On July 14, Uploadvr reported that China's internet giants, BAT (Alibaba, Tencent, and Baidu), are heavily investing in virtual reality (VR) technology in diverse ways. Unlike Facebook, Sony, or HTC, which focus on developing VR headsets, BAT is positioning itself as intermediaries, building platforms and content tailored for these devices.
China boasts 688 million internet users, providing BAT with a massive audience for VR content consumption. Guangzhou-based iMedia predicts that China’s VR market will surge from 1.5 billion yuan last year to 55 billion yuan by 2020. Canalys estimates that out of the 6.3 million VR headsets expected to be shipped globally this year, Chinese consumers will account for 40%. Let’s explore how BAT is leveraging VR and shaping China’s burgeoning VR landscape.
Baidu announced in May that it might launch a streaming video service capable of delivering the world’s largest Chinese VR service. iQiyi, Baidu’s video platform, has partnered with over 300 entities, including Beijing Baofeng Technology, a leading VR device manufacturer in China. Recently, iQiyi introduced an app suite that ensures compatibility between its movies and games with head-mounted VR devices. The company is also exploring live-streaming concerts and producing VR films, enabling greater flexibility in adapting storylines to consumer preferences.
For VR video, the Chinese market holds immense promise. The Ministry of Industry and Information Technology forecasts that immersive video and gaming applications will be the first sectors to mature in the VR industry. With around 504 million Chinese consumers frequently accessing streaming media sites, VR live experiences could gain traction swiftly. Unlike the U.S., where companies prioritize expensive hardware, Chinese firms are focusing on creating entertaining VR experiences. A Niko Partners survey revealed that half of China’s gamers are interested in VR, with 30% willing to spend $200 on VR devices.
Tencent is also diving into VR content, particularly video and gaming. The company has already organized live VR concerts for musicians and acquired the rights to 300 Japanese anime franchises. Tencent is also expected to expand its mobile gaming offerings, a highly profitable segment. According to CNNIC statistics, China has nearly 400 million online gamers. iResearch projects that online gaming revenue will rise to 251 billion yuan in 2018, up from 143 billion yuan last year.
Tencent has also invested in Original Force, a studio creating computer-generated VR content and VR films for Oculus Rift. Original Force is collaborating with Pulse Evolution to produce a hologram of a pop star for a concert performance. This strategy aligns with Tencent’s aim to retain its 1.3 billion active WeChat and QQ users by offering engaging content to encourage more usage.
Meanwhile, Alibaba is crafting a VR shopping experience for its 400 million users. Bloomberg reports that the e-commerce giant has developed 3D renderings for hundreds of products and is encouraging merchants to create personalized VR shopping environments. Alibaba debuted its virtual shopping mall, Buy+, last year, utilizing Google Cardboard. These initiatives are likely to appeal to Chinese consumers who prefer affordable mobile VR solutions over costly high-end VR games. When Buy+ launched, over 30,000 users tried the platform within an hour.
Additionally, Alibaba has introduced VR Pay, allowing users to pay via VR avatars. This system uses biometric technology to verify identities, starting with voice recognition before authorizing transactions. While there isn’t yet a clear leader in China’s VR race, BAT’s dominance is evident. They are shifting focus from hardware to creating robust platforms and content. Once mainstream VR headsets hit the Chinese market, these tech giants will undoubtedly take the lead.
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