Posted On: 06/05/2016 10:51:06 AM
Post# of 96892
Jaunt Inc. Launches Virtual Reality Venture in China
The Palo Alto-based startup has partnered with the influential state-backed investment groups China Media Capital and Shanghai Media Group.
Palo Alto-based virtual reality firm Jaunt Inc. has established a joint venture in China with Shanghai Media Group and China Media Capital, two of the country's most influential state-backed media and entertainment investors.
The partners say the China venture is already operational and producing Chinese-themed VR content aimed for a global audience.
"Initial programming will include VR content such as The Voice of China, virtual tours of Shanghai and music from the band SNH48," the partners said Tuesday in a statement. Jaunt says it also will tap SMG and CMC's content libraries to create VR experiences across travel, adventure, narrative, music and sports.
Additionally, SMG is taking a stake in Jaunt's U.S. business, investing an undisclosed sum. CMC invested in Jaunt last September, joining The Walt Disney Company and Evolution Media in a $65 million funding round.
“We are thrilled to partner with SMG and CMC to be the first U.S.-based company to launch a full-scale, end-to-end virtual reality production and distribution platform in China,” said David Anderman, chief business officer for Jaunt. “With the establishment of Jaunt China, we are well-positioned to meet the demand for premium VR content from a rapidly growing international audience.”
The Palo Alto-based startup has partnered with the influential state-backed investment groups China Media Capital and Shanghai Media Group.
Palo Alto-based virtual reality firm Jaunt Inc. has established a joint venture in China with Shanghai Media Group and China Media Capital, two of the country's most influential state-backed media and entertainment investors.
The partners say the China venture is already operational and producing Chinese-themed VR content aimed for a global audience.
"Initial programming will include VR content such as The Voice of China, virtual tours of Shanghai and music from the band SNH48," the partners said Tuesday in a statement. Jaunt says it also will tap SMG and CMC's content libraries to create VR experiences across travel, adventure, narrative, music and sports.
Additionally, SMG is taking a stake in Jaunt's U.S. business, investing an undisclosed sum. CMC invested in Jaunt last September, joining The Walt Disney Company and Evolution Media in a $65 million funding round.
“We are thrilled to partner with SMG and CMC to be the first U.S.-based company to launch a full-scale, end-to-end virtual reality production and distribution platform in China,” said David Anderman, chief business officer for Jaunt. “With the establishment of Jaunt China, we are well-positioned to meet the demand for premium VR content from a rapidly growing international audience.”
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