James Murdoch has reportedly invested $20M in location-based entertainment.
According to report made by Bloomberg this past weekend, a person “familiar with the transaction” who “asked not to be identified because the matter isn’t yet public,” claims that James Murdoch, former CEO of 21st Century Fox and heir to media mogul Rupert Murdoch, has reportedly made a $20 million investment in location-based VR provider The VOID, making it the British-Americans largest investment to-date.
Based on the report, the investment was made using a portion of the $1 billion accumulated by Murdoch’s holding company, Lupa Systems, after the sale of his stake in 21CF to Disney. The report also states that Murdoch will be taking a seat on the companies board, joining an assortment of equally-powerful investors, including both Disney and Qualcomm Ventures.
Combining the immersive capabilities of VR with physical obstacles and the latest in haptic technology, The VOID has quickly become one of the leading providers of location-based immersive entertainment. This success is due in large part to the companies ongoing partnerships with major studios and brands which have resulted in free-roam VR experiences based around some of the most popular franchises in entertainment.
Available experiences currently include the action-packed Star Wars: Secrets of the Empire, the colorful and sweet-smelling Ralph Breaks VR, and the always spooky Ghostbusters: Dimensions, with more experiences based on popular media on the horizon. There’s no doubt the team at VOID finds a great amount of satisfaction in finding new ways to surprise its visitors, whether it be unique ways to interact more intimately with the virtual environment or exciting new partnerships that allow us to step into our favorite movies, television, and games.
According to Bloomberg, Murdoch was still at Fox when the company made an investment in Dreamscape Immersive, another location-based VR provider competing directly with The VOID. A person familiar with the matter claims that Murdoch preferred the VOID’s technology of Dreamscape’s.
This past August Cliff Plumer stepped down from his position as CEO of the company; board member Craig Watson has since taken up the reigns, with former Lululemon Athletica Inc. CEO Laurent Potdevin serving as a senior advisor. VOID CFO Jeff Ruggels will also be leaving in the near future as part of a long-planned move from the company. With the arrival of Murdoch, it will be interesting to see exactly where The VOID heads from here.
With devices such as the Oculus Quest slowly beginning to introduce location-based style experiences into the home, the company will need to think big in order to provide an experience worth the ticket price and car ride.
Featured Image Credit: The VOID