Imax Corporation (NYSE: IMAX) and Imax China Holding, Inc. (HKSE: 1970) have completed the first phase of a $50m virtual reality fund.
The fund will finance the creation of at least 25 interactive VR content experiences over the next three years for use across all VR platforms including in IMAX VR™ centres.
Subscribers, including Imax, Acer, Creative Artists Agency, China Media Capital, Enlight Media, The Raine Group, Studio City, and WPP, will focus on financing the creation of 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.
The launch of the fund is also related to Imax’ efforts to provide its upcoming Imax VR centres an ongoing array of interactive content experiences that let users see, feel, move and play in new worlds in an immersive and realistic way.
The company, which is already in advanced discussions with numerous content developers – including Hollywood studios and gaming publishers – intends to utilize the cinema-grade virtual reality camera that it is currently developing in partnership with Google for several of the projects.
Imax is in the process of launching its first pilot Imax VR centres in Los Angeles and at ODEON & UCI Cinemas Group’s Printworks multiplex location in Manchester, England. The company is also targeting additional test facilities in China, Japan, the U.S., the Middle East and Western Europe in the coming months.