Cineplex Partners VRStudios to Bring Back Movie Theater Audiences

There is still a long way to go prior to virtual reality gaining any mainstream traction. The current technology isn’t appealing to consumers with no interest in gaming. Cineplex, the Canadian theatre chain, is partnering VRStudios to bring virtual reality installations to Canadian theatres. A remarkable partnership that shows there is still some hope left for this struggling industry.

Cineplex Takes a VR Gamble

It is evident movie theatres will either gain a lot from VR, or would do best to overlook this technology altogether. Although most chains tend to lean toward the latter option, Cineplex is taking a very different approach. Its new partnership with VRStudios will bring virtual reality technology to several dozen movie theatres across Canada. This is a major breakthrough for the VR industry, although the hardest part of the job has yet to be completed.

As part of this partnership, Cineplex is investing in VRStudios in exchange for a significant ownership stake. Exact details regarding this part of the agreement were not made public at the time of writing. Secondly, Cineplex is confident the growth of VR can create new opportunities for the chain itself. A broader expansion of this VR integration is already planned, as both North America and other undisclosed countries are on the radar. That will only happen if this new venture yields positive results, though.

It is not the first time Cineplex shows an interest in VR technology. The company has incorporated this technology in its immersive gaming offering known as the Void. This product caters to restaurant facilities and arcade owners. There has been a notable increase in VR arcades lately, and offerings like these will help accelerate that growth.

For movie theater chains, the coming years will be crucial. Cineplex acknowledges its revenue has taken a hit because of streaming services, a dip in audience numbers, piracy, and so forth. Getting more people excited about coming to movie theatres can be done in many different ways. Virtual reality may have its role to play in this regard. Whether or not such a venture can be successful, is a different matter altogether.

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By JP Buntinx

JP Buntinx is a FinTech, VR, and Bitcoin enthusiast living in Belgium.