Jackson sells special effects firm in $2.2b 'metaverse' deal

WELLINGTON • New Zealand film director Peter Jackson yesterday announced the sale of his Oscar-winning Weta Digital special effects business to an American software firm intent on using it to develop the virtual-reality "metaverse".

San Francisco-based Unity Software said the US$1.6 billion (S$2.2 billion) acquisition would "shape the future of the metaverse", an immersive 3D version of the Internet tipped to transform workplaces and online interactions.

The firm said Weta's technology - used in blockbusters such as The Lord Of The Rings trilogy (2001 to 2003) and Avatar (2009) - would allow its subscribers to create their own ultra-realistic corner of a virtual world.

"We are thrilled to democratise these industry-leading tools and bring the genius of Sir Peter Jackson and Weta's amazing engineering talent to life for artists everywhere," Unity president John Riccitiello said in a statement.

Under the deal, Unity takes over Wellington-based Weta's technology and engineering assets while Jackson retains majority ownership of a standalone film-effects company called WetaFX.

Jackson, 60, said the opportunity to use Weta's ground-breaking programmes was a "game changer" for those working in creative industries. "Together, Unity and Weta can create a pathway for any artist from any industry to be able to leverage these incredibly creative and powerful tools," he said.

The metaverse is expected to develop into an online platform that makes virtual experiences, such as chatting with a friend or attending a concert, feel face to face.

It grabbed headlines last month when Facebook changed its parent company name to "Meta" to reflect founder Mark Zuckerberg's commitment to the concept.

His firm has announced plans to hire 10,000 people in the European Union to build the metaverse, but other tech players are also scrambling to stake a claim in the online world.

The technology might, for example, allow someone to wear virtual-reality glasses and feel as if he or she is face to face with a friend - when in fact they are thousands of kilometres apart and connected via the Internet.

AGENCE FRANCE-PRESSE