Cosm exploded onto the immersive technology scene in 2024, opening venues in Los Angeles and Dallas, announcing two forthcoming locations in Atlanta and Detroit, and raising $250 million at a valuation north of $1 billion.
Indeed, it was a significant year for “shared reality,” the term the company has coined to describe its blend of planetarium-style programming and sports bar vibe.
“It was the culmination of the four years of hard work we’ve done to get to this point, whether it was development of the production tech, to the software stack, to the hardware side, building the venues, doing the right deals,” said Cosm President and CEO Jeb Terry. “Last year was the year it all came together.”
Cosm’s wraparound dome theaters display content in 12K and are fed live game footage captured by specialized cameras stationed around stadiums and arenas, simulating the effect of front-row viewing.
Cosm
FOUNDED: 2020
HQ: Los Angeles
EMPLOYEES: 399
KEY EXECUTIVES: Jeb Terry, CEO and president; Peter Murphy, senior vice president of content and media; Devin Poolman, chief product and technology officer; Sheli Reynolds, chief administration and strategy officer
KEY PARTNERS: NBA, UFC, NFL, WWE, ESPN, NBC Sports, TNT Sports, Fox Sports, Prime Video, CBS Sports
Cosm has secured rights agreements across several major leagues (NBA, UFC, NFL) and media companies (ESPN, NBC, Fox, CBS, TNT, Amazon) that allow it to produce and present a wide range of sports in its venues. Terry described as highlights the showing of UFC 303 that launched its L.A. venue and Game 1 of the 2024 World Series.
“We saw there was a demand and a local appetite for all these fantastic events, and being able to fill that gap is what we wanted to do,” he said. “It was also a way to leverage immersive technology and another outlet to bring that tech to life.
“It’s not one of those things where we’re trying to solve a defined problem. It’s more about creating a new opportunity and a new category.”
Now, the company is eyeing scale. Terry said Cosm is in talks with at least 10 more potential locations. International expansion could soon be on the horizon. Its tech development continues, including the recent launch of a new lens on its immersive cameras.
“We’ll never ‘arrive,’” Terry said. “That is something that is part of our core DNA. The nature of our business, the spirit of innovation is always that rookie mentality.”
