David Ingham, Director of Digital Media at Cognizant, and Phil Harper, Director at Alchemy VR before recently founding IMRGE, took to the stage at the Quantum conference today to discuss recent developments in virtual reality (VR) and what this means for publishers. Here are our top 10 takeaway points.

1) There are two ways in which virtual reality is viewed in business: I’m not convinced and I might not be convinced, but I’m not going to be left out and I need to invest in it.

2) VR poses the following challenges: what content should be used, on which platform(s), and on which device(s).

3) There’s a huge consumer demand for VR. Rather than a top down approach like 3D TV, grassroots demand from audiences has driven VR development. Bigger companies are playing catch-up with the kickstarters.

4) Users are often touched by VR. The user’s reaction to characters can be much more intense, opening up more opportunities.

5) There are many potential revenue streams for VR. For the home market, many are looking to the app model as the infrastructure already exists and consumers are used to it.

6) Partner with other companies. You’ll have their data and expertise, and will be able to translate your content into new and exciting formats.

7) There are no experts with VR when it comes to VR. With the write creativity and content, there’s plenty of opportunity for innovation.

8) Mobile VR is most likely to be the first dominant device for VR. All that’s needed is a headset – phones already have adequate processing power and screen resolution.

9) For complete interaction, i.e. to pick things up, then you’d need a tethered device. Your subconscious works like it’s real, despite your conscious telling you it’s not. The power this offers and the direction you go with it is the creative challenge.

10) Knowledge retention is a key issue in educational publishing: people retain 10% of the information they read, 20% of that that they hear but 90% when they do. VR may be the solution to this. What you read/listen to in a classroom could then immediately be put it into practice with VR.

Check out altspace if you need a bit more convincing.