December 21, 2021 – Solotech, a provider of audiovisual and entertainment technology, has recently announced that it has acquired XR Studios, a full-service agency specializing in extended reality (XR) technologies for live broadcast and virtual productions. As part of Solotech’s strategic plan, XR Studios will continue to operate as a separate entity and brand.
XR Studios serves clients in multiple segments such as TV, music, Fortune 500 companies, and live events. The company pioneered innovative performances such as Katy Perry’s American Idol finale and MTV’s 2020 Video Music Awards. Other notable clients of XR Studios include Billie Eilish, Leon Bridges, Amazon, Verizon, Twitch, and more.
Solotech stated that it has seen an increasing need for live streaming services and virtual production, and as a result has adapted its offering to support its clients and tackle new opportunities. With this acquisition, the company’s recently created Media and Entertainment Technology (MET) division will work to develop new technological solutions that are at the crossroads of three realities: fans and artists, content producers, and online gamers.
“XR Studios helps creatives, agencies, artists, and production teams achieve their goals,” said J.T. Rooney, President of XR Studios. “At our core, we are a group of creative teams and producers that see the need for a company that sits in between the technology and the creative to help partners reach the finish line in this exciting new world of extended reality and virtual productions.”
Other new members of Solotech’s MET Division, such as the recently acquired Waveform Entertainment, will help to build out the strength and impact of XR Studios and the overall Division. “The venture with XR Studios will fill the missing piece of the puzzle and be the third pillar of our MET Division, adding complete virtual production and mixed reality solutions to our high-end live streaming and esports offering,” said Martin Tremblay, President and CEO of Group Solotech.
The transaction will accelerate the path of Solotech and XR Studios’ combined vision of becoming a leading provider of extended reality solutions across the globe. The company also plans to open new studios in addition to its 18 existing locations in the US, Canada and the UK, according to Tremblay, who added: “We are looking forward to this new venture and are definitely on the watch for even more additions to position our MET Division at the absolute top”.
The companies did not disclose a transaction amount in their announcement release.
For more information on Solotech and its XR offerings, click here. To find out more about XR Studios and its virtual production solutions, click here.
Image credit: Solotech
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.