What is driving the growth of the multi billion dollar immersive experience industry? What are the opportunities for other parts of the creative industries and what can we learn from the UK experience of building an immersive industry?
Peter Tullin, Co-Founder of REMIX Summits is currently writing a research study for the British Council on the Immersive Experience Revolution (of which the UK is arguably one of the leading players) to be published at the REMIX Summit, Sydney 2023 on June 8-9 as part of a series of sessions featuring leading pioneers from the experience economy such as the Founder of the Moment Factory (Canada) and the Curator of Superblue (Miami).
Immersive Experiences are booming, and a new wave of creative entrepreneurs and technology innovations could disrupt the cultural sector in the same way Napster reshaped the music industry. It’s a deliberately provocative claim, and there are huge opportunities for collaboration with the wider cultural sector (as well as competition) as UK organisations such as Historic Royal Palaces are demonstrating with their ‘Gunpowder Plot’ experience. However, there is no doubt that this is a fast moving and dynamic space, and the global pandemic has accelerated the growth of immersive entertainment. These trends were evident pre-pandemic. For example, the 2018 Euromonitor Survey of Millennials and Gen Z, the experience economy was predicted to be a $8.2 trillion industry by 2028. 77% of those surveyed said some of their best memories were from an event or live experience they attended or participated in; 69% said that attending live events and experiences make them more connected to other people. Furthermore, according to Eventbrite research, three in four American millennials would rather spend money on a desirable experience or event than a desirable object. An abundance of empty space is coming which will help fuel the fire. One of the biggest opportunities stemming from the global pandemic may come from the reduced demand for retail and office space in cities. Combined with a boom in the experience economy and the innovative ideas of creative entrepreneurs this is unleashing an avalanche of immersive art and experiences.
Image credit – keimevo (teamLab Borderless)