Our members and partners now have access to our new LUFT XR Industry Tracker. This is our knowledge base of interconnected firms, organizations, and individuals that are leading the way in augmented & virtual reality, gaming, multi-media, and other transcendent applications. It is a work in progress and will build over time. We believe that the travel industry can play a deeper role in developing out this nascent and exciting industry.
Earlier this month we delivered a report entitled Transcendence in Travel 2018 as a way to explore XR as a disruptor and market opportunity for the travel industry. Here are some of those main takeaways.
- The travel industry should anticipate direct, indirect, and induced impacts as XR develops in lock step with other technologies including artificial intelligence, 5G, and blockchain.
- XR is here to stay, despite the bottlenecks and societal discomfort felt towards it.
- XR will clearly open up new customer engagement channels for travel brands. It will also become a product complement, alternative, and even substitute to travel as society transcends deeper into the digital realm.
- As with previous technology cycles, a new generation awaits and is ready to embrace XR both as a way of life and as an economic opportunity. We're calling them the New Transcendentalists.
- Our exploration of XR also affirmed the commonly accepted notion that travel is often late when it comes to innovation. XR could be the opportunity for the travel industry to assume a leadership role in the space. We wrote a reactionary piece entitled How Big Travel Lost The Consumer, after attending Travel Tech Con in San Francisco - mostly out of love for the industry.
- XR is augmented and virtual reality and other interconnected segments including gaming, esports, marketing & advertising tech, content studios, venture funds, and other actors. We're calling this group of inter-connected firms the XR Applications industry cluster.
Points of Entry
Because XR is a growing ecosystem of inter-connected firms, institutions, and individuals that compete to win. Our objective here is to shine a light on points of entry for the travel industry to inject itself into the ecosystem.
One shout-out: Air New Zealand recently announced a partnership with mixed reality startup firm Magic Leap on an exciting new content initiative. We commend the airline for looking beyond the proverbial purchase funnel and investing early to seed those vital connections.
More to come. We look forward to taking this journey with you.
LUFT is an independent research platform serving the travel industry with unique insights and data on the companies and trends that inspire us to move. We are on a mission to help brands survive and thrive in a rapidly evolving technology landscape. Become a member. Learn about our services. Reach out to schedule an exploratory session. We're looking for partners.