While VR is still young, it crossed an important milestone at the start of 2020: more than 100 VR games have exceeded $1 million in revenue.
In an analysis published earlier this month, VR Fund investor Tipatat Chennavasin made the case that 2019 was a significant inflection point for the VR industry.
Based on data gathered from the major VR storefronts—Steam, PlayStation Network, Oculus PC, & Oculus Rift—and insights from developers, Chennavasin estimates that a total of 106 VR games have exceeded $1 million in revenue. And nearly half of that has come in the last 12 months alone.
What’s more, among those 106 titles, some have rocketed past the $1 million milestone; Chennavasin reports that the top seven titles have exceeded $10 million in revenue, with the leading title pulling in a whopping $60 million. By this time next year, he expects, the first VR game could reach the $100 million milestone.
The number of titles reaching $1 million or more is a key data point, Chennavasin said, as it demonstrates that success in the VR space is repeatable; VR is no longer a developer’s playground, it’s a platform offering real opportunity.
As a whole, he estimates that VR game revenue in 2019 reached $300 million across platforms, a major boost compared to the years prior, driven partly by Quest but also by significant growth from the other major platforms as well.
See Chennavasin’s full report for more data and analysis on the state of VR today.