I just read an article from the New York times, “With New Invention, VR’s Potential for Magic Gets Real“. It is an interesting article that gives a little background information about The Void, in Lindon Utah , and it gives a quick introduction of what else is going on in this new industry.
The article goes on to expose some financial data that I have not seen elsewhere. The article claims The Void’s Ghostbuster Experience at Madame Tussauds New York has sold more than 43,000 tickets since July, which translates to nearly $900,000 in revenue. Up until this point, The Void has been funded by Ken Bretschneider who has already invested millions of his own into the endeavor; (Rumored $12-$15 Million). The Void is now working with the Raine Group, a merchant bank known for its investment in Vice and ties to the William Morris Endeavor talent agency, to raise expansion funding. There are also rumors about mall owners and theme park operators.
The Void also sees itself as a new draw for dying malls, where anchor stores have been closing. Multiplexes, many of which are overbuilt, could convert auditoriums into stages. Film companies, eager for new ways to market movies and keep franchises alive between chapters, could turn to the Void as well.
The competition in this arena is building as well. Last week, Imax said it planned to open six V.R. centers this year, some in partnership with AMC Theaters and Regal Entertainment, at a cost of up to $400,000 each, not including real estate. Last December, her in good old Orlando, Zero Latency opened its first installation. I have yet to encounter numbers associated with this arrangement.
The competition in this new arena is building. Last week, Imax said it planned to open six V.R. centers this year, some in partnership with AMC Theaters and Regal Entertainment, at a cost of up to $400,000 each, not including real estate. “Virtual reality is a complex ecosystem that’s in need of a jump-start, and we’re here to provide the spark,” said Rich Gelfond, Imax’s chief executive. Also announced last week was Dreamscape Immersive, which hopes to open its first center dedicated to virtual reality experiences in the fall. It has cobbled together $11 million in funding from companies like 21st Century Fox, Westfield Corporation and Warner Bros. Mr. Spielberg is also involved.
The Void is fairly confident it will be able to stay a leader in this medium due to its three year lead exploring this new technology. I think they may have a point. This is a brand new medium in the realm of trans-media storytelling. All the rules are different and must be explored. The Void has a talented team of form VFX people and stage magicians. Luckily, iMyth is also endowed with talented individuals with considerable experience. With its first prototype, “The Courier”, iMyth now has a foundation with which it can start learning and mastering the nuances of this new field.
