Netflix, Inc. (NASDAQ:NFLX) is not prioritizing virtual reality (VR) as part of its offerings right now, the streaming media giant announced this week.
As Engadget reports, while Netflix believes VR is a natural fit for gaming, it’s still yet to be proved in the streaming TV and media world:
Speaking at a media event inside the company’s Hollywood headquarters, Chief Production Officer Greg Peters said that Netflix is only focused on seeing how VR systems evolve at the moment.
He said that’s because he sees it as more of a medium intended for gaming, rather than one where subscribers can have a lean-back experience to enjoy any of the content Netflix has to offer. Peters added that he believes virtual reality is still in its early days, hence Netflix choosing to sit back and take a wait-and-see approach to it.
Unbeknownst to most users, Netflix actually does have a couple of VR offerings already. It has a 360-degree app that allows Samsung Gear VR users to watch movies, and a similar program for Google Daydream. However, it hasn’t released anything new on that front in a couple of years.
Hardware limitations continue to plague the development of virtual reality. The technology requires immense processing power at higher resolutions, and until hardware progresses to the point where it’s affordable, easy to use, and relatively cheap, Netflix is probably correct to sit this trend out for now.
Netflix, Inc. shares rose $0.54 (+0.17%) in premarket trading Thursday. Year-to-date, NFLX has gained 67.31%, versus a 2.22% rise in the benchmark S&P 500 index during the same period.