Last year in February, it was a regular activity to attend live concerts and music festivals or go into your favorite store to try on clothes. However, once the coronavirus began super spreading across the United States, there would be a complete shutdown to these once “normal activities.” Individuals were told to stay inside and avoid mass gatherings to prevent a mass spread across the country.
Consequently, the live event industry has suffered an immense impact in revenue as artists and performers were forced to cancel their tours, and concert halls could no longer sell tickets. However, a silver lining is found in the various ways that performers have adapted and remained connected to their fans. Social media platforms allowed many artists to conduct live streams or hold their form of talk shows.
Yet, artists and performers still face the challenge of making a living while no longer performing. According to Forbes, in 2019, artists earned “between 75-90% of their yearly income from live performances and appearances.” Therefore, to help generate some form of income, performers have found success with virtual reality concerts.
Virtual reality concerts have also led to an increase in augmented reality advertisements that directly engage with viewers. Virtual reality concerts allow advertisements to be seen by an engaged audience and can reach multiple audience demographics. Therefore, it’s not surprising to see an increase in augmented reality advertising investments.
According to ARInsider, AR advertising revenue is projected to grow from last year’s $1.4 billion to $2.3 billion in 2021. Companies are also looking for ways in which there are new ad programs in social media applications like Tiktok and Instagram.
AR has helped display to customers how they would look dressed in the product through virtual changing rooms when it comes to purchasing items. RetailCustomerExperience cited a report with findings that 61% of U.S adults said augmented reality plays an immense role in choosing to shop. AR is changing the shopping experience by allowing customers to remain in their homes’ comfort while also shopping for retail products in a more advanced way.
What do you think? Do you prefer AR advertisements over traditional ads? Has AR helped you to purchase products during the pandemic? Let us know @TXADPR