NBST - Infinite Reality Acquires the Drone Racing League for $250 Million Solidifying Position as Global Leader in Immersive Technology & Experiences | Benzinga
NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- In a landmark deal to enhance its immersive platform technology and services, Infinite Reality ("iR" or the "Company"), a leading global provider of cutting-edge virtual, AI-powered immersive experiences, today announced it signed a definitive agreement to acquire the Drone Racing League ("DRL"), the world's most futuristic sports property. The $250 million acquisition bolsters iR's capabilities and IP, and boosts its valuation to $3.5 billion. Recognized for accelerating professional drone racing into the mainstream through high tech robotics, AI, visually spectacular content and hybrid competition, DRL marks iR's latest acquisition as the Company expands its extensive portfolio, which includes spatial web design pioneer, Ethereal Engine, fully integrated entertainment production company, iR Studios, eSports franchises Team Rogue (League of Legends) and London Royal Ravens (Call of Duty), as well as digital media, content and creator services.
Ownership of DRL's transformative technology, media and sports ecosystem will accelerate iR's efforts to elevate how consumers engage and transact with brands and content, making the experience more immersive, and in the case of sports and entertainment, as exciting as attending a live event.
"Infinite Reality revolutionizes fan and customer engagement across platforms, making every moment more interactive, accessible and captivating," said John Acunto, CEO of Infinite Reality. "DRL epitomizes our belief that fans don't just want to sit in a stadium or watch broadcast highlights on social media. The future of sports and entertainment involves new and disruptive formats that are wildly more immersive. Now, with our combined assets, iR and DRL are set to usher in a new era of sports entertainment, powered by cutting edge tech and fueled by fandom, creativity and community."
Gen Z and Millennials have high expectations for the future of sports. According to a survey conducted by Deloitte, by 2030, 67% of fans said professional sports consumption would be more interactive and 54% said it would be more immersive than today. As one of Gen Z's favorite sports, DRL is already leading in this arena, winning over the hearts and minds of close to 100 million young, global and elusive fans through high-tech competition, on-demand content and interactive viewing experiences that make fans feel like they are flying inside a racing drone.
"We created the Drone Racing League to bring the sport from the future to millions of fans who weren't as excited about traditional sports from the past. The DRL team advanced the technology, media capture and race competition to deliver a sport of ...