The Silicon Review
Advanced technologies like Augmented Reality (AR) and Virtual Reality (VR) are making their presence felt in the digital world we live in with new market forecasts expected to grow to $571.42 billion by 2025 according to Allied Market Research. From time gone by companies have been trying to achieve emotional connections with their audience to improve brand presence and AR/VR may well be the right medium to achieve it. As new technologies become available, consumers want brands to deliver engaging experiences, this means the brands that stay ahead of the curve and keep pace with these new technologies to drive brand recognition will be top of mind with savvy consumer’s or employee’s while delivering a cutting edge experience. Marketers must now reconsider how to use this next generation computing platform in their sales, marketing or operations strategy to disrupt the sector and achieve growth.
Globally there are various companies that leverage emerging technologies to help businesses scale, but one that stands out from the rest is Magnify World. The company is a preferred launchpad for startups and global companies to drive the adoption of emerging technology that enables collaboration. Magnify is a connector and feature’s technology companies in the early stage of their product development and showcase advanced prototypes to the more established fortune 500 organizations seeking new ideas and innovation. In addition, government partnerships around the globe enable Magnify to drive significant value to local communities in the emerging tech sector which drives new job growth, new revenue opportunities, and investor relations through angel funding, family offices, or venture capital groups that attract the latest and cutting edge programming for a showcase at Magnify’s events. The company offers expert opinions, research and development, select keynote presentations to Fortune 500 companies and brands focused on AR/VR and mixed reality and recently presented to Facebook about the future of Hollywood film making. Magnify’s industry focus is in Film and Entertainment, Education and Training, Tourism, Smart Cities, Advertising/Marketing, Investment, Accelerators and incubators.
In conversation with Matt Coleman, Co-founder of Magnify World
Q. Affordability has always been a problem for people to access AR and VR techs. How can you provide an affordable and immersive experience without compromising with the quality of the product?
There are various facets when it comes to access and affordability for AR/VR. The differences in industry approaches can vary, although the main consideration is the fact that over 2 billion mobile devices can access augmented reality right now. Facts are that most consumers don’t know is that SNAP, for example, offer’s AR face masks and has been since inception. Their 293 million global monthly users are avid users and a real driver for the future of mixed reality. Apple and Google and others have supported these technologies and have fast tracked the tech by offering their own exclusive software development kits. Apple has taken all its software technology that enables this new generation of AR and packaged it in such a way that third-party software developers can use it in their own apps. They don’t have to worry about the AR aspects of their app and can concentrate on simply designing something awesome. Both kits allow access to over 250 different devices and fast track applications to market.
Q. A person who performs well in a simulated environment, sometimes fail in real-life scenarios. Can we erase that thin line between virtual reality and the real environment by creating a more realistic ecosystem?
Results from a large virtual reality PwC study examining the impact of using VR to train and improve diversity and inclusion behaviors was recently completed in 2020. This is an important part of our compulsory unconscious bias training that will help in the development of our future leaders and the report is fully outlined in their “Seeing is Believing” report on the economic impact of VR/AR, which includes training, learning, and development. It is a compelling VR use case - it is estimated VR training will contribute $294 billion to the global economy by 2030. Many industries are using VR for health and safety and asset maintenance simulation training, and they see improvements in process efficiency. However, the report wanted to test whether VR would be effective for training leadership, soft skills, or other human-to-human interactions and would have advantages over traditional classroom or e-learning methods. High-risk scenarios that can be replicated in VR and complex environments are great user cases, especially around healthcare, mining, and military sectors. Using immersive and interactive experiences, VR can drop you into difficult conversations, appraisals, or interviews. You can test your own responses or step into the shoes of team members. VR can put you on stage in front of an audience or transport you into a high-pressure presentation. Crucially, it can remove the need for role-playing, which many people feel more self-conscious about than any experience in VR.
Q. Addiction to the interactive environment is prevalent. Is there any solution to solve the existential crisis?
We believe that AR and mixed reality or a combination of all Xpanded reality places a digital world over the real world and offers a user in our mind the best experience. VR is an enclosed environment that could offer a world of excitement, but this is usually down to the latest game release, and so far, there are no real studies around this. We believe social media and computers are potential threat’s as VR takes off over the coming years and your cellphone gets replaced by smart glasses.
Q. Custom content creation can be expensive for AR/VR. As far as sustainability is concerned, what is the state of the market and opportunity for engaging content in the entertainment industry?
Considering location-based entertainment Vs the Metaverse, where online gaming has changed the way fans engage with their peers and musicians, the opportunity has seen an explosion of offerings. Licensed IP from major Hollywood properties to new Fortnite experiences featuring major artists like Travis Scott has introduced a younger audience to established artists. It’s a double-edged sword now that many location-based facilities are closed and awaiting new restrictions to be uplifted to reopen. Before COVID, it was predicted Virtual reality (VR) in location-based entertainment is set to reach $3.6 billion by the end of 2019, according to a new report from research firm Greenlight Insights. They analyze the adoption and use of VR in arcades, entertainment centers, malls, cinemas, theme parks, museums, internet cafes, and other out-of-home venues and provide overviews of major competitors in the field. The global location-based VR sector is projected to reach $11.8 billion by 2023 and hopes to recover from the dismal 2020 year that the current health crisis has put us in. Greenlight Insights also predicts the number of venues offering location-based VR worldwide to increase to more than 13,000 locations in 2019 before growing to more than 24,500 sites in 2023. VR-specialized arcades and family entertainment centers each account for 39% of the sector’s total value in 2019. They are the largest segments of the global location-based VR industry, according to Greenlight Insights.
Q. Do you have any new services ready to be launched?
Launching in November 2020 on our Magnify World YouTube channel, we have a new podcast video series featuring 50 of the most interesting executives and their companies in the emerging technology sectors around AR/VR and mixed reality. These include the world’s leading start-ups to major corporations driving growth and also leading venture capital companies in the sector. 2021, we will also be announcing a new global partnership with one of the world’s leading financial exchanges so stay tuned to social media for this. We also have a strategic alliance with an e-learning operation called www.hollywoodcreativeacademy.com, which will be releasing audio podcast segments powered by Magnify executives.
Meet the leader behind the success of Magnify World
Matt Coleman is the Co-founder & Futurist at Magnify World. Matt has over 25 years of experience in entertainment and technology and is based in Los Angeles. He has been awarded several emerging technology awards and launched Magnify World, one of the world’s first augmented and virtual reality companies in 2014. The Magnify Business Summit has attracted over 6,000 delegates and launched in Toronto, Auckland, Sydney and Melbourne and represented the company in Shanghai and Chengdu in 2017 with local governments. Matt has also been working on the future of education since mid-2019, working on a new immersive e-learning platform called The Hollywood Creative Academy (www.hollywoodcreativeacademy.com) and famed producer Joe Solo. The creative arts academy offers students direct access to world-leading experts in the fields of entertainment, content focus includes music, film/TV, fashion, and digital. In 2020, he became a director and co-founder of Play Tally (www.playtally.com) with Russell Wilson (NFL) and Jeff Bezos, a fan engagement innovation using free to play prediction web-based experiences powered by pari-mutuel software. Matt also co-founded ARIVAL (www.arival.co)
and is an advisor to the company that uses augmented reality to engage fans offering real-time player and game stats in the stadium and at home through their digital devices. The company won the prestigious Hype Innovation global technology award at the 2017 Commonwealth Games against hundreds of companies. Hype holds the largest accumulation of sports starts up worldwide.
Previously, Matt worked for Warner and Sony entertainment for 15 years, launching many global stars, including Madonna, Red Hot Chili Peppers, Pantera, Michael Crawford, Jonny Cash, Billy Joel, INXS, and many more. Post Warner, he then founded sports mobile company Txtstation (interactive TV mobile marketing company) and raised over $6 million in venture capital and sold the company in March 2011 to San Diego North American Company CommerceTel. Matt launched Txtstation into the European/North American markets and moved to New York and Los Angeles where he successfully set up the first telecommunication connections to 250 million cell phones and sold the company’s original contracts with the FIFA World Cup, SKY TV Italy for the Champions League, Fox USA, KCAL and KCBS USA, Time Warner (TNT Sports) and worked with the various leagues in the USA such as the NBA via their broadcast deals. Matt is an exclusive member of the Hollywood based Advanced Image Society. The organization represents world-leading immersive technologies centered on the future of film and television production. The society was founded by Disney, DreamWorks, Sony, Paramount, IMAX, and Dolby.