It will only be a matter of time before virtual reality becomes the next big social network now that Facebook is all-in on VR. After Facebook bought Oculus Rift, many in the industry felt that was not the end of Facebook trying to corner the market on VR. Now Facebook is looking to support Korean startups that specialize in VR and online platforms.
Facebook’s goal has been to try and make the world more open and connected. There seems to be a shift slowing forming to VR from mobile. However, VR is a long game as the technology and content are too primitive at the moment. This is why Facebook is looking to make significant investments in VR for the long-term. This is great news for Korean VR companies as they will now be able to use Facebook’s platform as well as get support for VR content creation.
There already is a business hub in Seoul at Teheran Road created by Facebook Korea. The hub supports technology and marketing for startups looking to go global. Starting next year they will take it a step further by teaching Korean startups about Facebook’s advertisement production techniques and how to create VR content for Oculus. They will even have access to the hub’s production studio which will have the latest VR equipment such as the Oculus Lift and VR controllers.
Once Facebook fully starts to support Korean VR startups, the VR startup scene in Korea will undoubtedly grow. Since globally 69 million people are connected to one or more Korean companies through Facebook, and 65% of Korean users are linked to at least one small company on Facebook, Facebook in Korea will also continue to grow.
The Korean government is also behind the development of VR in Korea. The Ministry of Science, ICT and Future Planning are supporting small business and startups by creating a VR-specialized fund by investing over $400 million over the next five years to foster the VR industry. This seems to be Korea’s national project moving forward, to grow VR and AR ecosystem in Korea and with the help of Facebook they are certainly on the right track.