Immotion Group PLC - Manchester, England-based virtual reality entertainment company - Enters three-year licensing deal with Chinese virtual reality company Leke VR. Under the deal, the company will license a number of its oceanographic virtual reality experiences under its Undersea Explorer brand. Immotion says the deal allows it to expand into the Chinese aquarium market. The experiences will be installed into an initial 15 aquariums on July 1, with further roll outs in the future. Immotion will receive a licence fee of RMB2.10, around GBP0.25, per play from each location.
Chief Executive Martin Higginson says: "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."
Current stock price: 3.99 pence, up 2.3% on Thursday
12-month change: down 22%
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
