This document discusses augmented reality (AR) and virtual reality (VR). It defines VR as an immersive simulated experience of a real or imagined environment, while AR supplements the live physical environment with digital elements. The document then covers the beginnings and modern era of VR, its potential to disrupt industries like gaming, advertising, film, social media, education, and music. It also discusses major VR industry players and the projected growth of the VR market. Finally, it outlines the key parts of the VR landscape including studios, capture, processing, distribution, displays, and input/output.