This year, 2016, has been a year to remember, for a number of reasons. First was the topsy-turviest election cycle in history. Second was brands breaking tradition and getting political. Third was cannabis being legalized in a record number of states. Then there was Apple battling the feds over privacy issues, and the deaths of so many entertainment notables, like David Bowie, Prince, Alan Rickman, Leonard Cohen, Gene Wilder, Muhammad Ali and more.
While there’s no question that this year has packed a punch, the business world has grabbed its fair share of the headlines — impacting not only everyday consumers and business leaders at home, but in the global economy as well.
Here are some of the business stories that caught my attention this year, not because they were the biggest headlines, necessarily, but because of the impact they are having on businesses today, and the effects they’re sure to have for years to come.
Virtual reality
Virtual reality is something usually seen in futuristic movies, but as is often the case, the future is now. Virtual reality is a relatively new way for brands to tell their story. In fact, in 2016, VR is expected to be a $1 billion business, according to Deloitte Global. By 2020, VR will be a $30 billion market, Digi-Capital predicts.
VR is an opportunity for brands to create entertaining content that adds value to the consumer, communicates a brand’s mission a point of sale, immerses users in a branded entertainment experience and helps consumers make more informed purchases.
Currently, iconic brands like McDonald’s, Coca-Cola and the New York Times have successfully implemented VR into their storytelling. A year ago, the newspaper distributed over 1 million Google Cardboard viewers/glasses to Sunday home delivery subscribers so they could watch the publication’s VR film, The Displaced — telling the story of 30 million children displaced by war. Watch video below:
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Source: Entrepreneur