Virtual Studio Technologies serves companies and businesses in Northern Finland. The technology used in the project is significant for the Lapland region, as it enables the possibility of versatile education and the start of new business activity. The purpose of the Virtual Studio Technologies -project is to build a virtual production studio based on LED screens, that enable real-time motion capture and the creation and manipulation of sets and environments, from streamed live broadcasts and performances to film-level productions. The virtual studio will be shared in use by the Lapland University of Applied Sciences and the University of Lapland. Digitally shaped environments offer both sustainable and modern and unlimited opportunities for creating virtual spaces that would otherwise be impossible to build physically. The distriputed and networked teaching and simulation environment, which thanks to the planned modern technology, is a modular and portable entity, is made in cooperation with the University of Lapland. In the project, work packages surrounding technology will be executed in cooperation with local companies by building the packages together and according to their wishes. As a result of the work packages, the possibilities of services in different fields are developed using virtual technology. Research is formed around the work packages and actualized prototypes, which produces more information about the possibilities and usability of the technology. It is also possible to create new business as a continuation of the cooperation. Virtual Studio Technologies offers a new type of studio space for local small and medium enterprises (SME) to utilize. The project enables having a practical research-, production- and teaching environment that has the latest technology, that is also modular and updatable. Creating a studio environment makes it possible to produce new kinds of virtual services and experiences in Lapland, bringing the necessary resources closer to the people who need them. The project strengthens the importance of regional education while producing experts for the ever-growing fields of media, services and technology.