China’s VR industry to Grow to $8.5 Billion in Next Four years

Published by , May 30, 2016 4:36 am

(Bloomberg) At least 200 startups are working in China’s virtual-reality industry, according to IQiyi.com Inc., a Baidu unit. Venture-capital investments in China surged about 50 percent to $12.2 billion in the first quarter, according to London consultancy Preqin Ltd. The Chinese companies are positioning themselves as middlemen: seeding dozens of startups and opening their platforms to developers of content and hardware while they wait for a dominant headset to emerge.
China’s domestic VR market expected to grow by 36 times in the next four years to 55 billion yuan ($8.5 billion). The spending comes as President Xi Jinping tries to bolster the slowing economy through innovation and reducing its dependence on heavy industry. The country began a campaign to support entrepreneurship in 2014 and since has opened 1,600 high-tech incubators for startups.