UK-based immersive ‘Out of Home’ entertainment firm, Immotion Group (IMMO) , announced on Wednesday multiple agreements for three further installs, each with partners in the fast growing Aquarium sector.
Martin Higginson, CEO of Immotion Group acknowledged how growing demand from the aquarium market had lent itself to new opportunities for the firm, stating:
“We now have over 50 active leads from this sector which gives us real confidence in hitting our EBITDA breakeven figures in Q1 2020.”
The new editions will all feature the ‘Ocean Explorer’ series of experiences which includes Immotion’s latest feature, ‘Shark Dive’ -- a live action virtual reality experience where users can get up close with Tiger and Hammerhead Sharks.
The first installment is in Dubai Aquarium, one of the largest suspended aquariums in the world holding over 140 species, including the largest collection of Sand Tiger Sharks in the World.
The aquarium is situated in the largest shopping mall in the world, the Dubai Mall, which boasts over 80 million visitors every year -- under the contract, an initial four headsets will be installed inside the Mall just outside the aquarium’s entrance.
Significantly, Mr Higginson highlighted the installment at Dubai Aquarium as another “major milestone” for the company’s growth story.
Additionally, the further two installs will receive four headsets each and are situated in Texas -- the first at San Antonio Aquarium, and the second at Austin’s Aquarium.
Further, the company’s interims highlighted what Chairman Robin Miller described as a “very promising year” after passing the half stage mark, with a further 33 contracted installs expected in the next three weeks.
Most notably, the statement pinpointed the “excellent performance” of the aquarium sector which was shown to be trading ahead of their overall partner revenues -- overall, its outperformance indicates a “strong pipeline of interest”, the company explained.
Encouraged by recent success, Mr Miller depicted the partnership model as a “winning formula”, further adding, “We have, through a journey of discovery, honed our business model and are now focused on growing this model rapidly.
Our partnerships with entertainment giants are not only minimising risk but providing huge opportunity on a global basis. We are therefore confident in our target of not only reaching monthly breakeven in Q1 2020, but in delivering 1000 installed headsets by the end of 2020."
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