Most of today’s cutting edge films were made with technology that didn’t exist in the early days of cinema. From the classic black and white movies to the now CGI heavy films, there have been giant leaps forward in how we produce films.
Taking us to the next step, Australian tech company Vection Technology (ASX: VR1) has been developing one of the most cutting edge advances in film production by introducing Virtual Production (VRONE V-Pro) to filmmaking studios.
V-Pro encompasses virtual reality that has been used for video games and leverages it into filming with real human beings. Instead of the traditional green screen, V-Pro enables on-the-go digital environment alterations with real-time interactions with actors. Using a massive LED video screen that surrounds a set, environments can be rendered for the use of shooting.
After going through a series of tests in one of Europe’s largest film studios, the Company is confident that they are ready to commence commercial sales globally. V-Pro technology has recently been applied on the set of Star Wars: The Mandalorian and Marvel’s Loki, where there has been a great success.
Vection commenced the development of VRONE V-Pro in July 2021, which was created on a specific request from Dell Technologies. This technology was successfully developed in partnership with LuneStudios. The contract value between Lune and Vection is $14 million, which includes an additional $1 million for any technology sales.
“We are thrilled to continue working with Vection Technologies on developing a turn-key, easy to use, V-Pro solution designed for filmmakers and creators,” said Max Rochetti, CEO of LuneStudios.
After this advancement, Vection and Lune have commenced discussion for a long-term partnership. The partnership will create a recurring service revenue stream deriving from the VRONE Virtual Production set-up.
Vection has excelled in the VR space where they integrate 3D, Augmented Reality (AR) and Virtual Reality (VR) technologies to assist enterprises and companies in their digital transformation to make processes and workflows streamlined. In November 2021, the Company unveiled its FrameS ‘Metaverse’ release, with anticipation of becoming an Embedded App within Webex in the second half of 2022. This would allow organisations to autonomously build self-contained immersive metaverse meeting spaces where people can participate from anywhere in the world.
VR1 shares have been mostly tracking lower since their highs of $0.29 in November 2021, currently, the share price sits on $0.08 at the time of writing.