Cineplex buys stake in VRstudios
Toronto-based Cineplex has acquired a financial interest in VRstudios of Seattle, WA. The company specializes in virtual reality installations. Through this agreement, Cineplex will install 30 to 40 virtual reality systems in its properties by the end of 2021. The company has placed these first of these systems at The Rec Room in Edmonton.
"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," said Ellis Jacob, president and CEO of Cineplex. "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."