June 24 (Reuters) – 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.
(Reporting by Juby Babu in Mexico City; Editing by Joyjeet Das)
