Chinese will buy 86 million virtual reality headsets by 2021

Tinuku ~ More than 85 million virtual reality (VR) headsets will be used in China in the next five years. A recent study conducted by PwC Global entitled Entertainment & Media Outlook 2017-2021 reports at least 86 million Chinese people will use the VR alongside improved economic standards, entertainment needs, and high interest in technology.

Tinuku Chinese will buy 86 million virtual reality headsets by 2021

PwC Global Entertainment and Media Outlook 2017-2021 found VR headset demand in China would reach 85.9 million in five years or overtake the 68 million projections in the US. VR content revenue is estimated at US$3.6 billion in China by 2021 with 54 percent coming from video and the rest of the game.

"The entire new VR market with the penetration of increasing VR devices and continuous investment in the industry. Not only the hardware, companies will compete in the platform and apply royalties from content sales," said Jane Kong, entertainment and media partner PwC China.

Last year internet videos earned US$1.8 billion in revenue in China and a new report claiming VR content revenue was estimated at US$3.6 billion by 2021 with more than 54 percent coming from video. PwC believes it still has room to grow to US$4.5 billion in the internet video industry.

"Over the next five years, China will witness significant changes in viewing video content from free-to-air services to paid video-on-demand services," said Cecilia Yau, PwC of Hong Kong Entertainment and Media Leader.

China's video game industry continues to expand with market forecast of US$26.2 billion in 2021 or the second largest after the US. Social game revenue goes beyond traditional games. Video games made in China also found market foothold in the US, Japan and Korea which increased almost 150 percent.

In Hong Kong, social game revenue increased by almost 26 percent to US$373 million or exceeded traditional game revenue of US$360 million for the first time in 2016. Hong Kong's total video game revenue in 2016 was US$742 million.