Leading entertainment and media company, Cineplex, has announced a strategic partnership with VRstduios, a provider of turnkey, location-based virtual reality solutions in the world. The agreement includes a commercial partnership and an investment by Cineplex to acquire a significant ownership interest in VRstudios.
In addition to installation opportunities at existing Cineplex-owned properties – including its theatre network and location-based entertainment (LBE) network – the agreement also provides broader expansion opportunities in North America and around the globe. Founded in 2014 and based in Seattle, Washington, VRstudios’ product solutions are sold in various configurations for untethered multiplayer, free-roaming, room-scale and warehouse-scale commercial VR attractions. It features eight unique VR experiences in environments ranging in size from 100 to 2,400 square feet.
With more than 65 systems deployed to customers in 15 countries, plus another 120 commercial VR attractions powered by its AMP management software, VRstudios has the largest global installation footprint today and provides virtual reality solutions to popular entertainment destinations including theme parks, arcades, amusement parks, family entertainment centres, casinos and movie theatre complexes. Cineplex has recently installed a VRstudios attraction at The Rec Room in South Edmonton, Alberta, and plans to open approximately 30-40 additional locations across its theatre and LBE networks in Canada by the end of 2021.
“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. We are proud to be leading the way in the burgeoning location-based VR market. VRstudios’ product portfolio base has obvious application opportunities across the Cineplex ecosystem, and we are particularly excited about growth opportunities for Player One Amusement Group.”
– Ellis Jacob, president and CEO, Cineplex
The agreement announced today creates opportunities for Player One Amusement Group (P1AG) to work closely with VRstudios to manage the sale, support integration and maintenance of VRstudios’ portfolio of systems in North America. P1AG specialises in solution servicing and design for a wide range of customers in the theatrical exhibition vertical as well as community-based entertainment destinations such as bowling centres, restaurants, arcades, shopping centres and water parks.
“Cineplex is one of the world’s leading entertainment companies and we are honoured to be working in partnership with them to drive further innovation in the location-based VR marketplace. There is great synergy in our respective visions for scaling VR in commercial entertainment and the enterprise-wide strategy to make it happen.”
– Kevin Vitale, chief executive officer, VRstudios