To enlighten investors on the impact of these breakthroughs and the opportunities they should create, we began publishing Big Ideas in 2017. This annual research report seeks to highlight

Revenue (Billions, USD)
Augmented Reality Market Opportunity
AR Smartphone
AR Glassses

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•
"Virtual Reality" Could 
Approach Reality By 2030
[1] Unit of Visual Immersion is calculated by taking the harmonic mean of Resolution, Refresh Rate, and Field of View per device divided by estimated max Resolution, Refresh Rate, and Field of View respectfully, with each factor 
weighted differently. [2] Pioneered by Theodore Wright in 1936, Wright’s Law aims to provide a reliable framework for forecasting cost declines as a function of cumulative production. Specifically, it states that for every cumulative 
doubling of units produced, costs will fall by a constant percentage.
Forecasts are inherently limited and cannot be relied upon.
Source: ARK Investment Management LLC based on data sourced from: S&P Global Market Intelligence.
26
Virtual Worlds
0.0
0.1
1.0
10.0
100.0
1,000.0
10,000.0 100,000.0 1,000,000.0 10,000,000.0
100,000,000.0
1,000,000,000.0
US
D 
/ 
UV
I
Cumulative UVI Produced
Unit of Visual Immersion (UVI)
Cost Decline 
Historical
Projected
Gaming Console-
Like Adoption
2030:
$3,400
0.0
0.1
1.0
10.0
100
1,
000
10,000
100,000
1M 
10 M
1B
100 M
1991:
$41 M
•
Based on our proprietary scoring system 
(UVI
1
), best in class VR headsets today 
achieve only 10% of human visual immersion.
•
If consumer VR is limited to the console 
gaming market, we believe VR headsets will 
not scale to human immersion capabilities 
for the mass market.
•
Based on Wright’s Law,
2
complete visual 
immersion at a price-point comparable to 
that of a PC will require VR headsets to 
follow the adoption curve of smart-phones 
until 2030.
2020: