Virtual Reality will change the face of cinema in the next decade — but only if content keeps up with the advances in technology, industry experts at the Busan International Film Festival predict.
VR is already being heavily promoted by the tech giants, with Facebook and Microsoft launching new headsets they hope will ensure the format goes mainstream.
Studios and film-makers are also poised to capitalise, as cinema industry reports estimate VR could generate as much as US$75 billion a year in revenues by 2021.
Earlier this year, the IMAX chain opened its first VR cinema in Los Angeles, while the leading film festivals — including Cannes, Venice, and Tribeca — now have sections dedicated to recognising ground-breaking work in the medium.
“Facebook and Apple are pouring billions of dollars into this industry and these hardware developments are key but it will all come down to content and we are excited by the way that is developing,” explained Korean-American filmmaker Eugene Chung, whose production “Arden’s Wake” won the Best Virtual Reality award at Venice in September.
Chung insisted the format is going to shift public perception and expectations of cinema.
“We’re really building the future,” he said.
But revolutions in cinema do not always play out; despite their early hype, 3D movies have struggled to rival traditional film consumption.
IMAX has scaled back its 3D screenings, while box office figures in the US show declining audience interest, according to the Motion Picture Association of America.
But proponents of VR insist this time, it is different, and the format is likely to succeed because it fully immerses viewers in the imaginary environment.
BIFF programmer Park Jin, who organised the event’s VR section, which comprises more than 30 features, documentaries and animations, described VR as the “future of cinema”.