Magic Memories secures NZD $25m to help revive global attractions industry
Magic Memories, a global tourism and entertainment tech company focused on innovating media capture experiences and designing personalised content, has received USD $17m (NZD $25.5 m) of funding.
Magic Memories saw revenues fall following the mass closure of attractions around the world. However, reducing outgoings while retaining core talent and IP enabled consistent progress on product development throughout Covid-19, the company stated in a recent release.
The recent funding from the company’s existing shareholders has enabled Magic Memories to accelerate its product innovation, enabling partners to deliver a memory making model that provides the very best engaging image capture experiences and digital products to support their recovery and future revenue growth.
The funding also enabled Magic Memories to honour its financial agreements in place before and during the Covid-19 period to all of its 160+ partners globally.
“The Covid-19 pandemic has had a devastating impact on many industries, and the tourism and experience industry has been among the hardest hit. While many closures remain in place and uncertainty lies around reopening dates, we’re fully committed to supporting our attraction partners through the pandemic and playing a key role in helping the industry thrive once again,” comments Magic Memories’ CEO, Chris Warhurst.
“The funding and support we have received from shareholders underline their confidence in our business and strategy to further invest in our products and technology. We are poised to emerge from Covid-19 with the world’s most engaging media capture experiences and product outputs for guests that increases our partners revenue streams and enhances their guest and brand experience.”