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IMAX completes first phase of USD50m virtual reality fund

IMAX Corporation and IMAX China Holding have completed the first phase of a USD50 million virtual reality fund to help finance the creation of at least 25 interactive VR content experiences over the next three years.

IMAX and its partners, which include leaders from the media, entertainment and technology sectors, will use the funds to aid in the creation of higher-quality VR content that can be leveraged across the burgeoning VR industry.
 
The group will 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 content developers.
 
In addition to IMAX, other strategic investors include Acer, one of the world's premium hardware and manufacturing companies; Creative Artists Agency (CAA), an entertainment and sports agency; China Media Capital, a media- and entertainment-focused investment fund and a shareholder in IMAX China; Enlight Media, an entertainment content-focused corporation in China; The Raine Group, a global merchant bank focused exclusively on technology, media, and telecommunications; Studio City, an investment company responsible for the founding of the China national showcase zone for TV and films; and WPP, the world's largest advertising and marketing services group.
 
"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," says 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 capitalise on opportunities across all VR platforms including IMAX VR."
 
"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," adds 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."
 
IMAX is in the process of launching its first pilot IMAX VR centres in Los Angeles and at Odeon and UCI Cinemas Group's Printworks multiplex location in Manchester, England. The company is also targeting additional test facilities in China, Japan, the US, the Middle East and Western Europe in the coming months.
 
IMAX plans to use these pilot locations to gauge several factors including the overall customer experience, pricing models and the types of content featured. If successful, the intent is to roll out the concept globally to select multiplexes as well as commercial locations such as shopping centres and tourist destinations.

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