Damian Collier, founder and CEO of Blend Media, argues that while 360˚ video and virtual reality aren’t without their challenges, immersive content will soon be the norm.

Despite all the media coverage of the growth of and opportunities presented by virtual reality, the sector has got off to a relatively slow start. It can take time to adjust to technical advancements, especially those perceived to have a high cost of entry and where application seems to be limited to specific sectors. It can also be daunting for content owners to integrate yet another channel and technology into their plans.

I see, however, a more easily accessible route into the creation of immersive experiences through 360˚ video and WebVR (360˚ content within a web browser). Already a key content format for the BBC, The New York Times and The LADbible (on which 360˚ video of the Northern Lights reached more than 120 million people last year), 360˚ video is changing the way people engage with content, particularly on mobile. I’m even starting to see people get frustrated with fixed video as they angle, rotate and tilt their phones to try and look ‘outside the frame.’

This behaviour suggests audiences are already expecting more from their video experiences – and recent metrics indicate 360˚ video is delivering. A test case published by Magnifyre comparing the same video published on YouTube in both 360˚ and flat-frame formats showed that the 360˚ video had an average 28.81% higher view rate compared with the flat-frame video, and a click-through rate of 4.51% compared with just 0.56% for the traditional flat-frame format.

Not only is 360˚ video proving to deliver higher engagement metrics than fixed video, it’s also easily accessible, requiring nothing more than a smartphone or tablet to enjoy, making it far more immediate and shareable than a headset experience. This shareability is a key feature, especially for millennials for whom shared experiences are central to how they live, broadcast their lives and engage with friends.

But is 360˚ video really VR? I’ve debated this with many people and my own perspective is that it is, but only when consumed on a headset and in the highest quality. When experienced on a handheld device, one is not ‘virtually there’ and so it would be a misnomer to describe that experience as VR. That being said, I find the debate rather academic as each experience can add value to the viewer and, therefore, should be considered on its own merits.

Once the VR wearable market becomes more affordable and accessible to mainstream consumers, it will bring with it the ability to truly transport audiences to another level of engagement with content. It’s just not there yet and may not be for a number of years.

Whether for a headset or for WebVR, 360˚ video also now offers new opportunities to create insight-driven content to optimise the viewer experience. One of the most exciting examples is heat-mapping technology that allows producers to map the focus of the viewer’s attention throughout the video. Content owners can then optimise the experience by better positioning data-driven content and call to actions within the video. Facebook’s Heatmap feature is one such technology. Available to publishers of 360˚ videos with more than 50,000 unique views, it generates a shareable mp4 video file of the viewers’ aggregated experiences.

These opportunities and investments are strong signals that the consumption and expectations of immersive content and experiences will grow exponentially, and sooner rather than later. Content producers need to be ready to embrace these developments and harness the engagement opportunities offered by 360˚ video, either through a headset or a handheld device.

As the founder of a company dedicated to simplifying the creation and distribution process of immersive experiences, I’m fortunate to see the how this nascent industry is evolving on an almost daily basis. Some commercial brands are testing the boundaries of what works creatively, such as BMW, one of the first movers in the space.

Other companies are dipping their toes in with caution and originating content for test campaigns using consumer cameras without experienced production and post-production talent. But this is approaching the opportunity in the wrong way.

Brands can mitigate the risk and bring the production cost down through either licensing existing premium-quality 360˚ content or crowdsourcing content from professional creators.

There’s no question 360˚ content and VR will continue to grow. Content owners that invest in producing high-quality experiences combined with data-driven insights will be well positioned to own the immersive space and deliver engaging and profitable customer experiences.

Damian Collier is founder and CEO of 360˚ video and virtual reality marketplace Blend Media. He also founded Viral Spiral, which is best known for the viral sensation ‘Charlie Bit My Finger’ and was acquired by Rightster (now Brave Bison) in 2014.