Facebook's Oculus, Revival in the COVID-19 Era?

New Product Launch on the 15th via Facebook Connect
Interest in Whether VR Demand Will Increase in the COVID-19 Era

[Asia Economy Reporter Koo Chae-eun] Oculus, a virtual reality (VR) device company acquired by Facebook in 2014 for $2 billion, is expected to unveil a new product on the 15th (local time), drawing attention from the immersive content industry.

According to foreign media including CNET on the 16th, Facebook will reveal new hardware called 'Oculus Quest 2 (tentative name)' through its VR event 'Facebook Connect' on the 15th (local time).

The new product is reported to be lighter than Oculus, offer higher content immersion, and have faster image rendering speed. Compared to competitors such as Sony and HTC, it is said to differentiate itself in terms of portability and price, which could potentially change the market landscape.

According to Statista, a statistics specialist organization, as of 2019, Sony holds the largest share of VR headset sales at 36.7%, followed by Oculus at 28.3%, and HTC at 13.3%.

However, there is also an assessment that VR has not grown as much as expected despite increased demand for non-face-to-face services due to the spread of COVID-19. Oculus has led the revival of VR devices and demonstrated the growth potential of the immersive content market, but in recent years it has not significantly expanded the market base.

Tuong Nguyen, an analyst at IT research firm Gartner, stated, "There is a rapid increase in awareness and interest in adopting (VR and AR) technology not only among consumers but also in enterprises. Nevertheless, there remain obstacles that VR must overcome, such as price, available content, and design."