US$100m for VR production
Print Edition
SHANGHAI Media Group and its new media investment and advertising unit, Shanghai Oriental Pearl Group, will inject US$100 million to form a joint venture with industry players to support the production of virtual reality content.
SMG will make a strategic investment in US-based virtual reality technology and content provider Jaunt, and work with Shanghai-based smart TV manufacturer Whaley Tech to operate Jaunt’s newly-launched China business.
“SMG is the first broadcasting and TV company to launch a VR strategy, and the new technology is providing our viewers with immersive viewing experience in video content,” said Wang Jianjun, president of SMG and director of Radio and Television Shanghai.
It will launch a dedicated platform for virtual reality content providers to distribute their programs as well as leverage Jaunt’s technology expertise to spark virtual reality projects in gaming and entertainment.
Jaunt last year received funding from China Media Capital, of which SMG is a funding party.
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