One of the reasons virtual reality (VR) and other immersive technologies have taken off like they have is due to continual investment from across the globe. Today IMAX Corporation and IMAX China Holding, Inc. have announced the completion of the first phase of a $50 million USD VR fund to help finance the creation of at least 25 experiences over the next three years.
IMAX and its partners, which include Acer, Creative Artists Agency (CAA), China Media Capital, Enlight Media, The Raine Group, Studio City and WPP will use the funds to target premium, event-style productions with its Hollywood studio and filmmaker partners that complement IMAX’s film slate, as well as gaming publishers and other leading content developers.
“IMAX has built its legacy on using innovation and creative collaboration to drive the further adoption of new technologies. Today, we are expanding upon that legacy by teaming up with leaders across the media, entertainment and technology space to unlock a new level of premium, high-quality content for use throughout the VR ecosystem,” said IMAX Corp. CEO Richard L. Gelfond. “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.”
The initiative will also help provide its upcoming IMAX VR centres with content, like the ODEON & UCI Cinemas Group’s Printworks multiplex location in Manchester, UK which was announced last month. IMAX will be utilizing the cinema-grade 360-degree camera that it is currently developing in partnership with Google for several of the projects.
“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,” added 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.”
VRFocus will continue its coverage of IMAX and its VR plans, reporting back with any further updates.