This week Matterport, a virtual reality technology company, announced the launch of CoreVR, a simple option to add VR support to any Matterport 3D Space, creating the fastest, easiest, and least expensive end-to-end system for delivering a VR experience of a real-world place.
The announcement represents a major leap forward for the VR ecosystem as it makes the world’s largest library of 3D Spaces immediately available to everyone and offers an easy and highly scalable way to capture more real-world places in 3D and then share those spaces in VR.
Largest VR Library of Real-World Places
Matterport claims to have the largest collection of digital 3D versions of real-world places, with consumers experiencing these 3D spaces over 75 million times. This number is staggering for a nascent industry like VR (virtual reality) but Matterport is already a VR leader in the real estate market, which is tremendously large.
CoreVR is Free—For 2016
With the launch of CoreVR, Matterport has enabled the CoreVR option for over 250,000 existing Matterport 3D Spaces free of charge and will continue to enable the CoreVR option for free for any 3D Space created through 2016.
01 – Matterport launches new product CoreVR, along with major partnerships.
This release represents over $5M of VR content delivered into the developing VR ecosystem and vastly increases the amount of VR content available to the world. For those 3D Spaces with the free CoreVR option, CoreVR will remain available for as long as the content is hosted on Matterport. After 2016, content publishers can simply select the CoreVR option for only $19 per new 3D space. With the CoreVR feature integrated directly into Matterport Showcase, users can transition quickly from the Web to VR.
MORE: Matterport closes $30M growth round led by Qualcomm to expand Virtual Reality platform capabilities
This release represents over $5M of VR content delivered into the developing VR ecosystem and vastly increases the amount of VR content available to the world. For those 3D Spaces with the free CoreVR option, CoreVR will remain available for as long as the content is hosted on Matterport. After 2016, content publishers can simply select the CoreVR option for only $19 per new 3D space. With the CoreVR feature integrated directly into Matterport Showcase, users can transition quickly from the Web to VR.
“Like any new platform, VR needs content to grow, and with the new CoreVR option, Matterport delivers a huge library of real-world VR content and the most effective and scalable option to allow anyone to create a VR experience of a space,” said Bill Brown, CEO of Matterport. “Matterport is excited to bring this capability to its thousands of camera owners and to millions of consumers visiting Matterport Spaces. We believe in the power of VR to help us achieve our vision of giving people the power to experience any place at any time.”
Linking 3D Camera and Cloud
Matterport quickly established itself as a leader in immersive media with its Pro 3D Camera and cloud services that support that camera. Used by thousands of camera operators in more than 75 countries, Matterport’s technology offers a largely automated end-to-end system for creating and distributing immersive and interactive 3D and VR spaces in industries such as: residential and commercial real estate; apartment rentals; vacation rentals; hotels and business listings; plus, industries like architecture and building construction.
A $35 Billion Industry by 2025
Virtual reality is becoming mainstream this year in 2016 but for most users, and the general perception of the technology, the action is in the gaming industry. Yet, this is not where the real powerful growth lies with VR technology. The larger AEC industry—the second largest industry globally in the world—will see tremendous opportunity for both VR and AR (augmented reality) as well as mixed reality (MR).
For 2017, the VR industry is projected to be worth $4.6 billion in revenues, and will garner more than 117 million users by 2018. By 2025, the VR industry will be worth $35 billion, according to some projections.
Matterport Partnerships
The Sunnydale, California-based, Matterport has also announced key partnership with this announcement for CoreVR. Partner companies include: Realtor.com, Costar, JLL, Sotherby’s International Realty, Vacasa, Lodgis, Mansion Global, and HouseLens.
“With the addition of Matterport CoreVR, our customers are able to experience any of our unique vacation homes across the U.S. We continue to be impressed with the simplicity and affordability in which we’ll be able to offer not only a 3D experience but also one in VR with just one scan of the Matterport 3D Pro Camera.” — Eric Breon, Founder & CEO, Vacasa
“CoreVR fits perfectly with our identity as an innovative company, and with our mission to make the newest visual marketing technology accessible to every agent. We’re excited to deliver this advanced VR experience to HouseLens customers – it’s a definite competitive edge for their listings.” — Andrew Crefeld, Founder/CEO, HouseLens
To learn more visit Matterport here.
Architosh Analysis
The size of the projected VR market is data that Matterport has provided to Architosh and reflects, in general, optimistic estimates for how VR will explode across numerous industries. At Architosh we have noted the importance of VR (virtual reality) in the AEC (architecture, engineering, construction) industry. Each market has some pain points that VR addresses. We have numerous in-depth reports on this in the Architecture market for example.
While VR is projected to be huge, Tim Cook, CEO of Apple, has chimed in most recently on AR—augmented reality. Also, former Apple executive, Richard Kerris, has spoken to Architosh in a recently interview at length about why the AR market is going to be larger than the VR market.
In the case of Matterport’s technology and solution offerings, it likely doesn’t matter which market turns out bigger. Both AR and VR will play an outsized role in transforming industries like AEC and real estate. In the case of the apartment rental industry, for example, being able to virtually experience an apartment in Paris from your home in New York City before you hit the “select” button and plunk down a deposit is worth a lot to consumers.
Where VR dovetails with AR is often at the front-end of the process. VR allows experiences remotely before acquisition of goods and services. AR will play a role in front-end processes as well, especially when group interaction is important—as is the case with architects working with their clients.
If the VR market is supposed to be smaller than AR, according to folks like Tim Cook, and yet worth $35 billion by 2025, we can clearly see why Apple, for example, may have already set their sights on the AR market.