Despite the rapid advancements in VR and AR technologies, there remains a clear gap between the current state of the industry and the expectations set by its potential. Many believe that VR/AR still has a long way to go before becoming mainstream, and sales figures for high-end headsets like the Oculus Rift and HTC Vive support this view. In the UK, investor Mike Hayes has voiced concerns that questioning the long-term viability of VR and AR is one of the biggest threats facing the industry.
Mike Hayes, the investment director at Mercia Technologies PLC, emphasized this point during a recent GamesIndustry.biz investment summit. He urged industry professionals to remain patient and trust in the long-term evolution of VR/AR technology. According to Hayes, the growth of the sector depends not only on innovation but also on continued support from investors.
Hayes remarked, “We are no longer debating whether VR/AR will take off—it’s a matter of when. I’m deeply confident that VR/AR will become a fundamental part of everyday life in the coming years. Even though PS VR’s content sales haven’t met initial expectations, this is just a minor setback before we see the real breakthroughs.â€
His comments were aimed at the UK investment community, but similar concerns are echoed globally. Unity CEO John Riccitiello once pointed out that after the launch of VR headsets, there was a “gap of disappointment†between what people expected and what actually happened. This highlights the challenges the industry still faces in gaining widespread acceptance.
Mercia Technologies has shown its commitment to VR/AR through tangible investments. Earlier this year, the company invested £2 million in nDreams, a British game studio known for titles like *Bloody Zombies* and *Shooty Fruity*. Hayes expressed confidence in the studio’s future, stating he’s willing to wait 15 years to see its success.
For the VR industry to truly thrive, it’s essential to make the technology more accessible to consumers. Fortunately, progress is being made. Both Oculus and HTC have reduced prices on their headsets, while all-in-one devices and inside-out tracking systems are helping to drive adoption. As Hayes put it, patience is key—VR and AR may not be here yet, but they’re on the way.
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