From the blazing year of VR to the catastrophe under the “cold streamâ€, the domestic VR market in 2016 is like experiencing a “real life and death speed†in a virtual reality version. Many start-up companies will soon move to the end of the road without having to savor the joy of the initial victory. The difference is that this is not a dream about VR. After these companies fall down, they will not have the opportunity to wake up again.
However, VR's dream did not die. With the global trend toward the good, the second round of financing has quietly begun. Just as compared with the “Five-Age of Heaven†in the past year, the market has now become more calm and rational.
Rebirth in ReasonIn 2016, the VR market became very popular. Well-known companies such as Samsung, Sony, Apple, Huawei, iQiyi, and Ray Media all laid out one after another. Various types of VR startup companies sprung up and the market soon reached 3.46 billion. yuan.
However, just six months later, the market quickly encountered a "great change." Barbaric growth speeds can hardly balance the chaos of the development model. Coupled with the background effects of the shrinking size of the entire investment market, many VR companies are in a quandary. Among them, the VR helmet market has become a "hard-hit area," and about 90% of the manufacturers have closed down. The influential VR companies such as Storm Mirror, Mido Entertainment and Zhongjing Vision have successively laid off layoffs and wage arrears. For a time, "winter theory" enveloped the entire domestic VR market.
In the first quarter of 2017, China’s VR market share continued to decline, which seems to further confirm the “winter theory†reality. However, as the new wave of financing came quietly, people saw the hope of this market recovery.
According to incomplete statistics, in the first half of this year, Snow Leopard VR, Handan VR, and RGBVR received the A-round and Pre-A rounds of financing led by Sequoia Capital and Jiubang, respectively, and the financing amount reached tens of millions of RMB; VR also received round B financing led by Thunder and Yingying Network, with a financing amount of RMB 30 million; VR startup Noi Teng also obtained C Series financing of VMS Legend Investment Fund I, and the amount also reached 10 million US dollars. .
For the recovery of the domestic VR market, Wei Wei, founder and CEO of Yang Wei, believes that the ups and downs of the VR market in 2016 is only experiencing a normal "metabolism". Companies that do not meet consumer demand and market rules will be eliminated. After the "bubble" has been squeezed out, the market will naturally reshuffle the card, which is actually beneficial to the long-term healthy development of China's VR market.
VR market enters a period of rapid developmentSupport at the policy level has created a fertile ground for the development of domestic VR technology. The development of frontier technologies such as the development of virtual reality has been explicitly incorporated into China's "13th Five-Year Plan". According to the forecast of professional research institutions, under the support of policies and capital boosting, it will generate huge market demand. It is expected that China will become the world's largest VR market by 2021.
In March this year, the Investment Promotion Committee of the Virtual Reality Industry Alliance guided by the Electronic Information Department of the Ministry of Industry and Information Technology was formally established. The “White Paper on Investing and Financing of China's VR Industry in 2017†issued by the Commission has made a concrete analysis of the current status and future trends of China’s VR market.
2016 Domestic VR Industry Chain Financing Structure
Source: "2017 China VR Industry Investment and Financing White Paper"
The White Paper pointed out that after experiencing the market cultivation period from 2014 to 2016, the domestic VR market will enter a period of rapid development from 2017 to 2019. Industry demand for standards, compatible applications, and accessories will increase rapidly. VR consumer-grade The market awareness is deepening, and the VR enterprise market will gradually start to develop. It is expected that by 2020, the virtual reality market will enter a relatively mature period, the market size will reach 91.82 billion yuan, the convergence of hardware solutions, the open source platform system, and most of the Technical problems will be solved effectively, content will be comprehensively supported, application scenarios will be improved, and the industrial chain will be gradually improved.
From the analysis of the attention and activity of domestic capital, the focus of VR industry investment has been gradually concentrated from the hardware to the content. The early opportunity for VR hardware investment has been very small. More VR small hardware companies have begun to transition to more closely related areas such as content distribution platforms, original content production, and content investment cooperation. The future of VR industry will be more from the consumer-level application outbreak, the current point of view, real estate, engineering and education are most likely to lead the enterprise-level market applications.
2017-2020 Domestic VR Application Development Forecast Chart 
Source: "2017 China VR Industry Investment and Financing White Paper"
In addition, the current VR market investment and financing are mainly concentrated in the Angels and A round, nearly half of VR companies are still in the initial stage of accumulation, with the industry mature and the pre-project "model validation", the future investment will focus from the seed round, angel round Wait for the front-end investment to transition to the back-end.
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