12 Potentially Million Dollar Virtual Reality Business Ideas

In this article, I'm going to share some the most exciting potential business opportunities that I could think of for the virtual reality industry. 

I've thought of most of these during the hours I should be sleeping...Some are much better and more likely to happen than others. 

A quick buzzkill before we get too far in...

The technology behind virtual reality has vastly exceeded its current market of consumers. 

I own an Oculus Rift , which is the most common virtual reality headset, and I am amazed at how great the VR technology is right now. It is well worth the $399 I paid for it (not to mention the $1700 I had to spend on a new laptop to run it and all of the paid VR games) BUT that doesn't mean it's affordable for the masses yet. 

Many still consider it a novelty and a toy for people with disposable income.

Mass adoption is a long way away and things will likely look way different than they do now when a critical mass of users start to get their own virtual reality headsets and join the party.

The Oculus Rift I'm using now will look antiquated in a few years compared to the VR headsets of the future, I'm sure. 

The graphics, apps and VR games that currently seem amazing to me will be replaced by things much more advanced and sleek virtual reality content. That doesn't mean savvy, forward thinking entrepreneurs like you and me shouldn't get in now and keep our thumb on the pulse of the industry. 

So, my recommendation to you is to be patient and be ok with the fact that adoption into the VR industry is still going to be very slow moving. If you expect huge results soon, this might not be the industry for you. 

I believe anyone who starts using the technology in the next year (maybe two years) will some day be considered an "early adopter" in the grand scheme of virtual reality. There are SUPER early adopters who will roll their eyes at this since they've been in this for over a decade, but I still believe the industry is very much in its infancy, especially in terms of adoption and the size of the user base.

Here are the big Virtual Reality business ideas that have caught my eye so far. 

Keep in mind, there are WAY more VR business opportunities than I can share here, these are just the biggest and most exciting ones to me at the time of writing.

Virtual reality will still have a wide impact on most existing niches, but some innovations will completely disrupt entire industries. 

Attending conferences is great, but traveling to them isn't feasible for everyone. Even someone like me who attends multiple conferences a year would like to attend more. Virtual reality will help bring live events to people who normally couldn't attend them. 

With VR, all kinds of communities now have the ability to meet and collaborate instantly.

This is great for people like me who attend these conferences, but it's also great for people who host these events.

Promoters will no longer be limited to physical space and can sell a potentially unlimited number of virtual tickets (although they'd be wise to limit the number sold for marketing purposes). 

2. Virtual Digital Advertising Agencies

Wherever there are people online, there are opportunities for digital advertisers to make money. 

Just think about it: a VR based marketing agency!

There will be a number of companies (large agencies and small time entrepreneurs) who will establish themselves as experts and drive tremendous results for their clients. These people will become influencers in the space and will be regarded as experts in the niche.

Some of them will surely make courses and offer consulting services with their VR content creation business that will make them millions of dollars in the near future.

3. Virtual Intangible Products (Homes, Clothing, Etc).

It started slowly. 

Gamers were spending real money in the games and apps they were using regularly.

They'd spend money to upgrade weapons in games like Call of Duty or buy the newest skins in Fortnite. 

They'd drop a couple of bucks to get additional betting chips in card game apps. Apps that paid out nothing even if you won!

Think about that for a second please... people are spending real money just to pretend to gamble!

Over time, these users started buying stuff that didn't even make sense from a basic utility perspective. They started buying the digital equivalents of things that previously only had actual value in real life. 

Things like seeds in Farmville and T-shirts in Roblox. 

Things that allowed users a level of "self actualization" and filled the same basic desires of enhancing appearances and increasing our influence relative to our peers. These were things that were always reserved for physical products.

People started to craft identities for themselves and were paying to look a certain way to other users. 

Whether you think this is silly or not, it is happening and it will only increase over time. 

Now, if someone will pay to wear a digital t-shirt to impress others, what will happen when the world of virtual reality starts to link more closely to personal status? As mass adoption starts to happen, more users will be interacting with each other.

The desire to show off style and status will grow with the number of consumers. 

Consider this....

What happens when you want to invite someone to your virtual hangout room (there are some types of games that already have this) and you realize it looks plain and boring? You can start to deck out your virtual reality in the same way you would in real life. Users will spend money to express themselves to others. 

 There will be designers and developers waiting to sell various intangible digital products at every corner.

Sound crazy? Well, it is, but it really isn't. It's already happening.

4. Virtual Concerts 

Musicians and concert goers will find the potential for VR very exciting.

Imagine turning your garage band jam session into a live show with unlimited viewers? All without leaving the comfort of your.. garage...ok maybe garages aren't comfortable, but you get the point. 

Bands that struggle to schedule their own gigs at bars and other venues will take it upon themselves to get their music out there on their own. 

Musicians will monetize this and various companies and promoters will join in on the party and profit as well.

5. Virtual Sporting Events

Sporting events will be a tremendous opportunity for fans and event hosts. 

Did you go and only buy the thing you were looking for? 

Even further, did you EVEN buy the thing you were looking for?

Maybe, but the odds are good that you bought additional items as well. This sort of virtual store experience will allow retailers to increase the value of the average customer visit. 

Big name retail and grocery stores might be wise to integrate virtual reality into their models. 

Also, e-commerce stores can make digital locations that consumers can walk through without actually owning any real estate, paying employees or paying large utility bills. They can utilize various fulfillment options to ship products to customers who fill their "virtual carts" and pay with real money. 

Eventually, VR users may be able to check out at a register and swipe their actual credit card at the register!

Super cool.

8. Virtual Classrooms for Online Courses (Private and College)

I love online courses but there is something special that happens in a live, classroom scenario. 

Entrepreneurs who sell information products can make live trainings that allow them to interact in a whole new way with their students. 

This will allow them to connect with students who learn best in a traditional classroom environment which means, you guessed it, more sales!

Not to mention the opportunities for VR libraries that store all of your content for easy, fun access.

9. Virtual Casinos (Physical)

Now I'm not a gambler, but in the US in 2016 gamblers spent over 450 billion dollars.

That's a lot of bread!

Many gamblers love the games but not the often smokey, degenerate environment (I'm sorry if you take offense to that description, not all casinos have a degenerate environment).