WPP invests in US technology company SubVRsive

Media agency WPP has invested in US technology company SubVRsive, which works with advertisers who want to engage consumers in the emerging virtual reality and augmented reality sector.

SubVRsive's clients include the American Heart Association, Lionsgate Entertainment, Procter & Gamble and Showtime Networks.

Founded in 2015 and based in Austin, Texas, the company 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 said the investment continues its strategy of focusing on three key areas that differentiate the group's offering to clients: technology, data and content.

WPP's digital revenues were more than $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.