In this time of lockdown, there are over 52,000 artists in the UK who cannot promote themselves on radio and tv, tour nor sell merchandise. The music industry contributed £5.2Bn to the UK economy in 2018, experts warn it could be as low as £1.5bn for 2020. Their market has been utterly decimated, income plummeted and might take years to readjust.
Research suggests one of the major industries to benefit from immersive technologies is entertainment. It could drive up engagement and revenue for content creators by up to 350%.
Fans are experiencing boredom, loneliness, depression, anxiety, and other mental health issues that develop due to isolation and lack of entertainment according to Prof Ed Bullmore, head of psychiatry – University of Cambridge.
For over 15 years, oxford university has been using immersive VR technologies to assess, understand, and treat mental health problems, saving lives.
Dr Lucia Valmaggia, a reader in clinical psychology at King’s College London is convinced VR can improve psychological treatments in the future.
UK Music’s chief executive Michael Dugher says Government estimates that arts gives NHS cost savings of £168.8m due to reduced GP visits and 96% of patients had positive responses to music therapy.
The problem with combining immersive technology and music is lack of content, expensive gadgets and technology constraints.
VR headsets are very clunky, expensive and cause motion sickness and eye strain, so people are reluctant to create content. Immersive clothing like Teslasuit are extremely expensive at £5000.
Musicians desperately need new ways to showcase music videos, increase their reach, engagement and revenue from fans.
Our innovation solves this problem through affordable immersive technology that combines extended reality (XR), live-streaming and immersive clothing that simulates real touch, enhancing fans engagement experience while watching XR music videos and live-streaming shows.
This increases artists’ reach, engagement and revenue.
Our available platform https://Pryntd.xyz has AI algorithm that converts artists MP4s and .mov video music files into extended reality XR videos so there is abundant content with revenue through advertising and live-streaming.
We increase audience reach, loyalty and artist revenue by allowing fans to watch ad supported XR videos for free on any device without need for VR headsets, buy artist customised immersive clothing and tickets for live-streaming shows, share experiences, save memories and communicate with friends and loved ones.
Immersive technology market is forecasted to reach $160bn by 2023, we aim 5% of market. We supported by Digital Catapult, Raise Ventures.