CES 2016: 21st Century Fox Eyes VR GlassesTakes Principal Minority Stake in ODG 1/05/2016 5:00 PM Eastern
21st Century Fox has acquired a minority stake in virtual reality smart glasses designer and manufacturer Osterhout Design Group (ODG).
ODG is showing the latest iteration of its R-7 augmented reality glasses at CES in Las Vegas this week. With a price of almost $3,000, they are currently designed for industrial rather than consumer applications, but ODG is looking to break into the consumer market at a lower price point.
Now 21st Century Fox will be looking to boost that effort to take its 3D, high-definition glasses -- billed as a 65-inch screen that goes anywhere -- to the entertainment market.
21st Century will become ODG's chief outside investor and will provide entertainment content to a "strategic partnership."
“The power of virtual and augmented reality enables us to deliver on our longstanding commitment to bring audiences exciting new creative experiences fueled by next-generation technologies,” Jim Gianopulos, chairman of 20th Century Fox Film, said in a statement. "Our agreement with ODG underscores the innovation we are bringing to market through our Fox Innovation Lab, most recently with VR experiences for The Martian and Wild.
"We look forward to partnering with ODG and serving as its lead outside investor as the ODG team pushes the film experience into the future with its high-definition, cinema-wide field of view technology,” Gianopulos added.
The virtual reality headset market is expected to surge 500% in 2016, according to a new forecast from the Consumer Technology Association.