Cineplex Inc., Canada’s giant entertainment and media company which owns the Player One Amusement Group among many other entities, has purchased what they term a “significant ownership interest” in VRstudios (described by them as “the largest provider of turnkey, location-based virtual reality solutions in the world”). In addition to the opportunity to put VR installations into existing Cineplex-owned properties (including its enormous movie theatre network and location-based entertainment facilities), the agreement also provides broader VRstudios expansion opportunities in North America and around the globe.
Founded in 2014 and based in Seattle, this virtual reality company has been actively selling various configurations for untethered, free-roaming, room-scale and warehouse-scale attractions here and abroad. They offer 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 can presently be found operating in arcades, amusement parks, FECs, casinos and movie theatres. Cineplex recently installed one in The Rec Room in South Edmonton, Alberta, and plans to open approximately 30-40 additional locations across its theater and LBE networks in Canada by the end of 2021.
“We’re not just deploying VR across our network, but 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,” said Ellis Jacob, Cineplex’s President and CEO.
“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,” Jacob declared, adding that the agreement creates opportunities for P1AG to work closely with VRstudios to manage the sale, support integration and maintenance of VRstudios’ portfolio of systems in North America.
“Cineplex is one of the world’s leading entertainment companies and we are honored to be working in partnership with them to drive further innovation in the location-based VR marketplace,” said Kevin Vitale, VRstudios’ CEO. “There’s great synergy in our respective visions for scaling VR in commercial entertainment and the enterprise-wide strategy to make it happen.” VRstudios offers a complete, customizable end-to-end virtual reality solution that includes an Attraction Management Platform for FECs.
“We emphasize turnkey installation, easy-operation, training and support, as well as owner profitability, using commercial-quality, patent-pending technology to offer ultimate virtual reality attractions,” Vitale emphasized.