Wevr, a virtual reality (VR) company, is developing a cross-platform VR content network, thanks to the new venture funding of $25 million.
The VR content platform is called 'Transport,' which is currently under private beta testing. Market observers suggest that Transport has the ability to become the YouTube of the virtual reality world. The platform is compatible with a number of VR headsets currently available in the market such as Oculus Rift, PlayStation VR, Google Cardboard, HTC Vive and Samsung Gear VR.
Content creators will be allowed to publish free as well as paid work on Transport for users to experience. Wevr is also working with independent filmmakers for the creation of virtual reality content. The company has already established a fund of $1 million that will be used towards the initiative.
Neville Spiteri, the co-founder and CEO of Wevr, says that Transport features a high-performance rendering and playback engine. Wevr has created the first content for HTC Vive and the company has also developed projects for Gear VR.
"Transport is purpose-built to extend and embrace VR creative's aspirations with software solutions, enabling them to create, produce, distribute, and grow audiences on all headsets worldwide," says Spiteri.
Virtual reality is still at a nascent stage and it has huge market potential. According to market research firm Tractica, over 200 million virtual reality head-mounted displays will be sold worldwide by 2020. The company predicts that hardware and content revenue of virtual reality will increase from $108.8 million in 2014 to $21.8 billion across the globe by 2020.
"The second coming of virtual reality is upon us, and industry participants are keen to ensure that products are fine-tuned prior to release in order to avoid a disappointment in this high-potential new category," says Craig Foster, a principal analyst at Tractica. "Content is being slowly pushed out and we are seeing a number of games being developed especially for VR. Some publishers have embraced the new medium is its entirety, while others are watching the space cautiously to determine the appropriate level of investment."
Spiteri says that consumers will not hesitate to pay for quality content and Wevr will be able to deliver quality virtual reality experience to them. Spiteri also notes that Transport may also offer companies to use the virtual reality platform as an advertising mode.
Spiteri also acknowledged that high potential in the virtual reality market means the emergence of more VR networks such as Transport. Wevr is yet to announce a public launch date for Transport.