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Virtual Production Market Set for Significant Expansion Driven by Technological Innovations & Shifts in Media Consumption Habits
Globe Newswire 25-Jun-2024 1:00 PM
PALM BEACH, Fla., June 25, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The experts agree that through 2031 the Global Virtual Production Market should continue to grow at an increasing rate. This robust expansion is driven by the escalating demand for realistic and immersive visual content in the film and gaming industries, coupled with advancements in technologies such as real-time rendering, motion capture, and augmented reality. Additionally, the film industry's shift towards remote and virtual filming techniques, accelerated by the COVID-19 pandemic's impact on traditional production methods, further fuels this growth by providing safer, more flexible, and cost-effective alternatives to conventional on-location shoots. According to a report from an industry insider on LinkedIn: "COVID-19 first appeared in Wuhan (China) in December 2019, and has since spread throughout the world. The media and entertainment industries have also suffered. As a result, the pandemic will act as a brake on the growth of various markets related to this industry in the coming months. On-site shooting and production is one of the most severely impacted critical areas. The industry is fighting back to recoup its losses and develop new business models. Companies are developing shows for streaming devices in order to monetize. With the increasing penetration of OTT devices, the crisis has accelerated the trend of media streaming. Since the outbreak of this pandemic, streaming companies have seen a significant increase in subscriptions and viewers. This has increased the demand for virtual productions significantly. The COVID-19 pandemic has had a positive impact on the overall growth of the virtual production market." Active companies in the markets this week include Grom Social Enterprises, Inc. (NASDAQ:GROM), Fox Corporation (NASDAQ:FOXA), 36Kr Holdings Inc. (NASDAQ:KRKR), Super League (NASDAQ:SLE), AMC Entertainment Holdings, Inc. (NYSE:AMC).
The article continued: "Among all regions, the Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. The film and television industries in China, South Korea, Japan, India, and the rest of Asia Pacific are thriving. The continued adoption of virtual production in these industries, as well as the growing number of virtual production studios, contribute significantly to the region's market growth. In conclusion, the virtual production market is set for significant expansion, driven by technological innovations and shifts in media consumption habits. By understanding and navigating the challenges, embracing emerging trends, and leveraging new opportunities, stakeholders in the film and television industry can capitalize on the transformative potential of virtual production to create captivating and immersive content for global audiences."
Grom Social Enterprises, Inc. (NASDAQ:GROM) News - Arctic7 Announces Involvement in Major 2024 Film & TV Releases - Narwhal Studios, a wholly owned subsidiary of Arctic7, reveals its role in the highly anticipated David Ayer TV project ‘Lollipop' and Francis Ford Coppola movie ‘Megalopolis'- Arctic7, which provides a robust suite of full game and co-development services together with own intellectual property development within gaming, and transmedia and virtual production services for the movie and TV industry, has announced it is working on David Ayer's groundbreaking series Lollipop. Arctic7 recently announced that it has entered into the definitive documents phase towards its acquisition by Grom Social Enterprises, Inc. (NASDAQ:GROM), a leading provider of family-friendly media and technology solutions.
Narwhal Studios, acquired by Arctic7 in 2023 and famed for its virtual production and VFX work on multiple Lucasfilm properties such as The Mandalorian, Ahsoka and Obi-Wan Kenobi, as well as Marvel's Ant-Man and the Wasp: Quantumania and Netflix's Avatar: The Last Airbender, has been heavily involved in Lollipop since early its design phases. The show, written and executive produced by Ayer (Fast and the Furious, Training Day, Fury, The Beekeeper) alongside Chris Long and their Cedar Park Studios, is a bold next-generation storytelling experience that will combine elements of episodic streaming, gaming and professional sports, and will invite audiences to actively participate in virtual racing linked to the plot. Feature, a pioneering entertainment and technology company, is the main studio behind the project, and Lollipop utilizes their Smart Content™ solution to power the interactive components of the series.
With its deep transmedia and Unreal Engine 5 expertise drawn from the gaming and film/TV background, Narwhal is working on virtual set design, as well as on the gaming and professional sports component of the series which is slated for release late in 2024.
In addition, Narwhal has announced it worked on the forthcoming and highly anticipated Megalopolis, which was recently picked up by Lionsgate for distribution this Fall. The latest film from visionary director Francis Ford Coppola recently debuted at the Cannes Film Festival. It is set in an imagined modern America following a devastating disaster, and features an ensemble cast including Adam Driver, Giancarlo Esposito, Jon Voight, Laurence Fishburne and Dustin Hoffman. Megalopolis is the first film Coppola, renowned for The Godfather and Apocalypse Now, has directed in more than a decade and will release in theatres in the US on September 27th.
Arctic7 Chief Production Officer Andrew MacLusky said: "Our vision for Arctic7 is to become a leader in transmedia entertainment. Thanks to Narwhal's successes in virtual production and VFX in film and TV, coupled with the game development expertise from across Arctic7's other studios, we're able to provide a unique perspective on the requirements for Lollipop and its next-generation storytelling.
"We're excited to start talking about this unique project as well as our work on Megalopolis – another truly visionary entertainment experience – and we'll be revealing more details about both in the coming months." CONTINUED…Read this full press release and more news for Grom Social Enterprises at:https://www.gromsocialenterprises.com/news
Other recent developments in the industry of note include:
Fox Corporation (NASDAQ:FOXA) (NASDAQ:FOX) and global advertising technology leader The Trade Desk (TTD) recently announced their newly expanded partnership to bring best-in-class innovation to advertisers to help them reach their audiences and measure campaign performance to meet their business objectives.
"The commitment to the deepening of our relationship with The Trade Desk highlights our belief in their vision for premium content and a more open Internet. Through our market leading brands and our AdRise technology platform, FOX and Tubi are at the forefront of enabling new and impactful ways for advertisers to reach and engage with authenticated audiences, at scale," said Paul Cheesbrough, Chief Executive Officer, Tubi Media Group. "Our extended partnership with The Trade Desk builds upon many successful years of working with each other and signals the next chapter – one where we move towards a more deeply integrated marketplace and collaborate around key industry issues like transparency and identity."
36Kr Holdings Inc.(NASDAQ:KRKR) recently announced that it has entered into a strategic partnership with SenseTime, a leading global artificial intelligence (AI) software company, to embed Artificial General Intelligence ("AGI") technology in diverse media scenarios, unleashing business innovation and commercialization potential.
As a media frontrunner in the New Economy sector, 36Kr boasts premium content creation capabilities and a massive volume of content production. Under the collaboration with SenseTime, 36Kr will leverage the latter's advanced AI tools, such as "SenseChat" and "SenseMirage," to upgrade its content production model with higher intelligence, higher efficiency and lower cost. Meanwhile, SenseTime's leading global AI software prowess and newly upgraded SenseNova 5.0 Large Model Series will empower 36Kr to unveil an array of AI-driven innovative product offerings, including "AI Media Coverage" and "AI Financial Report Interpretation," among others.
Super League (NASDAQ:SLE), a leading creator and publisher of content experiences and media solutions across the world's largest immersive platforms, recently issued a mid-year update from the Company's Chief Executive Office, Ann Hand.
"Fellow Shareholders, as we approach the halfway mark of the year, I wanted to provide a business update around some of the positive momentum we've continued to generate. Super League's size and duration of programs continue to grow across all verticals with both new and existing customers. This is evidenced by the six seven-figure deals we've closed year to date including Visa and Toyota. To put this into perspective, last year we closed six seven-figure deals in total. In terms of duration, this year we already have seven branded programs that have recurring operational revenue attached to the experience with brands including Dave & Busters and Claire's. We continue to gain traction with major retail brands such as Skechers where we created the first immersive Skechers store within Roblox's Livetopia Topia Mall. The results were compelling with 3.4 million visits to the store, 4 million try-ons, and nearly 45 million impressions generated in just the first five weeks alone. We were also instrumental in the development of a unique experience combining music, art, and technology for a live Post Malone concert at the Louvre in Roblox."
AMC Entertainment Holdings, Inc. (NYSE:AMC) and AMC Theaters, the largest theatrical exhibitor in the United States and the world, recently announced it posted its highest attendance and admissions revenue during a weekend in 2024, June 13-16, at AMC locations in the United States and also globally.
At its locations in the United States and around the world, AMC posted its most attended day of the year on Friday, June 14. That record was immediately broken the next day on Saturday, which now ranks as AMC‘s busiest day of 2024. In the United States, more than one million people went to the movies at AMC each day on Friday, on Saturday and again on Sunday. As such, in the United States, AMC's top performance on any Friday, any Saturday or any Sunday of this year, based on attendance and also on admissions revenue, all occurred this past weekend. The total U.S. attendance at AMC Theatres was approximately 3.8 million over the weekend, Thursday through Sunday.
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