WPP invest in US VR company SubVRsive
In line with its strategy of investing in technology, data and content, WPP has invested in SubVRsive, a US technology company that works with advertisers that want to engage consumers in the emerging virtual reality and augmented reality sector.
Based in Austin, Texas and founded in 2015, its clients include the American Heart Association, Lionsgate Entertainment, Procter & Gamble and Showtime Networks.
It works with directors, producers, content creators and developers to develop video, apps and interactive experiences for virtual reality devices and computers. Separately, in November WPP invested alongside IMAX and others to create $50m fund focused on developing virtual reality media projects.
WPP's digital revenues were over $7bn in 2015, representing 37% of the group's total revenues of $19bn. WPP has set a target of 40-45% of revenue to be derived from digital in the next five years. In North America, WPP companies (including associates) collectively generate revenues of over $7bn and employ over 28,000 people.
