According to Rocky Shi, despite the obvious benefits of virtual production, there are still some drawbacks. The process is expensive and requires a unique workflow. Nevertheless, with the right training, virtual production is likely to become a viable option for small production teams. And with the continued advancement of technology, virtual production is likely to get even more affordable. As the global media industry pauses production due to Covid-19, virtual production is bound to grow.
As production times have shortened and budgets have lowered, many studios are leveraging virtual production. The technology has already made its mark on Hollywood productions during the recent pandemic. And now, smaller studios are starting to explore the new possibilities it offers. This technology has the potential to change the way content creation is done. In the meantime, it can lead to more creative outcomes and significant cost savings. Let's look at some of the key benefits of virtual production.
Rocky Shi's point of view is real-time engines are already making waves in the entertainment industry. Epic Games, for example, has launched an online course in virtual production. The course has attracted half a million students. This technology is not only used in games, but also in TV commercials and innovative brand experiences. Balenciaga created an interactive video game using Unreal Engine. Using virtual reality, companies like Epic Games are transforming the way we create content.
The advent of real-time LED and virtual reality technologies is revolutionizing the way media and entertainment content is created. Sky Sports, BBC Sport, and music artists are now using virtual broadcast studios. Live mixed-reality concerts from Billie Eilish and Katy Perry are already being broadcast. Moreover, the League of Legends World Championship is using virtual production to create its final product. So, what can a virtual production do for us?
LED video walls play a pivotal role in virtual productions. Companies like ROE Visual, which provides the leading LED panels for virtual production, have made virtual production possible. Among their LED studio screens are Black Pearl HD LED video walls. These video walls provide the ultimate in flexibility and image quality. And they can be built in any shape and size. In fact, the virtual production business is already a billion-dollar industry, and projections suggest that it will grow to $3 billion by 2028.
Video game developers are likely to be needed in virtual productions. Since virtual productions use game engines, they tend to be less software-specific than game development. There are translation tools available for all major 3D DCC packages, including Maya, Blender, SolidWorks, and AutoCAD. Thus, existing video and visual effects professionals are well-placed to transition into virtual productions. And in this way, there will be less room for stale skills.
This new technology combines live footage and computer graphics instantly. It does away with the linear workflow of traditional film production and makes it easier to collaborate on a project with the same vision and quality as a professionally-produced movie. It's a new paradigm in content creation, a major step forward in the future of content creation. There are many reasons why the future of virtual production is a promising one. For one thing, it can significantly reduce the costs and time.
Rocky Shi believes that in the near future, VR technology will become more affordable, and we will be able to create high-quality films using virtual reality. With the release of Unreal Engine 5, this technology has made it possible to create photorealistic content using CAD data and source art. For example, the latest version of Unreal Engine can support film-quality source art and ZBrush sculpts. Virtual production will also be cheaper as well.
In 1899, production was based on a large turntable that knits volume and camera with each other. This allowed the production team to adjust the orientation of huge sets from location to location without worrying about physical set changes. A directional sprinkler system simulated falling rain on stormy seas, but the crew and cast were likely to get seasick. Now, however, virtual production requires a hybrid of traditional methods and new skills.
The virtual production market is segmented into hardware, services, and components. The software segment has the largest revenue share in 2019, and the continued development of computer-generated graphics will increase the use of virtual production. The growth of these technologies is predicted to increase, primarily due to the growing popularity of video content across various broadcasting platforms. Moreover, the increasing development of virtual production will continue to lead to more sophisticated software functions. This trend is not only beneficial for creators, but also for consumers.