Irish company VR Education today announced its trading update for the year ended 31 December 2018. The Waterford-based virtual reality (‘VR’) technology software developer, which is focused on the education space, successfully raised £6 million when it listed on the London Stock Exchange and the Irish Stock Exchange in March of 2018.
The company reports that Revenue for the year is expected to be in the region of €0.7m following the release of Titanic VR – the Group’s showcase experience which places users as survivors on the Titanic on the night of the sinking – on PlayStation on November 22nd, 2018. December 2018 saw Titanic VR generate revenue of €0.1m which, together with revenues from other showcase experiences and the ENGAGE platform, delivered record revenues for the month.
The results come on the back of forecasts released last week by Juniper Research which predicted revenues from virtual reality (VR) specific games will reach $8.2 billion (€7.2bn) by 2023, up from $1.2 billion in 2019.
Commenting on the results, David Whelan, CEO of VR Education,
“2018 was a stellar year for us. We had new product launches, notably the ENGAGE platform, the Titanic VR experience and the BBC-commissioned Lancaster Bomber commemorative VR – the Berlin Blitz, which were all universally well-received, as well as several award nominations and wins (Venice Film Festival, Royal Television Society (RTS) Northern Ireland Programme Awards 2018). We also partnered with some of the leading education organisations and commercial enterprises in the world, embarked on a nationwide Intel roadshow across the US to showcase our ENGAGE platform, and we made huge inroads internally into our next VR creations. We have learned a lot in the last 12 months – and we are an even stronger team because of it”.
A Focus on ENGAGE
Since the full commercial release of ENGAGE, the Group’s online virtual learning and corporate training platform, the Group has progressed with the onboarding of Shenandoah University, released additional learning content from Oxford University, and ENGAGE users have held multiple live CPD events using the platform, one of which was part of MIT Hackathon Week hosted by MIT.
VR Education is now actively marketing the ENGAGE platform and will attend the Bett Show in London which takes place from 23-26 January 2019. The BETT conference represents the kick-off event for the group’s marketing team, following the successful launch of ENGAGE version 1.0 in December. VR Education will also be attending key events in Dubai and the USA in the coming months, demonstrating the platform to industry leaders and professional educators.
Mr. Whelan spoke of the future of ENGAGE as they see it,
“With the release of our ENGAGE platform in December, we are extremely excited for 2019 and beyond. ENGAGE represents the long-term vision of the company, providing a platform for people globally to build content and share ideas with others. Top quality education is fast becoming the pursuit of the wealthy, and we intend to address this with affordable quality education which is open to all. We are also ramping up everything from production to marketing and we are attending key EdTech events around the globe, to demo and talk about our platform.”
Looking ahead Mr. Whelan said,
“It has been a busy year but it’s only going to get busier – and we are grateful for this. The pipeline for the next 12 – 18 months is strong and exciting. This year will also see the release of two new titles. The first to be released is based on the famous ‘Dambusters’ mission, and the other allows users to take control of a space shuttle for some of its most important missions. Our showcase experiences to date have been an important recruitment tool and revenue generator and we will continue to build awarding titles with small internal teams as we grow ENGAGE into a world leading platform”.
Demand for the Group’s VR showcase experiences Apollo 11 VR and Titanic VR remains in line with management expectations, with new experiences, including Raid on the Ruhr (Dambusters Experience) expected to launch in H1 2019 and Space Shuttle Commander (Working Title) expected in H2 2019.
A full report of VR Education’s results available on the Company’s website
Full information on their ENGAGE platform is available on www.ENGAGEVR.io