According to The Hollywood Reporter, IMAX bought streaming technology company SSIMWAVE for $18.5 million in cash and $2.5 million in stock, with a potential additional $4 million if operating targets are met. It’s a staggering amount of money, but it could make IMAX extremely profitable in the streaming industry. SSIMWAVE uses artificial intelligence and research to provide streaming services with the best possible audio and video on any device.
Richard Gelfond, CEO of IMAX, noted that buying the Canadian startup will allow the company to offer the highest quality experience while being cost-effective. In addition, directors will benefit greatly from the use of SSIMWAVE’s streaming technology. “Filmmakers will be very excited about this acquisition because we will help ensure their content gets released on alternative platforms in the best possible way,” said Gelfond.
The acquisition of SSIMWAVE is an excellent strategic move as the startup is already partnering with Disney+, HBO Max, Paramount+ and NBCUniversal. It’s hard to imagine other companies like Amazon and Netflix closely watching this IMAX business move and the possibilities of SSIMWAVE technology.
https://www.looper.com/1021908/imax-just-spent-21m-on-an-eyebrow-raising-acquisition/ IMAX just spent $21 million on an eyebrow-raising acquisition