106 VR Titles Generated More than $1 Million in Revenues in 2019
The VR industry might be seeing a sluggish growth but there are areas of the ecosystem that are seeing some good traction. One of the best ways to see how the industry is performing is by looking at the revenues generated by the top VR titles. VR Fun investor Tipatat Chennavasin has an analysis of the Virtual Reality industry that reveals the year 2019 as a significant inflection point for the industry. According to the analysis, 106 VR titles generated more than $1 million in revenues during that year.
According to Chennavasin, we are likely going to see the first $100 million VR title this year. The analysis was published early this month and was based on the data from the major Virtual Reality storefronts including PlayStation Network, Steam, Oculus PC and Oculus Rift. The data is also based on developer insights. According to the analysis, half of the top-grossing VR titles came in the past 12 months.
The top seven titles in the analysis generated more than $10 million in revenues. The leading VR title grossed $60 million. Chennavasin expects a VR title to hit the $100 million milestone by this time next year.
According to the analyst, the number of Virtual Reality titles that gross $1 million or more is an important data point as it shows that success in the industry is repeatable and that VR is no longer just the developer’s domain but a platform that provides real business opportunity.
The analyst estimates that Virtual Reality game revenues hit $300 million in 2019 across various platforms. This was a major rise in revenues compared to the previous years. The surge was partly boosted by Oculus Quest as well as by considerable growth in other VR platforms.
For more data and analysis on the state of Virtual Reality from the analyst’s point of view, you can read his report here.