(Sharecast News) - Entertainment developer Immotion has entered into a three-year licensing deal for the Chinese aquarium market, it announced on Thursday.
The AIM-traded company said it would licence a select number of its oceanographic virtual reality experiences under its 'Undersea Explorer' brand.
It said the contract would be with Chinese virtual reality (VR) company Leke VR, which it had dealt with already over the last four years.
Each of the experiences would operate on motion platforms in a multi-seated environment.
The experiences would be installed into an initial 15 aquariums on 1 July, with the intention to roll the experiences out to "many more" aquariums.
Immotion said the initial installations would total 180 seats, with an annual footfall of more than 32 million visitors across all sites.
The company would receive a licence fee of CNY 2.10 (25p) per play from each location.
"We are delighted to be working with Leke VR as our partner in the Chinese market," said chief executive officer Martin Higginson.
"The Chinese aquarium and zoo market has flourished in recent years, with many individually recording over four million annual visitors."
Higginson said it was an "excellent way" to enter the Chinese market, exposing the brand and VR experiences to a "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."
At 1400 BST, shares in Immotion VR were down 1.79% at 3.83p.
Reporting by Josh White at Sharecast.com.
