Virtual reality (VR) entertainment is slowly making its way to every mainstream platform. Netflix (NASDAQ: NFLX) and Time Warner (NYSE: TWX) will get there with help from Google and its Daydream View headset.

For those unfamiliar, the Daydream isn't a stand-alone headset but a device into which users must plug a compatible phone. Add VR-compatible apps, turn on the View, and you've immersive VR. HBO and Netflix have already upgraded their apps, which means it's now possible to watch fully immersive episodes of Game of Thrones or any of Netflix's Marvel TV series, for example.

Why should investors care? While we're still in the early stages of the VR revolution, analysts are projecting huge growth in the years to come. IDC says the market is on pace to grow more than 181% annually between 2015 and 2020 if you also count augmented reality (AR) platforms and applications such as Pokemon Go. With numbers like that, Netflix and Time Warner shareholders should want to see as many experiments and deployments as possible.

Over time, it's possible we'll see both studios developing original VR and AR concepts. For now, though, Netflix CEO Reed Hastings says he'd rather stick with formats that lend themselves to binge watching. "We are more focused on a lean-back, relaxing experience," he said in a May interview with VentureBeat.

Warner, for its part, isn't just placing content on platforms like Daydream. Earlier this year the company's HBO subsidiary joined Discovery Communications in making an equity investment in privately held OTOY, which specializes in 3D holographic content. Comedian Jon Stewart is also working with OTOY to produce new programming for HBO, though it isn't yet clear exactly what he has in mind.

Maybe it doesn't matter. Maybe the point is that IDC's crazy estimates suggest we'll see many more investments -- in both companies and content -- in the years to come, which makes the VR market a must-follow for any investor interested in emerging technologies.

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Tim Beyers owns shares of Netflix and Time Warner.

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