The Canadian cinema giant Cineplex has announced that it has signed a strategic partnership with the Seattle-based VRStudios that features a “significant” equity investment in the maker of commercial virtual reality (VR) arcades. Though the full terms of this deal have not been disclosed, but part of the agreement will see Cineplex install up to 40 VRStudios arcades in their multiplexes and location-based entertainment centers across Canada by 2021.
As reported by Hollywood Reporter, the two strategic partners will also work to “broader expansion opportunities” in North America and elsewhere outside Canada. As VRStudios sells commercial VR experiences to theme parks, arcades, amusement parks, family entertainment centers, casinos and theatrical multiplexes. Cineplex have in the pasted installed a number of VRStudios attractions at an out-of-home entertainment venue in Edmonton, Alberta, before expanding its agreement.
In a statement about the new partnership, Cineplex President and CRO Ellis Jacob explains: “We are not just deploying VR across our network, we are strategically investing in the market to create new revenue streams as well as critical mass and scale for growth,”
It was only earlier this month that VRStudios announced a new location-based VR configuration for the VRcade PowerPlay product line which would allow it to work better in smaller arena spaces. This means that now more locations then ever before would be able to offer these immersive experiences without needing a massive location in which to set up the technology needed to provide it. Their flagship VRcade PowerPlay product supports up to eight players within one space but the new configuration will allow for between two-six players.
Cineplex has already leveraged a number of different high-end VR attractions like The Void within their multiplexes in order to stand out in the market and attract customers to their locations. With this new deal they will soon be able to provide even more experiences to their customers and expand on the already inviting offering that they have available.
VRFocus will be sure to bring you all the latest on Cineplex and VRStudios in the future so make sure to stay tuned to keep up to date in the future.