The AR industry has had many well publicised highs and lows: the mass participation of Pokémon Go, Snapchat lenses and the consequent rise of social AR, versus the ridiculed Google Glass, AR vandalism and the recent fall of Magic Leapvi, whose headsets were expected to be one of the leaders in consumer-facing AR. In this report – Overhyped or Underplayed Augmented Reality – we explore where the industry is headed, what it means for media and advertising and what brands need to do now.