Virtual Production (VP) is a relatively new term.
It refers to a wide spectrum of visual film-making methods and computer-aided production. This cutting-edge technology removes the barriers between live production and visual effects, creating a more efficient and collaborative workflow. Moving Picture Company (MPC) defines VP as such:
“VP combines virtual and augmented reality with CGI and game-engine technologies to enable production crews to see their scenes unfold as they are composed and captured on set.”
Though this transformational technology is new, the scope of its applicability is vast. Because of this, VP can be taken advantage of by many different types of projects, such as fully animated virtual productions, like Disney’s remake of The Lion King, or live-action virtual productions, such as Disney+’s TV series, The Mandalorian.
So How does it work?
By utilizing game engine software such as Unreal Engine by Epic Games, productions are able to simulate visual effects with real world physics, making visual assets even more believable. VP enables the ability to shoot in real-time, with in-camera effects to maximize on-set efficiencies. These stage-like digital environments create immersive experiences for production crews and enable visual assets to be moved and manipulated while camera angles and lighting conditions are experimented upon.
Solving problems in real time.
Virtual production also helps to solve classic production problems that are costly and cumbersome. For example, linear-like workflows encompass pre-production, production, and post-production; this traditional type of workflow makes the iteration process very limited and many times leaves resource compatibility between departments strained. 
Virtual over Traditional
Unlike the traditional, in-line workflow, VP enables production processes to happen in real time. This alleviates uncertainties and innately promotes collaboration, provisional imagery and cost efficiency. Directors, cinematographers, actors, and production crews can now collaborate in a way that allows them feel more connected and empowered by having the ability respond to creative decisions instantly. 
The immediacy that VP affords has transformed the way production is being approached, for both studio based and live event projects. This surge of creative freedom is now the latest technological catalyst for asset innovation.
VP Features and Benefits:
- Asset creation
- High-quality assets
- Real-time engine
- More malleable tools
- Remote/multiuser collaboration
- Real-time physics
- Distributed rendering
- Real-world camera movement
- Asset tracking and data management
- Avoiding budget creep
The Future of VP
This technological advancement is not only applicable towards filmmaking, it also has the ability to revolutionize the vehicles traditionally used by businesses and artists alike to reach new markets. Imagine a company that wants to launch a new product; by utilizing virtual production they could broadcast live via virtual private networks, or VPNs, and launch their product using customized virtual sets composited in real time. These immersive environments advance how products and customer engagement can be experienced.
I am personally very interested in how virtual production will be applied towards live events, specifically theatre and concerts. We have yet to scratch the itch that live events have left behind in a post-COVID 19 society. In this way, virtual production is carving a path for itself at an unprecedented speed in order to accommodate the shifts we are now adapting to.