Sony Pictures Invests $100 Million in Immersive Entertainment Firm Cosm
Sony Pictures Entertainment has invested $100 million in immersive entertainment company Cosm, acquiring a minority stake to expand its presence in experiential entertainment.
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Sony Pictures Entertainment (SPE) has announced a strategic investment of $100 million in immersive technology and entertainment company Cosm, accelerating its drive into experiential entertainment and next-generation audience experiences.
Sony Pictures will take a minority stake in Cosm as lead investor in the company’s Series C funding round. As part of the investment, SPE Chairman and Chief Executive Officer, Ravi Ahuja will also join Cosm’s Board of Directors.
The partnership seeks to broaden Sony Pictures’ footprint in immersive entertainment by looking at new ways to use its IP through interactive experiences and technology-driven fan engagement.
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Shared Reality:
Cosm is known for its Shared Reality platform that combines physical venues with immersive technology to blend live, virtual and in-person entertainment experiences. Today, the company operates venues in Los Angeles, Dallas and Atlanta, bringing audiences large-scale immersive experiences across sports, entertainment and live events.
As part of its expansion, Cosm is slated to open a new venue in Detroit in September and another venue in Cleveland early next year. The company said additional venues in the United States and international markets would be announced at a later date.
"Cosm sits at the convergence of several transformative trends that are shaping the future of entertainment,” said Ravi Ahuja, in a statement. “We are excited about the strong audience response to the company's immersive experiences.
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Expansion Plans:
Investment would ‘accelerate our venue expansion strategy’ Cosm President and Chief Executive Officer Jeb Terry said, supporting continued innovation in immersive entertainment technologies.
The alliance with Sony Pictures opens up avenues for Cosm to deliver more film, television and entertainment properties to audiences via its Shared Reality platform, he said.
Goldman Sachs & Co. LLC and Allen & Company LLC served as financial advisers to Cosm on the transaction.
