Chinese Internet Giants are ready to march into the world of Virtual Reality however; the approach is expected to be from a different perspective. Unlike their competitors overseas, instead of building VR headsets, the Chinese companies are ready to position themselves more aptly as the middlemen funding the startups and hardware and investing more efforts in VR content production till the time a leading VR headset arrives.
While major technology giants such as Sony, Facebook, and HTC are focusing on creating VR platforms and content, Chinese VR industry for now lacks the core technology which makes it circumvent its bets. Thus the companies are working to capitalize the domestic VR market which is expected to grow in five years to be worth around 55 Million Yuan or $8.5 Billion.
The initiative to spend has come from the President Xi jinping in an effort to boost the slagging economy and at the same time reducing its due dependency on heavy industry. Also, in a similar effort the country initialized a campaign to support and promote entrepreneurship and has since then opened 1,600 technology incubators and support centers resulting in the emergence of many new startup businesses.
Currently, 200 Chinese startups are working on virtual reality which has resulted in a surge in the venture capital investments in China to about 50% amounting to $12.2 Billion. Thus, VR is a promising field and the Chinese companies are working to bring more entertainment and content to the table.