Imax “. . .Still in Review Process”, Closes Two VR Centers

Published by , August 20, 2018 2:11 pm

(Variety) Imax closed one of its two VR centers in New York at the end of June, and shut down its VR center in Shanghai in early July. Imax CEO Richard Gelfond first opened up about the company’s struggles to make VR work during the company’s Q1 2018 earnings call. “The consumer reaction was extremely positive, but the numbers just weren’t there,” he said. Gelfond said only one of the seven centers open at the time was meeting the company’s financial expectations.
In a follow-up during the Q2 earnings call he commented: “Regarding our VR and home theater ventures, in order to continue to focus on reducing costs from new business, we expect to reach a decision on these initiatives during the next few months. As we’ve said since launch, this is a pilot program for us to test whether VR centers in multiplexes is a viable business that could be launched worldwide,” a spokesperson added via email. “We’re still in the review process.”