Television and film entertainment giant Metro Goldwyn Mayer has announced that is will invest in a young California start up company called Survios. The small company works to produce virtual reality concepts and gaming enterprises. It is a move that MGM believes will be the tip of the proverbial iceberg as media companies begin throwing money and resources into the virtual reality horizon.
Nate Burba, 31, CEO at Survios said that, ” They’re the perfect partner to learn from. We wanted a partner who understands how to develop, produce and release high end creative content. They definitely have a robust catalog of titles to explore and we want to get into that.”
Survios, based in Culver City, California, was originally founded back in 2013 and it makes games for all manner of virtual reality devices. The company has already secured two rounds of venture funding totaling about $50 million. MGM’s CEO, Gary Barber, will sit on the Survios board.
Burba states that the investment money from MGM will be used toward growth. The company currently has 60 employees and it looks to put more games into development with an eye on international distribution. While Burba would not discuss which MGM properties might be a nice virtual reality fit, the studio does own such blockbuster properties as James Bond, Rocky and RoboCop among many others.
The entertainment giants are swooping down on the virtual reality companies in an effort to create games that will tie in with previous and future releases as well as VR based “experiences”. Such companies as 20th Century Fox, Lionsgate and STX Entertainment have already made some investments in the VR world.
The entertainment giants are looking to get into the ground floor as virtual reality continues to develop. Such producers as Sony and Oculus continue to struggle with getting their devices out there as they tend to, for the moment, be rather cost prohibitive for many.
Burba said, “We’re definitely in the early stages of a growing industry. There’s still an incredible amount of potential in the market.”
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