“Promoting consumption upgradesâ€, “accelerating the development of new manufacturing industriesâ€, and “supporting the development of strategic emerging industriesâ€. The “13th Five-Year Plan†determines the goals of China’s economic development in the next five years and the direction of supply-side structural reforms, followed by a series of Industrial development planning and supporting policies and measures have been successively introduced. The keen financial capital and industrial capital have begun to move, and they have invested heavily in new industries, new technologies and new formats that are in line with the country's development prospects. Virtual reality, artificial intelligence, cultural entertainment, medical health, and shared economy. In the industrial sector, there are new opportunities for investment.
In order to reflect these latest investment trends, Investment Weekly launched a series of reports on “Investing in New Opinions†this week, following the investment context of capital, revealing the latest industry investment trends, grasping the latest industry development business model prospects, opportunities and risk.
At the CES (Consumer Electronics Show) earlier this year, VR helmets were hot. People are beginning to realize that the immersive VR experience will become a common phenomenon in the future. With the announcement of over-the-counter investment in VR by domestic and foreign giants such as Facebook, Google, Samsung and Ali, the industry has advertised 2016 as the “VR first yearâ€.
Industry is warm and cold, capital prophet. According to Goldman Sachs, the VR market will reach $80 billion by 2025. In China, there are data showing that in March 2016 alone, 14 VR companies received financing, and 12 of them raised more than RMB 10 million.
On April 14, the "Virtual Reality Industry Development White Paper 5.0" issued by the Electronic Technology Standardization Research Institute of the Ministry of Industry and Information Technology pointed out that virtual reality is on the eve of the industrial outbreak and is about to enter a window of sustained high-speed development. In the next six months to one year, the virtual reality consumer market will explode rapidly.
Many VR industry professionals and investors accepted an interview with Nanfang Daily, saying that the VR industry will usher in a geometric explosion, and the capital layout will extend from the hardware market to content technology. The VR industry chain and surrounding areas will also be in this round of technological revolution. Welcome to good.
Industry development tens of billions of markets are in the "emergence period"
According to Goldman Sachs' recent release of VR and AR: Interpreting the Next General Computing Platform, over the past two years, VR/AR has conducted 225 venture capital transactions with a total investment of $3.5 billion.
The domestic third-party consulting agency Ai Media Consulting's 2015 China Virtual Reality Industry Research Report shows that the market size of China's virtual reality industry in 2015 was 1.54 billion yuan, and it is expected to reach 5.66 billion yuan in 2016. The market size is expected to exceed 550 in 2020. 100 million yuan. Deloitte's "Technology, Media and Telecommunications Industry Forecast" pointed out that 2016 will be the first year of VR industrialization.
With tens of billions of market scale prospects, VR has undoubtedly become the hottest enthusiasm for capital competition. According to statistics, there are nearly 60 listed companies involved in the VR industry chain in the A-share market. Hejun Capital VR Industry Research Report pointed out that 90% of listed companies' investment cases occurred in the second half of 2015 to the beginning of 2016, with equity participation.
Schumann, senior investment manager of Hejun Capital VR Industry Fund, told reporters that listed companies currently involved in the VR field have entered the field from different businesses, including hardware manufacturing, technical support, content development and industry applications. In addition, a number of listed companies have entered through investment.
"Most of VC investment is concentrated in Angel Wheel and Round A. This shows that the development of the VR industry is still in its infancy." Zhang Yi, founder and CEO of Ai Media Consulting, believes that the tens of billions of VR market is still in its infancy. The immature technical level, the lack of explosive content and the shortage of talents in the industry have become the bottleneck restricting the development of the VR industry. It takes two to three years for VR to move from germination to maturity.
Enterprise layout, domestic and foreign giants have rushed into the crowd
As the world's first technology company to deploy VR, Facebook acquired virtual reality Oculus VR for $2 billion in 2014. In February 2016, Facebook announced the establishment of the social VR department.
After the VR boom was detonated, companies such as Google, Microsoft, Sony, and Samsung also dropped VR chessboards. Domestic Storm Technology, LeTV, and Xiaomi also launched VR products. Zhao Xiaoguang, director of the Essence Securities Research Institute, once said, "The turning point of the VR industry has arrived. In 2015, 1 million VR devices were sold worldwide, and 10 million are expected in 2016."
The rapid establishment of hardware makes good content a scarce resource. Domestic giants have begun to get involved in the VR blue ocean market, starting with the hardware market and extending to content technology. On March 17, Alibaba opened its first public VR program, covering research and development, content platform, investment, and hardware. At the same time, it launched a new shopping method “Buy+â€.
At the same time, Tencent's VR developer program gave a comprehensive business sharing model. In the future, resources such as Tencent's social system will be introduced, and various developer activities and VR content incubator support will be organized for VR entrepreneurs.
On April 15th, Huawei publicly reached a VR content software partnership with Storm Mirror. The VR industry believes that the mobile Internet era giants have basically been assembled, and the "Internet +" era has gradually given way to the "VR+" era.
Regarding the entry of giant companies, many investors in the industry agree that the possibility of forming a monopoly giant in the “big VR†field is extremely small, but there may be giants in the vertical segmentation field, and small and medium-sized startups with accurate positioning. In the "VR+" era still has a place. He Jun Capital Schumann said that "the presence of giants will intensify competition, but it is difficult to form a monopoly in a short period of time."
Investment opportunities focus on upstream and downstream investment in the industry chain
The VR technology wave has also brought opportunities to investors while driving the industry's market value to rise.
CIC consultant pointed out that from the perspective of the entire industry chain, investment opportunities will appear in equipment, content, channels, platforms, applications and other aspects. According to statistics, at present, the number of A-share companies related to VR products is at least 61.
Lin Yang, an analyst at Industrial Securities, said that with the advent of the rapid development of virtual reality, the investment in hardware products and content will increase significantly, and the industry growth rate is expected to increase to around 30%. I am optimistic about the upstream hardware equipment field, because the upstream hardware equipment is the part that develops faster, invests hotterly, and has higher returns. The development of upstream hardware will be the first to open up the customer base in the field of virtual reality technology, forming an attractive market and investment growth point.
In addition, many industry insiders also told reporters that the downstream industry and surrounding areas of VR's industrial chain are also worthy of attention. Zhang Yi believes that in addition to focusing on the A-share market VR application companies, they can also focus on peripheral investment opportunities, including hardware in the VR field such as optical hardware, production supporting fields, education market for VR professionals and peripheral products.
In industry applications, the Goldman Sachs report pointed out that VR/AR will subvert some of the current markets, which can be applied to nine major areas: video games, live events, video entertainment, healthcare, real estate, retail, education, engineering and military.
expert's point
Industry standards are not unified, industrial application is limited
Liu Huayi, Deputy Director, Electronic Equipment and Systems Research Center, Institute of Electronics Technology Standardization, Ministry of Industry and Information Technology:
“Some manufacturers speculation concept will establish industry standards as soon as possibleâ€
Under the low-price competition, some manufacturers are eager to release in the case of obvious product defects, and some manufacturers speculate on the VR concept. At present, domestic VR has not yet established a unified standard in software and hardware. The content presentation methods are diverse, and various types of virtual reality devices cannot be universally implemented, which makes it difficult to form large-scale industrial applications. It is recommended to establish and improve the relevant standard system, and eliminate the concept confusion and low-quality products in the market through equipment standard requirements, and promote reasonable competition of products.
æ•°ç 's digital CEO Liang Yinghong:
"VR consumer applications are expected to break out in the entertainment industry"
The most prone areas for consumer applications are the entertainment sector, which is divided into three categories: one is the experience type such as the VR experience hall, the other is the ornamental type such as VR movies, and the third is the immersive type such as VR games. In addition, the automotive, real estate, medical, education and other fields will follow closely and will erupt.
Analyst Yan Shuanglin, Analyst at the Entrance Terminal Research Center of Yiguan Think Tank:
“The lack of sustained appeal to consumers, the profit model is still unclearâ€
Whether it is hardware or content, or even consumer perception, there are many problems in the VR industry. On the hardware, the user experience is not good, many products will have a dizzy feeling, and the user experience is better, the price of the product is high. In terms of content, there is no sustained appeal to consumers, and the profit model is still unclear. More importantly, the content does not form a development standard, and there is a problem with the content and hardware adaptation. From the user's point of view, the number of consumers is small, and most of the VR products are out of taste, and they do not develop payment habits, which is not conducive to the profit exploration of the industry.
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