• A general view of the virtual-reality experiences at the 2017 Sundance Film Festival.

A general view of the virtual-reality experiences at the 2017 Sundance Film Festival. (Photo : Getty Images)

Chinese tech giants Youku, Jaunt China, Shanghai Media SMG and UCCVR are teaming up to create a Global Creator VR video competition. They are calling this as the "GGC VR Short Film Festival 2017."

According to data from Wind Information, a financial services company, only two of the 11 virtual reality companies listed on China's NEEQ recorded a profit. One company managed to break-even and the remaining eight companies saw varying amounts of loss.

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It is, however, the public's interest in the new technology that is creating the VR market. A lot of tech companies are aware that both great ideas and creative work come from visibility and hard work. This is why they launched the VR video competition.

The competition is organized by Allen Foo, the founder and CEO of UCCVR. It is open to individuals, creative video teams, and film/television producers that are excited to get involved with virtual reality.

Participants will have a chance to win sophisticated VR shooting equipment. They will also have a chance to acquire VR camera shooting rights, as well as the highest quality distribution and promotion channels.

Applicants can submit their work through the official website of the event until May 31. The VR film will go through the selection process from June 1 to 26.

The contest will last for more than five months, giving participants a full production time to do their work.

The 2017 Global Creator VR Video Contest will help to promote creative VR works and introduce them to investment opportunities.

Allen Foo predicted that VR specs will be standardized and more than 15 million units of mobile VR headset will be used for this year.

He also predicted that the amount of live VR content will exceed 2 million and at least 5 percent of the content will be profitable.