Immotion Group PLC Chinese Aquarium Licensing Deal
RNS Number : 0317P
Immotion Group PLC
16 June 2022
Immotion Group plc
("Immotion", the "Company" or the "Group")
Immotion signs deal to expand into Chinese Aquarium Market
Immotion, the UK-based immersive entertainment group, has
entered into into a three-year licensing deal for the Chinese
Aquarium market. The Company will license a select number of its
oceanographic virtual reality experiences under its 'Undersea
Explorer' brand. The contract will be with Chinese Virtual Reality
("VR") company, Leke VR, a company that Immotion has dealt with for
the past four years.
Each of the experiences will operate on motion platforms in a
multi-seated environment. The experiences will be installed into an
initial 15 aquariums on 1 July 2022, with the intention to roll the
experiences out to many more aquariums.
The initial installations into the 15 aquariums will total 180
seats with an annual footfall in excess of 32 million visitors
across all sites. Immotion will receive a licence fee of RMB 2.10
(circa GBP0.25) per play from each location.
Martin Higginson, CEO, Immotion Group plc said:
"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
Mr Yangwei, CTO, Leke VR said: "We are pleased to be working
with Immotion on this prestigious project. It is an honour for us
to license the 'Undersea Explorer' brand and some of their aquatic
VR experiences. We look forward to rolling this out across multiple
aquariums over the coming months and years."
For further information please visit www.immotion.co.uk , or
Immotion Group plc Martin Higginson firstname.lastname@example.org
WH Ireland Limited Jessica Cave Tel + 44 (0) 207 220 1666
(Nomad and Joint Broker) Darshan Patel
Alvarium Capital Partners Alex Davies Tel: +44 (0) 207 195 1458
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
LLP Erik Woolgar 9900
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(END) Dow Jones Newswires
June 16, 2022 02:00 ET (06:00 GMT)
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