Sony Pictures Entertainment has made a $100m strategic investment in Cosm, the technology, media and entertainment company behind Shared Reality immersive venues.
SPE is the lead investor in Cosm’s Series C financing round and will take a minority ownership stake in the company. Ravi Ahuja, chairman and CEO of Sony Pictures Entertainment, will also join Cosm’s board of directors.
Cosm’s Shared Reality technology is designed to bridge virtual and physical entertainment experiences through purpose-built venues. The investment is intended to support Cosm’s venue expansion and technology development across sports and entertainment.
The company has opened venues in Inglewood, Los Angeles at Hollywood Park; North Dallas at Grandscape; and downtown Atlanta at Centennial Yards.
Further sites are planned, with a fourth venue due to open in downtown Detroit this September and a fifth in downtown Cleveland early next year. Cosm said more domestic and international locations will be announced.
Ahuja said: “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.”
SPE said the investment supports its focus on experiential entertainment, fandom and technology, and could allow the company to explore new ways to extend its intellectual property through immersive experiences.
Jeb Terry, president and CEO of Cosm, said the investment would help fuel Cosm’s growth as it expands its venue network and advances technology initiatives across sports and entertainment.
Terry added: “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.”
Goldman Sachs & Co. LLC and Allen & Company LLC served as Cosm’s financial advisors.
Top image: Prague Planetarium, courtesy of Cosm
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