Bulletins

VR is media’s fastest-growing market

It's still small, but it's growing faster than console gaming, streaming and podcasts.

Oculus Quest 2
Oculus Quest 2
Image: Facebook / Protocol

Virtual reality remains on a significant growth trajectory: Global VR content revenues reached $1.8 billion in 2020, up 31.7% from 2019, according to PwC's latest Global Entertainment & Media Outlook report, which the company published Monday. VR content revenues will continue to grow around 30% annually, and reach $6.9 billion by 2025, according to the report.

This makes VR the fastest-growing media segment, ahead of online video, podcasts, esports and gaming. However, in absolute terms, VR still remains a relatively small market. PwC expects console, PC and casual gaming to reach annual revenues of $194.7 billion in 2025.

Chart with PwC data on the growth of digital mediaImage: PwC

PwC predicts that revenue from physical game sales will fall from 48.2% of the global console market to just 35.5% in 2025.

PwC's latest report not only looked at revenue opportunities for individual media markets, but also the behind-the-scenes shifts caused by changing media consumption habits. One conclusion: We'll still see a bunch of mega media M&A deals in the coming years, despite increased regulatory scrutiny.

Janko Roettgers

Janko Roettgers (Twitter, Mastodon) used to be a senior reporter at Protocol, reporting on the shifting power dynamics between tech, media, and entertainment, including the impact of new technologies. Previously, Janko was Variety's first-ever technology writer in San Francisco, where he covered big tech and emerging technologies. He has reported for Gigaom, Frankfurter Rundschau, Berliner Zeitung, and ORF, among others. He has written three books on consumer cord-cutting and online music and co-edited an anthology on internet subcultures. He lives with his family in Oakland.

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