Ads, Groupon, and social media platforms.
About
Akos started Paniq Escape Room over 9 years ago
Revenue
Akos grew the business to $1M/month
Costs
Are you interested in learning more about arcade roller coaster simulator? Contact us today to secure an expert consultation!
It cost Akos $500000 to start the business
Read this case studyRead by 2,611 founders
VR will change the game in so many industries. But the potential for it to affect animation is huge. VR allows animators to flourish and become involved in the ever-changing landscape of animators.
3D animation with VR allows animators to bring pose characters in a way that fits the story and create vibrant and life-like surroundings. Applying VR technology in creating and designing 3D animation will improve the interactivity of 3D animation and promote the animation industry to a higher level.
A 3D animation with VR business involves the creation of computer-generated experiences for animation clients.
How much you can make: $10,000 — $62,500/month
How much does it cost to start: $100 (?)
How long does it take to build: 360 days (?)
How We Started A $514K/Year Content Curation Agency With Just $35 [From India]
Content-Whale, a content curation agency, has achieved a Rs. 4 crore ($514k/year) turnover 4-5 years after being started with just Rs. 2500 ($35), and has a pool of more than 500 writers, aiming to become a market leader in the global content market.
About
Vaibhav started Content-Whale Private Limited over 6 years ago
Revenue
Vaibhav grew the business to $62.5K/month
Costs
It cost Vaibhav $35 to start the business
Read this case studyRead by 5,044 founders
VR is growing rapidly, and its influence has been felt in different sectors, especially in eCommerce. eCommerce businesses have the opportunity to engage potential customers by presenting their target customers with a highly immersive virtual reality shopping environment.
With VR's adoption in shopping, there is a huge demand for VR payment solutions. VR payment systems allow shoppers to pay for goods and services through VR devices.
Therefore, if you are passionate about VR and looking for an entrepreneurship opportunity in that line, consider developing VR payment solutions. Providing businesses the ability to integrate the payment process into their customer experience can be a profitable opportunity.
How long does it take to build: 90 days (?)
A VR gym combines virtual reality and gaming to achieve unique and customized workouts for each individual. Using VR headsets, the VR gym goers see remote trainers in real-time and have them walking through workouts without physical presence. VR gyms make a great option for shy people who do not want to spend hours and thousands of dollars on cross trainers, treadmills, and stationary bikes.
Besides providing users a powerful way to exercise, VR gyms can also be a highly social way of getting exercise.
Global fitness reports show that VR-based gyms are rising, with the annual demand increasing by 42%. Besides, VR fitness technology is becoming more accessible thanks to the reduced equipment cost. According to experts, VR exercise gaming is still a largely untapped market with enormous potential. Therefore, starting a VR-based gym can be fun and rewarding.
How much does it cost to start: $1,500 (?)
How long does it take to build: 142 days (?)
With its innovative experiences, virtual reality has entered the wider business sphere, and businesses are keenly embracing its opportunities. As businesses prepare to embrace VR technology, the demand for VR consultants has increased.
The VR consulting experts conceptualize, produce and implement immersive and interactive VR technology and services in line with the business objectives.
Their focus is on giving the businesses they support a competitive advantage and to help them in imprinting the benefits of VR on the business’s ROI. If you understand VR technology and are enthusiastic about applying the technology in business, consider becoming a VR consultant.
Virtual reality is here to stay, and it will continue growing in the future. The widespread interest in VR has created a business opportunity as consumers get curious to experience the fantastic technology. However, virtual reality headsets are pretty pricey now, and for many people, VR headset is more of a luxury than everyday device, hence prefer renting.
If you are interested in starting A VR-based business, you could start offering VR headset rental. Your target customers can be those who want to try the new technology but are still not sure they want to invest money in buying their own VR headsets.
A virtual reality community focuses on natively supporting immersive virtual reality technologies. The business makes money by offering premium subscription services and selling merchandise through its online store.
As businesses embrace VR technology, virtual communities have become a go-to resource for professionals seeking assistance and researching various opportunities within the field. Therefore, starting a VR community focusing on a particular industry can be profitable initiative.
A VR library supports VR and AR content access through VR headsets and workstations through authoring software. The virtual library provides learners and users a platform where they connect, share, and engage with users and librarians in an immersive environment through voice and text messages.
A VR library also offers a forum for librarians and users to discuss topics of interest using image-centric technology.
With the increasing interest in virtual reality, increasing technology penetration, and investments in technology, starting a VR library can be a rewarding business opportunity.
Virtual reality technology can transport users to places they might not be able to travel to in real life.
In museums, VR creates museum tours and interactive exhibits and brings scenes to life without requiring users to travel distances to experience museums.
Are you looking for a VR-based business idea? VR museum tours are steadily becoming more common, so starting your own could be a lucrative opportunity.
A VR-based fitness business uses cutting-edge, immersive VR technology to create a whole new workout environment for health-conscious users globally. The consumers wear a VR headset that plunks them into the middle of a virtual environment where the trainer engages the trainee.
Statistics show that the adoption of VR-based fitness is on the rise. Thus, if you are in the fitness industry, you may consider starting a VR fitness business. You can upgrade the existing gym into a VR fitness center or start from scratch.
Healthcare professionals are already using virtual reality and other emerging technologies in patient care, medical training, and other areas. According to experts, the application of VR-based healthcare Apps will reach $9.7 Billion in a few years.
The increase is attributed to the increased need for novel diagnostic tools and the rise in neurological illnesses and disease awareness. Therefore, building a VR simulator for the healthcare industry can be profitable. If you are starting a VR-based healthcare business, offer users a web application, android, and iOS apps.
Virtual reality offers the opportunity to step into places, roles, and experiences previously impossible or inaccessible to most people. Through VR, teachers have everything they need to improve students’ engagement and introduce VR into the classroom.
Therefore, students can apply the technology to experience different careers first-hand and even share their world with others through creating their own VR content. Bringing lessons to life with VR technology is increasingly popular.
If you are passionate about VR and interested in developing solutions to aid learning, you can consider starting a VR classroom application.
VR is an emerging technology expected to have high demand. One needs VR headsets, 360 degrees cameras, and a smartphone or computer with boxed headsets to use VR.
As businesses and consumers embrace VR technology, the demand for VR equipment will continue to increase. Therefore, starting a VR equipment business can be a profitable venture. You can sell brand-new and used VR equipment or opt to rent the equipment.
Starting a VR business can be a daunting task, but there are a few things you can do to increase your chances of success.
First, you need to have a strong understanding of the VR market and what consumers are looking for.
Second, it's important to create a solid business plan and track milestones so you can measure your progress.
Finally, make sure to secure enough funding to get your business off the ground. With the right preparation and execution, starting a VR business can be a great way to tap into this growing market.
Businesses in a wide range of industries are beginning to explore the potential of virtual reality (VR). By creating a simulated environment, VR allows businesses to offer an immersive experience that can be used for training, product demonstrations, and much more.
For example, Walmart has started using VR to train new employees, and Volvo is using VR to give customers a realistic preview of their new cars.
In addition, VR is also being used in the healthcare industry for applications such as pain management and physical therapy.
As VR technology continues to evolve, it is likely that even more businesses will find ways to incorporate it into their operations.
The global virtual reality market is currently profitable and is expected to continue being so in the next few years. The market size is estimated to be at USD 28.42 billion by 2022, which indicates a steady growth rate for the market. This rapidly growing industry is expected to bring in sizeable profits for companies involved in it, making it a lucrative investment option.
meet the author
Pat Walls
I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.
See full profileWhen you decide to get started, after having studied the cost of your VR room and its loan, you wonder how to amortize the investments made, reach the breakeven point and improve the profit of your room. The question of the depreciation of its VR room is crucial.
In a new market, most players are struggling to find the right pricing, overhead, customer experiences, and content strategy to be profitable. Some LBE VR manages to find this right combination and expand as franchises in different locations, while some still struggle to find the secret recipe. All of these players work hard every day to make their business successful. The challenge lies in understanding the market in which you will be operating: it is a new industry, with little data and with a lack of visibility on a business model that stands out for its efficiency.
This question will have a very different answer, if you want to launch a room with 4 workstations in the countryside, set up a complex of several thousand square meters, or a room in the hyper center of a big city with an extensive catalog of VR games.
To best study the profits of your VR room, here are some things to think about.
The market is still growing strongly and the first operators of virtual reality rooms have found it difficult to position themselves, to find the right business model and the right partners to obtain the desired profitability. According to our experience and what we see on the market, the rooms which quickly manage to open other points are those which have found an efficient business model which allows us o meet the demands of the customers but also to realize enough profits to reinvest them. in the development of their business (renewing equipment, content, improving processes, improving the customer experience, etc.)
According to Greenlight Insights, which focuses on augmented and virtual reality market research, the LBE VR market was worth $ 3.6 billion with a growth rate of 44% globally in 2019. And according to the study conducted by Forbes, who estimated that VR entertainment would more than double in 2018 to reach $ 1.2 billion. LBE VR is expected to reach more than $ 8 billion by the end of 2022, representing growth of 566% in 4 years.
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Profit from a VR venue define your business plan and find your business model The first expense of leisure space, in general, is the land. Depending on the size of your room, its location,and whether you buy or rent it, the profit of your room varies dramatically. Apart from higher operating costs, large premises with a lot of player positions often require additional staff to support players, and therefore additional salaries to add to fixed costs.
When finding your business plan, we advise you to calculate a fill rate of around 30%. Like any activity in the leisure market, the occupancy rate depends on your ability to attract your customers (therefore your communication expenses, your image, your commercial processes, etc.).
It is also important to choose the location and configuration of your location according to its catchment area, the choice of providers (especially your VR games partner for the use of the spaces), and its rent.
Indeed, moving away from the city center will allow you to have access to larger land, in commercial areas for example when it is more difficult and expensive to find these large spaces in the city center. The Octopod teams support you in your project and will advise you according to your project on the best strategy to adopt. Feel free to contact them.
To calculate the profit of your room it is important to have a good business model. To choose your business model, we advise you to approach the CCI in your region, which can assist you in its creation. You can use the Business Model Canvas following your research and studies to define it.
This will mean defining its strategy, its costs, its partners, its customers, its sources of income and its value proposition in your business model. A business model is essential to create and manage your business and will allow you to clarify your project and your profits.
According to the figures available to us, the profitability of a virtual reality room after two years of operation is around € 300,000 to € 500,000.
A room of 200 to 300 square meters, which can accommodate up to 20 people, requires an investment of around 200,000 euros. There are also operating costs of 200,000 to 250,000 euros per year.
The economic model of an LBE VR is based on several complementary and high-margin sources of income. In the case of our partner DreamAway: the privatization of its spaces for seminars and corporate events, revenue from general public reservations/gift vouchers, and royalties from its network of franchisees. The company is notably referenced within the largest groups (EDF, Enedis, Amazon, etc.), which enables it to ensure recurring income. With a 25% replayability rate, DreamAway proves that virtual reality is far from being a fad.
The choice of VR hardware (especially headsets and PCs) for an LBE VR is crucial. Indeed, the choice of equipment in which you are going to invest is essential in order to guarantee a good user experience for your customers, a comfort of use around what will make your value proposition (namely the exploitation of games in virtual reality ), to have access to different VR content and thus renew your catalog.
Depending on the games (and therefore the VR technologies and spaces you are going to use), the equipment varies in particular on the type of VR headsets and the PCs used. The LBVR market is currently dominated by 5 headset manufacturers: HTC, Oculus, Valve, HP, and Samsung. The choice is wider on the PC side where several companies (including our partner LDLC.Pro) offer stationary PCs adapted to virtual reality and different brands of PC backpacks (backpack) allowing to move freely (free-roaming) in its play area.
The equipment used in your VR room must allow players to live a qualitative, immersive and non-reproducible experience at home.
The cost of purchasing and depreciating this equipment must be factored into your business plan and in calculating your profits. However, quality is not to be neglected, it allows for better computing power and display.
Therefore, if the experiences are conclusive (that is to say if they allow users to experience sensations), the players will want to start over and relive other experiences, making the sector more buoyant and therefore allowing to make your VR room profitable more quickly.
Depending on the space available in the room and the games chosen, our teams recommend certain very specific helmets.
For games in small spaces, (from 4 to 9m2) our box/pod games are compatible with HTC Vive, Oculus Rift and Valve Index headsets. For free-roaming games in rooms ranging from 14 to 20 m2, the HTC Vive Pro is recommended For free-roaming games in rooms of more than 200 m2 (therefore free-roaming), “Windows Mixed Reality” headsets and HP Reverb G1, G2 or Samsung Odyssey headsets are recommended.
Do not hesitate to contact the Octopod VR teams to discuss the equipment to use in your LBVR. They will also put you in contact with the various partners of the solution to obtain the best prices for your equipment.
When calculating the profit of your VR room and the renewal of your machines, the speed of the market must be taken into account. Much used and innovative equipment today can become obsolete with the release of new headphones. You will probably have to change equipment regularly. In the depreciation of a VR room, it is assumed that the renewal rate is applied annually to the installed base of VR headsets is 15%. As for computer stations, they can be kept between 6 and 7 years.
To provide the best user experience, you can bet on accessories. They are another expense item and therefore another depreciation to take into account, but they can help you differentiate yourself or to make players want to come back to your VR room (and thus increase the profit of their room). The accessories participate in the immersion in the user experience. VR involves extensive accessorization to be as immersive as possible.
Another essential element of your project to open a virtual reality room, the game licenses dedicated to professionals. Depending on the studio you go through, access to game licenses can take different forms (monthly subscription, purchase of lifetime licenses, monthly license, percentage of turnover, pricing per game, per minute,etc. ).
With the evolution of the market, fewer and fewer operators are moving towards the purchase of lifetime licenses and favor pricing per minute or part itoavoid investing too heavily in games and services. '' engage in the long term with licenses.
The Octopod VR solution provides access to all the games available in a catalog (box, room-scale, warehouse) depending on the VR spaces you have selected. The games in the catalog having different durations and being configurable, the invoicing of Octopod games is done either by the minute or by the game (depending on the studio) with a monthly payment.
Investing in the communication and promotion of your room is a mandatory step for opening a VR room, but also throughout your operation for the acquisition of customers. This communication must therefore be budgeted in advance in your business plan. Several communication levers can be activated to improve the profit of a VR venue :
We recommend that you plan according to your budget to provide 10% of your overall budget for these communication actions and 1% (between 1 and 2k € / month) for recurring communication.
You will understand, to make profitable and therefore improve the profit of your virtual reality games room, it is essential to have smooth and efficient communication. ITopublicize and therefore make profitable an LBE VR, it could be interesting to hire a sales representative dedicated to the development and privatization of your room (the bulk of your turnover) by companies, or to events such as stag parties, birthdays etc. In general, if the development and communication are effective, the breakeven point (and therefore the profit!) Of a VR room is reached within 6 months of its opening.
Choosing the games and experiences to offer in your VR room is essential. Indeed, it will allow a better occupancy rate, good customer replayability and therefore an improvement in the profit of your room. As the audience for LBE VR is not the same as the one who uses home VR or gamers, it is essential to have a catalog of VR games adapted to each type of customer.
Indeed, you will meet in your room a large panel of customers, with desires and different degrees of knowledge of video games or virtual reality. Through its catalog of more than fifteen multiplayer games, Octopod responds to a very large majority of customer desires and requests (shooter, family, cooperative, zombies, children, competitive, adventure / exploration, etc.).
According to a study carried out by us with our customers, customers of virtual reality rooms are essentially looking for multiplayer, cooperative or competitive experiences, of a short duration (<1 hour) where it is possible to communicate and exchange .
Having a catalog of quality games, developed especially for professionals in the field (taking their issues into account), will allow you to achieve your objectives in terms of fill rate and recurrence and therefore profit.
The profitability and profit of a virtual reality games venue are therefore strongly linked to many factors. The ideal recipe has still not been found in this exciting, highly technological and constantly evolving market. Nevertheless, several players succeed in being profitable and thus develop their franchise networks. Like any leisure activity, or business, it is a question of defining a strategy upstream of your project according to your budget, your team and your skills.
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