Bringing in hardware technology for promoting mass consumer adoption of VR
HONG KONG, March 23, 2018 /PRNewswire/ -- Digital Domain Holdings Limited (the "Company" or "Digital Domain"; stock code: 547), one of the largest and most innovative providers of visual effects and virtual reality (VR) experiences officially announced the acquisition of 60% of the effective interest of VR Technology Holdings Ltd, Shenzhen("3Glasses") on 22nd March, 2018. This strategic acquisition gives the Company an opportunity to tap into the VR headset market with promising prospects and enables the Group to extend its VR business to cover hardware technology, building a fully integrated VR ecosystem that encompasses VR content production, content distribution and VR hardware, which is crucial in distributing VR contents.
As one of the pioneers and leaders of China's VR hardware equipment, 3Glasses has launched China's first VR headset- 3Glasses D1, China's first mixed reality (MR) headset- 3Glasses Blubur S1 (Windows Mixed Reality Developer Kit) and pioneered the development of the VR player- 3Box. With more than 15 years of experiences in VR/AR technology development, 3Glasses has grown into an innovative technology company covering VR software, hardware and developer tools, content platforms and industry solutions. By 2016, 3Glasses together with Samsung, Hewlett-Packard, Dell, Lenovo, Acer, Fujitsu and Asus became the Microsoft "Windows Mixed Reality" global partner. This further demonstrated the company's strength and global influence. Furthermore, 3Glasses made a profit guarantee for the acquisition, committing that its annual profits in 2018 and 2019 would be no less than RMB 30 millionand RMB 50 million respectively. This definitely benefits Digital Domain in long-term business development.
Since entering the VR industry in 2014, Digital Domain has been strongly committed in promoting mass consumer adoption of VR . Over the past four years, the Company had made significant progress and successfully established business models in VR content production, as well as distribution of such VR contents through online App platforms and offline experience stores, namely DD Space VR Theatre. Digital Domain, with its premier content creation and production capabilities, exclusive distribution platform – VR Theatre now combined with the hardware technology edge from 3Glasses, will enable the Group's VR content and application distribution business to develop more rapidly, helping the company to create even more enriched virtual reality experience for the consumer market.
Meanwhile, Digital Domain is proactively exploring opportunities to develop its VFX, VR, Computer graphic, virtual human and immersive entertainment businesses in the Greater China market.
About Digital Domain Holdings Limited
Digital Domain creates transportive experiences that entertain, inform and inspire. The company is a pioneer in many fields, including visual effects, livestreaming landmark events in 360° virtual reality, building situational awareness applications, creating "virtual humans" for use in films and live events, and developing interactive content.
A creative force in visual effects and media applications, Digital Domain and its predecessor entities have brought artistry and technology to hundreds of motion pictures, commercials, video games, music videos and virtual reality experiences. Its groundbreaking visual effects appear in films such as "Titanic," "The Curious Case of Benjamin Button" and blockbusters "Spider-Man: Homecoming" and "Beauty and the Beast." Staff artists have won more than 100 major awards, including Academy Awards, Clios, BAFTA awards and Cannes Lions.
Digital Domain has offices in Los Angeles, New York, Vancouver, Portland, London, Beijing, Shanghai, Hong Kong, Taipei and Hyderabad. Digital Domain Holdings Limited is listed on the Hong Kong Stock Exchange (stock code: 547).