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Growing VR/AR Companies in the UK Growing VR/AR companies in the UK A business and legal handbook In association with CONTENTS 1 Foreword 3 Executive summary 9 Overview of the market 13 Business models 55 Legal This report was produced by PwC for Digital Catapult and funded by Innovate UK. Digital Catapult, Immerse UK and the High Value Manufacturing Catapult have been working together on a large-scale programme of business support, funded by Innovate UK, for the UK’s immersive technology industries since September 2017. This report forms part of that work along with the following complimentary reports: – The Immersive Economy in the UK (Innovate UK, Immerse UK & Nesta) – Immersiv e Content Formats for Future Audiences (Digital Catapult and Limina Immersive) – Evaluating Immersive User Experience and Audience Impact (Digital Catapult, Nesta and i2Media Research) – Immersiv e technologies in manufacturing – the adoption and use of immersive technologies in manufacturing and a report covering the feasibility of the use of immersion in a digital twin (High Value Manufacturing Catapult). Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government. We drive productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base. Contact us [email protected] www.digicatapult.org.uk 2 Title of report goes here Document type here 2018 FOREWORD Digital Catapult, in collaboration with PwC, has produced this handbook for the benefit of VR/AR companies in the UK, and those new to the industry planning to build such companies. Insight and recommendations will be offered from both a business and legal perspective. Organisations seeking to adopt VR/AR solutions may also find this information useful. Whether these groups are currently developing VR/AR solutions or considering it in the future, they will be collectively referred to as VR/AR companies in this handbook. OBJECTIVES AND METHODOLOGY The purpose of this handbook is to encourage The handbook has been designed so that key the creation of more, high quality, VR and AR points are quick to access and easy to digest. content. It has been written primarily for Each topic area begins with some example current and potential content creators but questions to help VR/AR companies determine it also draws out relevant points for service the relevance of each section to their own and technology companies. circumstances and quickly review the issues and possible solutions. It aims to analyse the VR/AR industry, mainly from a business and legal perspective, to A wide range of topics are discussed at examine its current and likely future in the short a high level rather than a deep dive into one term (1-2 years), medium term (2-5 years) and particular area with the aim of consolidating long term (5-10 years). areas of interest in a methodical and intuitive way. The aim is to promote a quick high level As a result, the handbook: understanding of the industry that will allow the reader to assess which topics are relevant for • Provides guidance on current challenges. further investigation. • Raises concerns to be aware of and understand, now and in the future. Note that a lot of the information provided • Makes recommendations to leverage is based on current knowledge as of Q1 opportunities and mitigate concerns. 2018 and is likely to change as the industry and associated stakeholders (including the UK Government) develop and adapt in the future. Growing VR/AR companies in the UK | A business and legal handbook 1 Foreword cont. The hope is that organisations and individuals with a stake in the VR/AR industry are able to make use of the knowledge, foresight, and recommendations here to achieve their objectives, grow their business, and ultimately push the VR/AR industry forward here in the UK. CHOICE OF TAXONOMY: VR AND AR Despite the growing number of acronyms in the VR/AR industry, the terms VR and AR have been used as these terms are simpler and well-known amongst users and the public. VR and AR are spectrums (rather than singular points) containing different types of content, some of which are more immersive or powerful than others. The term immersive technology is also used to refer to both VR and AR. Formal definitions are below: Virtual reality (VR) refers to a completely immersive virtual and aural world that a user experiences, usually through a head-mounted display (HMD). The research considers 360 degree media to be a form of content within the spectrum of VR. Augmented reality (AR) refers to a real-world environment on which digital objects and/or information is overlaid either through a head-mounted display or via a handheld device with a camera such as a smartphone or tablet. Devices and applications that simply layer digital elements on top of the real world and those that are able to place such objects in context with the environment (e.g. on top of tables) are both considered within the spectrum of AR. 2 Growing VR/AR companies inTitle the o UKf report | A goesbusiness here and Document legal handbook type here 2018 EXECUTIVE SUMMARY OVERVIEW OF THE MARKET There are currently relatively few VR/AR companies with a sole focus on VR/AR activity. VR/AR DEVICE TYPES This is due to the higher risk involved but is Users can consume VR/AR experiences in a expected to improve as the market develops and number of ways. From a VR perspective, these the business case becomes more attractive. range from smartphone-based devices made of cardboard to tethered devices and headsets CHALLENGES that use a powerful computer to run the There are four main challenges facing mainstream experiences. AR applications can run on adoption of VR/AR technology: handheld devices or through a headset that is either tethered or standalone. All of these device • Content: the lack of quality content types offer different qualities of immersion and limits consumer interest which hinders user experience at a variety of price ranges. the business case for more VR/AR Portability and durability levels also differ. content development and so the vicious cycle continues. VR/AR COMPANY TYPES • Education: few members of the The VR/AR industry extends beyond the obvious public have an accurate understanding businesses involved in headset manufacturing of the technology due to a lack of and content development. first-hand experience. • Cost: the cost of high-end VR/AR systems is At a high level, there are three main types of still out of reach for the average consumer. VR/AR companies: This is less of a concern for enterprise. • User experience: from both a software and • Content companies that develop VR/AR hardware perspective, setting up and running content to sell to enterprise or directly to the high-end VR/AR systems and experiences consumer market. is not a simple task. • Service companies that use their time and expertise to provide a valuable outcome to VR/AR customers. • Technology companies that create the platforms, tools, plugins and other solutions that provide value to the VR/AR industry. Growing VR/AR companies in the UK | A business and legal handbook 3 Executive summary cont. STAKEHOLDERS There are many stakeholders in the There are multiple funding alternatives to venture VR/AR industry, not just the VR/AR capital including government support. Generally, companies themselves. It is important access to funding becomes easier with more to understand who else is involved, how mature products. A range of revenue opportunities they influence each other and how to is available, including advertising, depending on engage with them. the type of VR/AR business and the timeframe being considered. For example, immersive companies need to connect with government agencies OPERATIONS to keep updated with legislation, establish feedback loops with customers, and engage Identifying team roles, where to find the with academic researchers to offer input corresponding talent, and whether significant and access the latest research. VR/AR specific experience is required are key issues discussed for VR/AR companies. Beyond BUSINESS MODELS experienced hires, this talent pool extends to school leavers, university graduates and self- A company's business model is critical taught individuals, both in the UK and abroad. to its success. This section provides a high-level Costs can be reduced by analysing alternative overview of the areas which need to be considered options regarding equipment, space, talent, when conceptualising, building and selling ideas in software and professional services. Additionally, addition to the operational aspects of running an there are numerous tax benefits available to many immersive company. VR/AR companies who are involved in research, Divided into sections about strategy, operations, development and intellectual property creation. development, and marketing and sales, this section examines the end-to-end journey DEVELOPMENT for taking an idea through every stage to a Developers should maximise user comfort by commercialised product for sale. applying a user-centric design focus. Alternative STRATEGY input systems such as gaze control should be considered to increase user accessibility. To The VR/AR industry represents a relatively high introduce advertising, consider a number of risk venture with the potential for large rewards. ethical guidelines. Cyber security protocols The exact approach of VR/AR companies will and safeguards should be built in to products depend on their appetite for risk but a cautious from the start. approach is advised for most. Start by targeting businesses, prove that a market exists for any MARKETING AND SALES product ideas and check that it would deliver more value than traditional alternatives. Be mindful To successfully market products, a community of the fallacy of the single ‘killer application’ of early adopters should be built and maintained.
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