Tipatat Chennavasin, co-founder of the Venture Reality Fund, the largest VC fund focused on VR and AR, discussed the Current Immersive Media Landscape: Trends and Opportunities. As an investor, Chennavasin cares about sales — what consumers are actually buying. VR is looking for the killer app that will drive adoption. Forty-four VR titles have generated over $1 million in revenue, so the market is looking pretty good to him. “Beat Saber” is the first game to unlock the potential of VR, with over 500 million views on social media in addition to the game’s VR users.

AR is still defining the platform and infrastructure. A key development that will support AR adoption is the emerging AR Cloud, which will facilitate world-persistence and multi-user experiences. AR storytelling trends include face filters and world lenses (70 million Snapchatters use lenses daily), and AR portals. In Japan, virtual YouTubers have a strong presence. VR anime character Kizuna AI has 1.9 million subscribers.