Jaunt Inc. Launches Virtual Reality Venture in China
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.
China Media Capital, chaired by Ruigang Li, is the local investment partner to many Hollywood brands in China. Its investment portfolio includes stakes in Imax China, Oriental DreamWorks and Warner Bros.' Chinese film studio, Flagship Entertainment.
Shanghai Media Group, formerly headed by Li, has a portfolio spanning print and digital media, live and filmed entertainment, e-commerce, tourism and gaming. It is one of the key investors in Walt Disney Co.'s $5.5 billion Shanghai theme park, set to open later this month, and also has strategic partnerships with Viacom, BBC, Amazon AWS and others.
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