- Sony Pictures is investing $100M in Cosm, targeting immersive, large-format domed theater experiences as an anchor for mixed-use CRE projects.
- Cosm’s venues, now in Los Angeles, Dallas, and Atlanta, emphasize live event-style viewing and are buoyed by live sports and entertainment partnerships.
- The move underscores how experiential entertainment is becoming a key driver for landlords looking to boost traffic and tenant mix across US CRE.
Immersive Venues Find CRE Traction
Landlords are hunting for new ways to drive foot traffic as traditional retail and theaters see consumers opting to shop and stream from home. According to CoStar News, Sony Pictures Entertainment is stepping in with a major $100M investment in Cosm, a firm whose domed theaters create communal viewing for sports and entertainment that feels more like a live stadium than a standard screen.
This signals broader momentum, with Sphere Entertainment and experiential concepts like Live Nation and Meow Wolf vying to anchor mixed-use districts that want to keep crowds around longer and generate additional revenue for nearby tenants. With discretionary spending shifting, developers are positioning immersive venues to boost everything from F&B to hotel occupancy.
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The Details
Cosm operates three venues, each spanning about 65,000 SF. They sit in Hollywood Park near SoFi Stadium, Grandscape near Dallas, and Centennial Yards in Atlanta.
Each venue features an 87-foot dome with seating for about 1,500 guests. The experience combines high-resolution LED visuals, spatial audio, dining, and bars. Ticket prices range from $17 to $600.
Cosm partners with the NBA, UFC, and ESPN to deliver premium content year-round. The company surpassed a $1B valuation after a 2024 funding round.
Sony’s investment will speed expansion. Cosm plans new venues in Detroit this September and Cleveland early next year. It also continues to explore US and international markets. Recently, the company signed an 86,000 SF headquarters lease in El Segundo, California.
Experiential Concepts Gain on Traditional Retail
Cosm joins a growing group of companies investing in immersive entertainment. Sphere Entertainment operates the Las Vegas Sphere and plans new projects, including one at National Harbor near Washington, D.C. That project reflects how developers increasingly use large entertainment venues to anchor mixed-use destinations and attract year-round visitors.
Meanwhile, Netflix House and studio-backed attractions from Paramount and Universal continue expanding. They turn popular intellectual property into physical destinations.
According to JLL’s Game On! Entertainment Report 2026, leading experiential venues attracted 217M visits in 2025. That total sits about 12% above pre-pandemic levels. Visitors also spent an average of 140 minutes at each venue.
As a result, landlords increasingly use these attractions to drive traffic. They also extend activity beyond traditional shopping hours.
Why It Matters
Sony’s investment reinforces confidence in venue-based entertainment as a long-term CRE driver. Experiential anchors help shopping centers and mixed-use projects attract more visitors.
JLL’s 2026 report shows leading venues now outperform pre-pandemic attendance. Strong traffic also boosts restaurants, hotels, and nearby housing demand.
The trend is also changing tenant strategies. Landlords now favor operators that create repeat visits and memorable experiences. They rely less on traditional retailers and struggling cinema chains.
Sony’s investment also builds on its acquisition of Alamo Drafthouse. The company continues shifting from content licensing toward operating entertainment venues.
For developers, a Cosm venue provides a ready-made attraction. It brings large crowds and supports programming throughout the day and week.
Meanwhile, Sphere, Live Nation, FunLab, and Meow Wolf continue expanding. More landlords will likely adopt immersive entertainment to strengthen their portfolios. Consumer demand for shared, branded experiences continues supporting that shift.
What’s Next
Cosm expects to open its Detroit venue in September. A Cleveland location will follow in early 2027. The company also continues evaluating additional US and international markets.
Meanwhile, Sphere’s Maryland project and other experiential developments remain in progress. Developers continue repositioning malls, retail centers, and urban districts.
Demand for immersive entertainment continues growing. Institutional investors and major studios keep increasing their commitments. As Sony, Netflix, and Comcast expand venue strategies, competition for experiential tenants will likely intensify.
