IMAX Just Spent $21M On An Eyebrow-Raising Acquisition #IMAX #Spent #21M #EyebrowRaising #Acquisition Welcome to Americanah Blog, here is the new story we have for you today:
According to The Hollywood Reporter, IMAX bought streaming tech company SSIMWAVE to the tune of $18.5 million in cash and $2.5 million in stock, with a possible additional $4 million if operating goals 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 audio and video possible on each device.
IMAX CEO Richard Gelfond noted that buying the Canadian start-up will allow the company to offer the highest-quality experience while still being cost-effective. In addition, the use of SSIMWAVE’s streaming tech will be a massive benefit to directors. “Filmmakers will be really happy about this acquisition because we’re going to help make sure that when their content is released on alternative platforms, it’s going to be in the best way possible,” Gelfond said.
The acquisition of SSIMWAVE is an excellent strategic move since the start-up already partners with Disney+, HBO Max, Paramount+, and NBCUniversal. It’s hard not to imagine that other companies like Amazon and Netflix are keeping a close eye on this business move from IMAX and what SSIMWAVE’s technology can do.