Sony Pictures Entertainment has made a $100 million strategic investment in Cosm, a start-up operator of venues presenting “shared-reality” programming like movies and live sports.

The transaction will make SPE the lead investor in Cosm’s Series C financing round, giving the studio owner a minority ownership stake. Ravi Ahuja, CEO of chairman of SPE, is also joining Cosm’s board of directors.

The move comes as a range of entertainment stakeholders push more aggressively into experiential offerings, meeting demonstrated demand from consumers willing to spend on more forward-looking fare. Imax has been a driver of significant box office revenue in recent years and has drawn acquisition interest from multiple parties. Sphere Entertainment runs the No. 1 concert venue in terms of revenue, the tech-laden Sphere in Las Vegas, and the site has also successfully branched into movie exhibition. Formats like ScreenX and 4DX have acquired loyal and growing followings after being adopted by mainstream theater owners.

Live sports has also been a major draw for Cosm, with fans willing to shell out up to $100 per person for top events via the company’s dynamic pricing model. In 2024, Cosm raised $250 million from investors including Steve Winn, former Milwaukee Bucks co-owner Marc Lasry; Cleveland Cavaliers owner Dan Gilbert; and Bolt Ventures, co-run by Blackstone partner and sports team investor David Blitzer.

Cosm opened its first location in Inglewood, CA, near SoFi Stadium and the Intuit Dome, in 2023, and has since expanded to Atlanta and Dallas. Locations in Cleveland and Detroit are due to open in the coming months, and others are on the road map. Each site’s domed auditorium, with a 60-foot-tall, wrap-around 8K screen shows live sporting events year-round and has also been used for a string of specially retrofitted versions of Warner Bros. library films like The Matrix and the first Harry Potter installment. Smaller surrounding rooms offer food and beverages, and screen-filled ancillary spaces.

In an announcement, the companies said the investment “advances SPE’s focus on experiential entertainment, fandom and technology, and reflects Sony’s enduring strength at the intersection of technology and creativity.” Plans call for Sony to “explore new ways to extend its world-class IP through differentiated, tech-forward experiences, and deepen audience engagement with the stories and worlds they love,” they added.

Sony’s recent acquisition of the Alamo Drafthouse theater chain is another aspect of the company’s buy-in to experiences.

“Cosm sits at the intersection of several trends shaping the future of entertainment. We’ve followed Cosm since before launch and have been impressed with the quality of the experience and the enthusiasm it’s generating with audiences,” Ahuja said in a statement. “We’re excited to support Cosm’s next phase of growth and help bring these experiences to more fans around the world.”
 
SPE “shares our passion for innovation and the future of the fan experience, and this investment represents that,” added Cosm CEO Jeb Terry. “We will use this capital to fuel Cosm’s growth as we expand our venue network and advance our technology initiatives across both Sports and Entertainment. Sony is one of the most storied technology and entertainment companies in the world with IP spanning across films, tv, music, and games. Together, we’re positioned to bring more of the world’s most iconic IP to life in Shared Reality as we continue to super serve our fans around the world.” 
 
Goldman Sachs and Allen & Co. served as Cosm’s financial advisors.