Immotion (IMMO) has announced this morning the signing of a new 3-year contract with Chinese Virtual Reality company Leke VR. The two immersive entertainment companies have collaborated for the past 4 years, culminating in Immotion's official entry into the Chinese market. The new licensing deal will see Immotion's "Undersea Explorer" oceanographic VR experiences deployed to an initial 15 aquariums in China on 1 July 2022, with a view to further expansion into China's aquarium market.
The Undersea Explorer system uses motion platforms in a theatre-like multiseated environment. The initial 15 installations will have 180 seats in total, supporting 32 million annual visitors. Immotion will receive a license fee of RMB 2.10 (c. £0.25) per play.
Immotion's entry into the Chinese market represents a major expansion for the company, which reported strong FY2021 revenues in April. As previously reported, the company has been branching out of the aquarium market and adding zoos to its portfolio as well, announcing a 24-seat contract with the Pittsburgh Zoo on in April 2022, and a further 40-seat contract with the Milwaukee Zoo in May.
Martin Higginson, CEO, commented:
"We are delighted to be working with Leke VR as our partner in the Chinese market. The Chinese Aquarium and Zoo market has flourished in recent years, with many individually recording over 4 million annual visitors.
"This is an excellent way for us to enter the Chinese market, exposing our brand and VR experiences to this huge audience. Leke VR has an aggressive roll-out plan in this sector and to be doing this under a licensing agreement using our 'Undersea Explorer' brand allows us to further monetise our oceanographic VR experiences without having the burden of capital outlay or operational challenges."
Click here for Martin Higginson's April interview with Vox's Francesca Morgan.
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