Welcome to the segment Virtual Reality and Over the Top TV. This will be the agenda. I'll talk about what is virtual reality, I'll talk about the VR components, I'll talk about the VR potential. Then I'll talk about what is over the top TV, also known as OTT TV, and finish it off with the strategic implications of OTT TV. So let's get started. Okay, what is virtual reality? [SOUND] No this is not actually a virtual reality device, but coincidentally I experienced virtual reality just about one hour ago. So it's something that you put on top of your glasses. And it immerses you into this new space, which simulates a physical presence or an environment. So I've found myself in the desert and I was drawing pictures in a three dimensional way, and then I was flying. And it felt real. So even though it's simulated, nonetheless I think the emphasis is much more on the real part. So as for the uses, as you can see here, it's not just entertainment, even though I found it very entertaining. But it's also used for training, as well as for education. So you can, in fact, combine education and entertainment into so-called edutainment. And virtual reality is very good for that, so check it out on this YouTube link that I have provided. Okay so some examples of virtual reality. I'm sure every one of my learners have seen this movie, Avatar. And I saw it three times. So two times I saw it in 3D, once I saw it in 4D. So here in Asia, and I think in some movie houses in the US, you have seats that are moving. That blow wind in your face. Sometimes, blows water in your face. So, it's more than 3D. It immerses you in this new reality. So you get to almost interact with the characters shown in the film, like the Na'vi shown in the film. Another example would be that of hologram concerts. And Psy, famous for his Gangnam Style viral video, the company that he belongs to, which is YG Entertainment, from time to time they conduct the so-called hologram concerts. So again, you can check it out on this YouTube link. And we're still not at the Star Wars Princess Leia hologram stage, but nonetheless what this enables YG to do is to have a global reach. So even though Psy would want to go to every country and deliver his concerts, physically he can't do that. But still through these holograms, he may have still a physical-like presence doing real time that concert in many, many different places simultaneously. Okay, so this is what VR consists of, you need three components. So you need of course a 3D space which I experienced. You have to be able to project yourself into that space, seemingly in a very objective way. And thirdly, there has to be this real-time interaction. So, VR, virtual reality, is making those three components better all the time. And the potential is huge. So the VR market is projected to be about 80 billion very soon. And not surprisingly, all the majors, the usual suspects like Apple, like Samsung, Google, and Oculus which is owned by Facebook, are getting involved. And it's not just about entertainment, as we saw. It could be about training, and it could be about medical devices, surgeries being done through virtual reality. And so especially given this specialization which is about cross industry growth, that is where I think it can lead to many cross industry application possibilities.