Sony Pictures invests $100M in Cosm, takes minority stake

Sony Pictures Entertainment announced a $100 million strategic investment in immersive technology firm Cosm on Wednesday, marking ​a push by the Hollywood studio to extend ‌its film and television properties into a growing network of dome-shaped venues across the United States.

Los Angeles-based Cosm operates ​dome venues using its “Shared Reality” technology, which projects ​live sports, concerts and other events onto massive, ⁠wraparound curved LED screens.

As the lead investor in ​Cosm’s Series C financing round, Sony Pictures will acquire ​a minority ownership stake in the company, it said in a statement.

The investment advances Sony Pictures’ focus on experiential entertainment, fandom ​and technology, and would allow the studio to ​explore new ways to extend its intellectual property through immersive experiences.

Sony ‌Pictures ⁠CEO Ravi Ahuja will join Cosm’s board of directors.

“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,” Cosm CEO Jeb Terry said.

Cosm has opened three domes in Los ​Angeles, Dallas and Atlanta, with venues planned ​for Detroit ⁠in September and Cleveland next year. Additional U.S. and international locations will be announced soon, the company said.

In ⁠July ​2024, Cosm announced it had ​raised $250 million in a funding round, achieving a valuation of over $1 billion. Reuters