The sale of the 'Lord of the Rings' helmer’s tech division to Unity is viewed as a shrewd move for the publicly traded firm to make gains in the rapidly evolving area of virtual production: 'The space is exploding.'
“We are selling the engineering team and the tools as an asset sale to Unity,” explains Prem Akkaraju, who remains CEO of what will now be WetaFX. “We’re also licensing all that back … because we need those tools, and we’re going to be an innovation partner.”
In particular, industry observers viewed the buy as a shrewd move by Unity to make gains in the rapidly evolving area of virtual production — a term that describes techniques that enable real-time visual effects production and may include technologies such as LED walls. Most major VFX companies such as Weta, as well as the likes of Netflix and other entities, are exploring or investing in virtual production.
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