IMAX Will Spend $50 Million On Creating High-Quality VR

IMAX is diving into the world of virtual reality in a big way. It’s looking to create high-quality virtual reality content but it’s going to need some money to do that. It has roped in some big investors to raise $50 million combined which will go towards the development of high-quality virtual reality content. It has completed the first phase of this effort and will create at least 25 premium virtual reality experiences for a variety of platforms.

IMAX is already working to introduce its experimental IMAX VR centers in several locations across the United States and the United Kingdom. It will certainly need to have a lot of premium VR content in order to make those centers a running business concern to ensure that people keep coming back.

“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,” said IMAX chief business development officer Robert D. Lister.

Some of these premium VR experiences will only be available at select IMAX VR locations. Aside from putting some of its own money into this effort, IMAX has raised money from the likes of Acer, the Creative Artists Agency as well a handful of Chinese media companies which include Enlight Media, China Media Capital, and Studio City.

Adnan Farooqui
Categories: General
Tags: imax, Virtual Reality (VR)