SPACES Inc., a US tech company based in Los Angeles devoted to VR, and Songcheng Performance Development Co. Ltd., one of the world’s biggest theme park operators headquartered in China will form a $30 million joint venture aimed to bring virtual reality (VR) to some of China’s most popular theme parks.
Nearly 23 million parkgoers in 2015, visit Spaces themed parks, according to the data `published by the Themed Entertainment Association.
SPACES will also work with Songcheng to bring its massively popular live-streaming video site 6Rooms (6.cn) , which has more than 33 million unique users every month to VR and MxR platforms.
Under the agreement, the joint venture will be based in Hangzhou, China, and co-managed by SPACES from its headquarters in Los Angeles.
Among the global Top 10 theme parks groups, operating under the brands Songcheng and The Romantic Show and with businesses in leisure/tourism, live entertainment as well as in the online entertainment field, Songcheng is one of the largest online and offline performing arts companies in the world.
In addition to the joint venture with Songcheng, SPACES has raised $3 million in seed funding from investors led by Comcast Ventures and including Boost VC; Canyon Creek Capital; Colopl VR Fund; GREE Inc.; Kai Huang; The Venture Reality Fund; the Sinovation Fund; and Youku Global Media Fund and CRCM VC.
Spaces and Songcheng agreement: VR themed parks and expand 6Rooms business
In Songcheng’s theme parks, VR and MxR elements will be added to existing attractions, including elaborate, epic stage shows that on their own attract more than 7 million people annually. Songcheng-SPACES also plans to build unique, standalone virtual reality attractions and parks throughout China.
For Songcheng’s 6Rooms, SPACES will create VR experiences that further enhance China’s largest online platform for performing arts. 6Rooms users create and watch more than 50,000 live broadcast hours each day.
SPACES also will provide technology, develop creative concepts, produce and publish VR and MxR experiences, and run tech-support services, while Songcheng will operate and promote the VR and MxR attractions. SPACES will also license the underlying software to Songcheng.
Image over the headline.- Hangzhou, China-based Songcheng’s show (Photo: Business Wire)
