Digital Domain To Create Special Effects Studio
HONG KONG/PRNewswire/ -- Digital Domain Holdings Limited (DDHL, the "Company" or "Digital Domain; SEHK stock code: 547), the parent company of Digital Domain 3.0 Group, announced on 25 January 2016 that the Company plans to acquire 85% equity interest in Lucrative Skill Holdings Limited, the parent company of Post Production Office Limited and its subsidiaries ("PO Group"), a group of companies established by an international celebrity Nicholas Tse in 2003 .
By introducing the latest dynamic streaming technologies from Hollywood , the two companies will jointly tap into the media, entertainment and technology industry including visual special effects ("VFX"), computer graphics ("CG"), virtual reality ("VR"), 360 panorama video recording and virtual human in the Greater China region and develop Digital Domain's foothold in the region. Upon completion of the acquisition, Nicholas Tse will lead and bring Digital Domain to create a new " Hollywood " in the Greater China region.
As a leader in the media, entertainment and technology industry worldwide, Digital Domain has made outstanding achievements across various areas including VFX, CG, VR, 360 panorama video recording and virtual human. Having been involved in the creation of VFX and CG for more than 250 movies including Titanic , The Curious Case of Benjamin Button , Iron Man 3 , the Transformer series and Furious 7 , the Company has put itself in a leading position in this sector as a nine-time Oscar winner and looks to expand its VR, 360 panorama video recording and virtual human businesses based on the solid foundation of its core operation .
In another illustration of the Company's dedication to achieving its goal, it had earlier acquired Immersive Ventures Inc., a Canadian and US based leading technology solution and hardware provider pioneering in 360 captures, dynamic streaming and interactive media technology. The proposed acquisition of PO Group is an important step taken by the Company to achieve its objectives. With PO Group's extensive network and valuable talents in the Greater China region, as well as Mr. Tse's leadership, Digital Domain intends to establish a leading position in the Greater China and Asia Pacific region.
VR's increasing popularity is evident with more and more renowned international technology companies engaging into the market. With its strong foothold as a leading content provider, DDHL is standing in a unique position to quickly establish itself as a global provider of VR content.
Once headquartered in Hong Kong and with regional offices in Beijing and Shanghai , PO Group is a leading post-production service provider founded by Nicholas Tse in 2003, which is principally engaged in the provision of post-production services for advertisements, drama movies, TV shows, music videos, internet and mobile application content , and visual effects of corporate events .
PO Group has set up a comprehensive VFX and CG production house in Beijing and Shanghai for large budget VFX-intensive movies. Its cutting-edge post-production technology has earned great acclamation across the advertising sector and helped PO Group build up a core client portfolio consisting of Apple Computer, HSBC, Standard Chartered Bank, Cheung Kong Holdings, Canon, Sony, Coca Cola, McDonald's, Mercedes Benz , BMW, Panasonic and other international brands and enterprises.
Digital Domain made this encouraging announcement in a ceremonious toasting event held at JW Marriott Hotel Hong Kong, where a showroom exhibiting top-notch products that feature VR technology as well as cinematographic VFX and CG technology was set up for tryout by journalists with the theme of "It's VeRy Big. It's VeRy Near". Many journalists used the event as an opportunity to ask a number of questions and test the latest technology for VR, VFX and CG.
"Both PO Group and Digital Domain seek perfection when it comes to VFX, CG and post production techniques, and we both have earned great recognition and reputation in the industry, and this is the reason that brings us together ," said Mr. Seah Ang , Daniel, the executive director and chief executive officer of Digital Domain, during the event. " We think the extensive network and international client base as well as valuable talents that PO Group has established in the Greater China region is crucial for our plan to enter the Greater China market .
In the future, when we expand into the Greater China and Asia Pacific market, PO Group will be able to benefit from Digital Domain's Hollywood -standard technology and Digital Domain will be able to benefit from the extensive operation experience and local talents of PO Group in the Greater China region. This is definitely a win-win situation for PO Group and Digital Domain."
Mr. Nicholas Tse , the founder and chief executive officer of PO Group, said ; "there are indeed ample business opportunities in the Greater China region, especially for the media, entertainment and technology businesses which have been very popular there in the recent years. Focusing on Hong Kong in its early years, PO Group has later set up regional offices in Beijing and Shanghai , and the expansion of our business by leaps and bounds can speak for itself .
With such a huge audience base, the demand for the film, TV, media and entertainment industry is keen in the Greater China region. After over a decade of relentless efforts, PO Group has already established a solid foundation both in Hong Kong and the Mainland China. In the future, PO Group will turn over a new leaf and continue to give full play to its capabilities in the media, entertainment and technology industry in the Greater China and Asia Pacific region."
Source: Digital Domain