Sony Pictures is done betting on traditional movie theaters. Its $100 million investment in Cosm, the El Segundo-based operator of domed "shared reality" venues, signals where the studio sees the future of entertainment: not in multiplexes, but in immersive, tech-heavy spaces that charge $100 a head for live sports.
Sony led Cosm's Series C financing round for a minority stake, with SPE chairman and CEO Ravi Ahuja joining Cosm's board of directors as part of the deal. The investment values Sony's stake at roughly 10% based on Cosm's $1 billion valuation in 2024, according to a source close to the company.
Cosm operates three venues today, Inglewood near SoFi Stadium, Dallas, and an Atlanta location that opened two weeks ago. Each features a 60-foot-tall wraparound ultra-high-resolution dome screen with custom camera angles that make viewers feel courtside or on the field.
Fans pay up to $100 per ticket through a dynamic pricing model, primarily for live sports including the FIFA World Cup, NBA Finals, and UFC events. But Cosm is pushing beyond sports.
The company has programmed immersive versions of "The Matrix," "Willy Wonka and the Chocolate Factory," and "Harry Potter and the Sorcerer's Stone" (a Warner Bros. library deal) to fill time between live events. Sony's investment opens the door for its own IP, spanning film, TV, music, anime, and PlayStation games, to land in Cosm's domes.
"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. The move is Sony's second major bet on experiential entertainment in two years. In 2024, the studio acquired Alamo Drafthouse Cinema, the dine-in theater chain that pioneered premium in-theater dining.
Alamo and Cosm occupy different lanes, Alamo leans on food and archival screenings, Cosm on technology and live events, but both represent Sony's conviction that passive moviegoing is giving way to premium, event-driven experiences.
Cosm plans to open additional venues in Detroit and Cleveland in the coming months. The company counts Fox, Kroenke Sports & Entertainment, former Milwaukee Bucks co-owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert, and Bolt Ventures among its existing investors.
Goldman Sachs and Allen & Co. advised Cosm on the deal. "Sony Pictures shares our passion for innovation and the future of the fan experience, and this investment represents that," said Cosm CEO Jeb Terry. "Together, we're positioned to bring more of the world's most iconic IP to life in Shared Reality."
