The global location-based entertainment market size is anticipated to reach USD 30.29 billion by 2028, registering an estimated CAGR of 34.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The introduction of Virtual Reality (VR) in the gaming industry has added a new dimension by offering a simulated realm for gamers looking forward to an immersive and real-like experience. As such, several video game developers are entering into mergers and acquisitions with VR and Location-based Entertainment (LBE) technology providers to increase their respective market shares. For instance, in February 2021, Vertigo Games, a VR publisher and game developer, acquired Springboard VR, a VR venue management software and content marketplace provider for LBE. The acquisition was aimed at offering operators access to VR content through Vertigo Games’ Haze VR distribution platform and providing both game studios and operators with new tools and technology to expand their LBE business.
LBE services are offered in arcades, amusement parks, and VR cafes, among other entertainment services. The integration of Augmented Reality (AR), VR, 3D animation, and other immersive technologies with LBE is driving the growth of the market for location-based entertainment. LBE operators are concentrating on expanding their global footprint and gaining a competitive advantage over their rivals. For instance, in September 2020, Koch Media GmbH, a video game company, acquired Vertigo Games to strengthen its global reach and network while opening new publishing opportunities for itself and for Vertigo Games and its subsidiaries.
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