Virtual reality is gaining traction, and technology companies are quick to jump in the bandwagon to be in on the next big thing. VR technology is expected to gain impetus this year, according to a report by China Daily.
A number of top-tier companies are already expected to launch their first wave of VR products this year.
In fact, LeTV Holdings Co. Ltd. has released its first VR device on Christmas Eve. Called "Cool," the VR wearable device creates a 3-D digital world through the use of a smartphone attached in front. The device retails at 149 yuan ($22).
The Beijing-based company has invested heavily in the research and development of such technology, and plans to collaborate with partners to make hardware and video content.
"LeTV aims to build a platform for all companies involved in VR technology. We will focus on integrating the industry's resources so our partners can make profits," said Ablikim Ablimit, strategic vice president of LeTV, in an interview with China Daily.
Aside from LeTV, Internet company Tencent Holdings Ltd. is also delving into the world of VR technology.
The online games producer has recently announced that it will launch its first VR device sometime between July and September of 2016. It will be the first time Tencent, a company that specializes in software products, will launch a hardware product.
After experiencing a smartphone sales slump in 2015, Taiwan-based HTC Corp. is also getting involved on VR headsets.
Tech giant Facebook Inc. acquired popular VR company Oculus for $2 billion.
Microsoft Corp. is also developing its high-end VR device called HoloLens.
This new activity on the VR arena will help boost the market, according to Huang Xiaojie, CEO of Beijing Mojing Technologies Co. Ltd., a VR products company based in Beijing. The entry of names like Facebook and Microsoft, in particular, will help speed things up.
"The market remains in its infancy and needs big brands to lure customers," Huang said.