To best choose a platform, you need to be clear and honest with yourself and your team about what you want for the product:

Make sure you know what you are getting into! The answers to the questions above will help you find your path.

As of today (mid-2018) there are four major players in the VR industry: HTC, Oculus, Sony, and Microsoft. No two products are alike and each have their own technical pros and cons, which I'll leave to you to explore. I can, however, dive into some details of the business and economic landscape surrounding the various platforms.

New Tech is always the best place to be. When a new device launches, there is a lot of consumer interest and plenty of day-one sales, so that might change the formula for you a bit. This is also why there are plenty of success stories from 2016, when a ton of devices launched, but very few from 2017.

There is also a lot more support for launch titles from platforms and vendors. This was true for mobile VR, Oculus Rift, HTC Vive, PS VR, and Microsoft MR launches -- and one can reasonably assume it will be true for future products. Keep an eye out for new platforms (they ARE coming) and stay in touch with the hardware developers. Being on a bleeding edge usually pays!

One school of thought is to "launch everywhere" - if you can launch on all platforms, you majorly increase your chance of long-term success. As each of these markets require a hefty hardware purchase, sales don't cannabalize from each other. Apps like these could be easier to make, as "lowest common denominator" development will drive you closer to non-VR design practices, and you gain multiple funding sources by targeting multiple platforms. However, spanning multiple platforms may also incur significant effort to "do it right" if the product isn't a natural fit for each platforms' quirks. Businesses can be built on this model.

Another school of thought says that "the killer app for VR could only exist in VR" and an app that is tailor-made for the strengths of a singular device will have a design clarity that others lack. For example, it is difficult to make a tennis game in VR if your hands need to be in front of your face for tracking, and it is difficult to translate a full-room-traversal game into a seated experience. This work is hard, but it is where all the breakthroughs in the "language of VR interaction" are being made. By targeting a singular platform, you have less funding opportunities, but a greater chance at a closer partnership with singular companies (e.g. exclusives). Heroes can be made on this model.

This is one of a handful of VR advice pages I've written. Check out the index for more.