free counter

Why IMAX is acquiring AI-driven video company SSIMWAVE

IMAX Corporation is making streaming capabilities a more impressive focus because of its business.

Today, the business has acquired SSIMWAVE Inc., an organization that delivers media and entertainment companies with AI-driven video quality answers to help minimize image quality issues on streaming services in addition to ease distribution costs. IMAX is acquiring SSIMWAVE for $20.5 million ($18.5 million in cash and $2 million in stock with the chance of another $4 million if the company achieve certain operating performance and financial objectives.

The acquisition of SSIMWAVE gives IMAX the chance to expand its business beyond theaters. Video optimization is now increasingly important as consumers watch video across multiple platforms, including in higher resolutions like 4K and 8K, in addition to in new, interactive gambling, virtual reality, augmented reality, and metaverse experiences.

IMAX is actually into presenting the very best images on earth, but on an IMAX screen, said Rich Gelfond, CEO of IMAX. And during the last couple of years, weve been considering various ways to expand our brand in to the home and into other realms.

Gelfond shared additional information concerning the negotiations as IMAX hired outside consultants on two tracks, both code consultants and business diligence to investigate the opportunity for just two months. It’s been 90 days since IMAX signed the exclusive negotiation period, and contains been focusing on integration plans with different areas with the SSIMWAVE technology.

Through the pandemic, Gelfond says IMAX execs realized the concentrate on Hollywood content may need to be diversified in the years ahead, not only in an effort to protect its interests, but additionally as a way of generating more revenue.

So when it comes to existing businesses, a very important factor we do is we compress content for IMAX. So if were showing a movie that has been shot with IMAX cameras, we’ve proprietary technology and algorithms that compress it. This technology can make that better and much more efficient.

Tapping the SSIMWAVE compression tech can help bring costs down aswell. So that it lowers the price because obviously you dont need to stream just as much data to a phone as you do to a Television set, Gelfond said regarding condensing video without increasing costs.

IMAX has 150 theaters nationwide plus they be prepared to be over 200 by the finish of the year and looking to double that by next year. SSWIMWAVE current clients are Disney Plus and Paramount.

The acquisition of SSIMWAVE by IMAX is supposed to expand the companys product suite and expand internationally. Further later on, IMAXs post-production and technology teams will continue to work with SSIMWAVEs engineering team to conduct research and development on new solutions for delivering IMAX-quality video experiences across a number of platforms.

Once we make decisions in the years ahead concerning the next generation of projection technology or how could we expand IMAX in to the home, we think that their [SSIMWAVE] technology and team gives us the opportunity to do this, said Gelfond.

Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker