[New Wave] Creating Social Value of Virtual Reality

With the advent of the 4th Industrial Revolution, new technologies and industries that impact society as a whole are emerging due to changes in the media environment. While existing technologies prioritized function-centered quality and benefits, convergence-based media provide communication and experiences that combine functionality and emotion, offering human-centered services. In particular, virtual reality is accelerating social convergence based on user experience.

From a national policy perspective, the 'Digital New Deal' policy announced in July 2020 included plans to expand virtual reality utilization services such as immersive content production, convergence service development, and digital twin construction to lay the foundation for creating private market demand. In the same year, the 'Virtual Convergence Economy Development Policy' was additionally announced to promote the creation of a foundation that expands daily life, leisure, and communication into virtual convergence spaces using virtual reality, simultaneously generating economic value.

The metaverse (an extended virtual world) is frequently mentioned as one of the media for effective communication with the MZ generation (Millennials + Generation Z). Metaverse platforms collaborate with companies not only to develop items but also to hold showcases, fashion shows, concerts, seminars, entrance and graduation ceremonies, and more. Existing online information sharing and communication, which have been based on social networking services (SNS), are expected to be replaced by the metaverse within a few years. Many global IT companies cite 'multi-experience' as a leading technology trend for the mid-2020s. They predict that immersive content provided in virtual spaces like the metaverse will bring significant changes to how people perceive and communicate in the digital world and create new markets.

The core of virtual reality technology is two-way interaction. The subjective experience of the user is a more important value. The COVID-19 pandemic we have experienced over the past three years has provided a non-face-to-face communication paradigm and is leading the practical use and popularization of virtual reality.

The development of artificial intelligence (AI) and big data analysis technologies is accelerating this social transformation. Since the paradigm is shifting beyond the existing human-media relationship to a human-AI relationship, attention must be paid to the functions and roles of virtual reality. While efforts have been made to develop and advance technologies for virtual reality content, it is now time to expand to creating broader social value by understanding the quality of providers offering virtual reality content and the experiential elements and value for users experiencing it, resulting in richer experiences.

One regrettable point is that social discussions and considerations on the scalability, utility, social value creation potential, and sustainability of virtual reality beyond its current popularity-driven, fragmented use are somewhat insufficient. Understanding psychological factors and personal characteristics that positively or negatively affect users' technology acceptance is also an essential task. In-depth verification of the potential for social value creation, where innovative media like virtual reality serve as a social communication medium to enrich future society and build public relationships with diverse people, is necessary.

Jeong Wonjun, Professor, Department of Media Communication, University of Suwon