Samsung recently announced a new retail price for its 360-degree camera, Gear 360. The new price of $229 positions the Samsung Gear 360 competitively among an increasingly competitive field. While the new Gear 360 includes several new usability enhancements and technical capabilities, such as a handle, iPhone compatibility, 4k resolution and live streaming on Facebook and YouTube, the biggest implication from the Korean consumer electronics manufacturer is the Gear 360's new price.
Although the Gear 360 was one of the first consumer-grade VR cameras to hit the market, Samsung faces significant competition from leading consumer cameras manufactured by Insta360 and Ricoh. Ricoh and Insta360 retail their cameras for lower prices at $300 and $130, respectively. Samsung’s lower price is a $100 reduction from the initial release price of $349 and gives the camera better market placement to compete with these manufacturers. The price was also expected to drop as the older Gear 360 camera was retailing at $300.
The new lower retail price should be interpreted as part of a go-to-market strategy intended to appeal a growing consumer and professional VR camera market.
A 360-View of the VR Camera Market
The future of VR video will be enabled by innovations in the specialized VR cameras, including light fields, volumetric capture, and stitching software. As the VR industry blends with the entertainment industry, consumers will begin to see more immersive content as professional and "prosumer" filmmakers use purpose-built VR cameras. Furthermore, VR cameras designed with consumers in mind are rapidly making their way into the marketplace.
Subscribers can login to read the 16-page report defining the competitive landscape within the VR camera market, including company profiles and positioning, as well as a 5-year revenue forecast. To order the full report, talk to Greenlight Insights about becoming a client today.