IMAX Completes First Phase of $50 Million Virtual Reality Fund
As recently announced by Canada-based IMAX Corporation and IMAX China Holding, Inc., the first investment phase in the 50 million US Dollar fund to further develop Virtual Reality (VR) content is completed. Beside IMAX, several partner companies invest in the fund to support the development of at least 25 interactive VR experiences for respective platforms such as the IMAX VRTM Center during the next three years. The main focus is laid on the development of premium content in collaboration with Hollywood Studios and other filmmakers, gaming publishers and content developers.
“With VR in its ascendancy, this initiative is a key step in ensuring that more high-quality content makes its way to various VR platforms, including IMAX VR centres,” said IMAX Chief Business Development Officer Robert D. Lister. “We were extremely pleased with the significant interest we received from such a prominent group of investors, and together, we look forward to helping usher in the next generation of highly differentiated, highly immersive VR content experiences to audiences worldwide”, he added. Richard L. Gelfond, CEO of IMAX Corp., stated: “We will be leveraging our collective relationships with world-class filmmakers and content creators to fund VR experiences that excite and attract a larger user base to capitalize on opportunities across all VR platforms including IMAX VR.”
In addition to IMAX, other strategic investors include Acer, Creative Artists Agency, China Media Capital and Studio City as well as The Raine Group, a global merchant bank focused on technology. (eap)
