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IMAX raised $50 million to fund creation of VR experiences

IMAX raised $50 million to fund creation of VR experiences

November 11, 2016 | By Alissa McAloon

November 11, 2016 | By Alissa McAloon
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More: VR, Business/Marketing

The traditionally film-focused company IMAX has partnered with businesses like Acer and the Creative Artists Agency to establish a $50 million fund with the goal of financing at least 25 interactive VR experiences in the next 3 years.

IMAX’s push for high quality VR experiences could be good news for virtual reality content creators on both the film and video game side of the industry. According to IMAX’s CEO, investing in premium VR experiences has the potential to ultimately attract more people to the platform and increase interest in virtual reality as a whole.

"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 centers,” added IMAX chief business development officer Robert D. Lister in a press release announcing the fund.

The money will go toward partnerships with video game publishers and filmmakers alike to finance the creation of high quality, premium event style productions. This push for new VR experiences is in part related to the StarVR-powered IMAX VR centers the company plans to open this year, but the company said it plans to release the content across all VR platforms. 

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