The virtual reality consumer market is slowly coming together, between a forthcoming launch of the Oculus Rift in 2016 and products coming from HTC and Sony. Some are skeptical about the power of virtual reality, but Mandalay Entertainment CEO Peter Guber believes that it could be “the secret sauce for live entertainment,” according to Re/Code.

Guber recently invested in NextVR, a company that will be contributing to some form of entertainment for virtual reality. Although an exact amount wasn’t given, a NextVR rep did state it was “in the millions of dollars” range.

“The social element is critical, live in the arena,” said Guber, talking about a live sports experience that could easily be recreated in VR. “But you can only fill 18,000 seats, and there are seven billion people in the world.”

NextVR could take virtual reality in a better direction, broadcasting live events that allow viewers to look in any direction, recreating the “you are there” experience in full 3D, as indicated by executive chairman Brad Allen.

Along with sports events, Guber also believes that there’s potential for entertainment-based events, like the awards shows hosted by Dick Clark Production – where he’s currently a chairman. Users can also “move” around a stadium or theater to change their view, possibly through an implemented voice command system.

“You don’t have a director telling you where to look,” said Guber. “Individual capture devices can be put in separate places, and you can move from courtside to the owner’s suite, looking down.”

There are questions, of course, like whether people will think it’s comfortable watching whole games or events from a headset, and what kind of business model will be put in place for it. Pay-per-view is certainly an option, along with a possible subscription service. Nothing has been finalized just yet.

It’ll certainly offer a number of possibilities when it takes off in just a few months’ time.