Backed by LG, AmazeVR is hoping to resurrect virtual reality's consumer dreams
Propelled by new technologies, new businessmen have been landing in Los Angeles since the invention of the nickelodeon to create a studio that would dominate popular entertainment. Over the past five years, virtual reality was the latest new thing to make or break fortunes, and the founding team behind the Korean company AmazeVR are the latest would-be dream-makers to take their turn spinning the wheel for Hollywood fortunes.
There are significant economic reasons for companies to persist. Sales of headsets in the fourth quarter of 2018 topped 1 million for the first time, and new, low-cost all-in-one models may further move the needle on adoption. Hardware makers have invested billions to improve the technology, and they’d like that money to not go to waste. At the same time, networking companies are spending billions to roll out new, high-speed data networks, and they need new data-hungry features (like virtual reality) to make a compelling case for consumers to upgrade to the newer, more expensive networking plans.
Founded by a team of ace Korean technologists who won fame and fortune as early executives of the multi-billion-dollar messaging service Kakao (it’s the Korean equivalent of WhatsApp or WeChat), AmazeVR is hoping it can succeed in a marketplace littered with production studios like Baobab Studios, Here Be Dragons, The Virtual Reality Company and others.