The frenzy for nations to be the leader in VR technology is not dying down. VR is considered by many to be the most promising technology in regards to entertainment, gaming, e-commerce, and communication. The South Korean government said last week they are looking to invest more than 400 billion won which is just over $350 million dollars over the next five years for the development of new VR products. This is great news as Korea has been a little late to the game in regards to VR technology and innovation. Tech startups in Korea have been heavily into Fin-Tech and mobile gaming, however that direction is about to change and with the government’s support, South Korea could be near the top of future promising VR technologies.
The goal of this investment is not only to develop new and innovative VR technologies but to create a VR ecosystem that helps foster new VR startups and local industries looking into pivoting into VR.
South Korea will invest more than 400 billion won (US$358 million) over the next five years in developing new virtual reality (VR) products and narrow its technology gap with global leaders, the government said Friday.
“VR is an area where we may have potential to become a global leader by combining the country’s advanced information-communication technology and our hallyu contents that are creating much fervor in overseas countries.” said the Ministry of Science, ICT and Future Planning.
It is expected that the government will invest 280 billion won while the over 120 billion won will come from private sectors. The VR technology gap between Korea and the top advanced nations is about 2 years apart. This injection of funds could in theory lesson the gap to just 6 months. The first project will be to develop a VR headset that will not cause dizziness and eye fatigue which is currently the biggest problem with most VR headsets. Having a VR headset that will not cause motion sickness and dizziness will be key to getting into the VR industry. Once developed they can incorporate new VR technologies with the Korean Wave movement that is already going on with K-Pop and K-Beauty.
It can also be introduced to E-Sports which is growing every year in Korea with many of the top E-Sports players coming out of Korea. A game that features VR could help introduce the new VR technology to the public through televised events and tournaments. Korea has the infrastructure to showcase any new technology to the masses and help set trends in relation to virtual reality.