Insights from our market analysis of the immersive industries: Five Key Takeaways
For any innovative creative project that seeks to explore the potential of an emerging technology, it’s essential to have a solid understanding of the emerging market you are looking to enter.
As we come to the end of the first year of the Fantasy Futures project, we are reflecting on our progress to date, and digesting the results of the market scoping consultation that we commissioned through BOP Consulting, a leading global research and consulting practice for culture and the creative economy.
Working alongside our parallel co-creative project Conversational Learning, we invested in this research to gain some commercial insights into the size of the market we are stepping into, and the nature of our target audience of young people.
By undertaking this comprehensive market scoping analysis at the outset of the project, we have been able to identify and respond to barriers and gaps in the market, and then design our project to best meet the needs and expectations of our target audience.
Of course, a full market research consultation with strategic policy review, investment environment analysis, and impact framework development can be a complex and costly process, but you can also glean valuable insights from annually published state of the industry reports such as Immerse UK's latest Immersive Economy Report.
And in the spirit of the season of sharing and goodwill, we've put together a hitlist of key takeaways from our research that we’ll be putting into practice as we develop our prototype in the new year:
- Awareness of, uptake, and investment in immersive experiences is growing.
- Location-based experiences account for the second biggest percentage of all immersive investment, with nearly £50 million invested in 2022/23 alone.
- Barriers to access include high costs of headsets and the accessibility of wearable tech for people with disabilities.
- There is a skills shortage in the immersive industries, and there is a lack of education in schools to raise awareness and inspire children about opportunities in the immersive sector.
- Educating the public, businesses, and stakeholders on the benefits of immersive experiences is key to uptake/support, and the technology requires a clear onboarding process for the members of the public.
What can you learn about your creative project from this kind of market research?
Whatever the nature of your creative project, a comprehensive analysis of the current trends and future potential of the market can give you a clearer picture of the people you are seeking to impact, giving you the tools to develop an experience that is both innovative and enduring.
