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Major Takeaways:

  • AltspaceVR allows people to create an avatar and enter common VR spaces for both social and private spaces.
  • CEO Eric Romo sees opportunities for social VR in both consumer and enterprise technologies, and has designed his product “for people to use for a long time…a large percentage of users spend an hour or more in [their] platform”.
  • Romo envisions a free + premium model, where users can purchase various products for social usage.
  • Right now, there will be an estimated 12.2 million VR headset owners, yet AltspaceVR is the only social platform serving them.

Fortune discusses AltspaceVR’s platform, an effort to create a comfortable social VR experience that keeps users in the VR space longer, both in public and private spaces.

From the article:

..“We’ve designed this as a consumer-facing technology rather than as an enterprise technology, but there are opportunities in both spaces,” [CEO Eric] Romo says. “Most VR demos today are 3 to 5 minutes long and often the person feels a little funny afterward. We’ve designed our product for people to use for a long time. Our average user session time is 25 minutes, and a large percentage of users spend an hour or more in our platform.”

…The platform is free for anyone to download and use on PC, Mac, or Oculus Rift. Romo envisions a free base level offering with value add features that users can purchase like multi-user whiteboards, creative tools for collaboration, and the ability to bring in a 3D model from CAD (computer aided design) and look at it together. Other revenue opportunities include companies and brands paying to establish virtual storefronts or meeting places that consumers can explore and purchase real world merchandise in.

“Whether it’s physical goods or video games, we see commerce for digital or real goods as a business model area where the user isn’t getting anything forced down their throat and we’re helping that brand succeed in that space,” Romo says. “We can find a way to make money in there.”

Check out Fortune for the full article.