Cosm, the immersive entertainment company that started programming planetariums, is riding the premium moviegoing wave with four domed theaters now open near Los Angeles, Dallas, Atlanta and Detroit, a Cleveland location set to open in 2027, and partnerships with Warner Bros. and Universal to bring films such as 'Harry Potter and the Sorcerer's Stone' to its 87-foot-diameter concave screens; Universal's deal will bring 'Shrek' to its domes in December.
The company's domed venues have capacity for around 350 seats in Los Angeles and Dallas and up to 500 in Atlanta and Detroit. They put viewers in the middle of live sports, using specialty arena cameras, or film scenes, with visuals and environments created with experiential production company Little Cinema and creative studio MakeMake. Showings often sell out, according to Cosm.
Cosm got its start programming planetariums, combining 'cosmos' and 'colosseum' for its name, and first offered guests views of the universe. It now seeks to offer a fresh take on premium large format (PLF) viewing, at a time when the theatrical industry is seeing its biggest growth from PLF ticket sales.
Ticket prices range from $18 for a matinee to about $70 for prime seats or in-demand showings, not including concessions or themed menu items. The company, which does not disclose its financials, counts among its investors Sony ($100 million minority stake taken in June), Cosm chairman Steve Winn's Mirasol Capital, former Milwaukee Bucks co-owner Marc Lasry's Avenue Sports Fund, Rocket Mortgage co-founder Dan Gilbert's Rock, and David Blitzer's Bolt Ventures.
'Cosm is really early in its growth trajectory at the moment, and we saw an opportunity to partner with the company at, what I would say is at, a very important stage in its development,' Jay Levine, chief strategy and business operations officer at Sony, told CNBC. He said the investment gave Sony 'exposure to a growing distribution and what we deem an experiential platform that we think has long-term potential.'
For theatrical features, the film plays in a large rectangle at the centre of the dome while the background extends the scene, in 'Harry Potter and the Sorcerer's Stone', animated envelopes flood the periphery during the fireplace scene. Alexis Scalice, head of Cosm Studios, said the company works with studios and visual-effects artists for up to a year on each film to 'enhance those moments for more elevated emotional response' without detracting from the story.
So far Cosm has offered films with established fan bases, such as 'The Matrix', 'Willy Wonka & the Chocolate Factory' and 'It'. 'Shrek', its first foray into animation, is set to debut 16 December. Scalice cited 'that nostalgia factor' of parents sharing films they grew up on with their children.
Cosm's experience has drawn comparisons to the Sphere in Las Vegas. Mike Polydoros, CEO of cinema marketing firm PaperAirplane Media, said Cosm has no problem selling tickets because people want an immersive format they can't get at home.
Analysis
Why This Matters
- Cosm is betting that immersive, dome-based screenings can become a new premium format alongside IMAX and Dolby Cinema, potentially shifting how studios release older films and how audiences experience live sports.
- The model requires high ticket prices ($18-$70) to work; sustained sell-outs suggest demand exists, but the private company's ability to scale beyond five locations hinges on keeping those fill rates high without cannibalising traditional cinemas.
- Sony's $100 million investment and board seat signal major studio confidence in experiential distribution, which could accelerate deals with other Hollywood studios and drive competition among premium formats.
Background
Cosm began as a planetarium operator before pivoting to immersive entertainment. It now runs four domed venues in the US and has announced a fifth in Cleveland. The theatrical industry has seen a post-pandemic shift toward premium large format (PLF) screens, which command higher average ticket prices ($18+) vs standard tickets (around $13). Cosm's domes are larger than typical PLF screens (87 feet diameter, with Cleveland at 100 feet) and rely on proprietary camera systems for live sports.
Key Perspectives
Jay Levine (Sony chief strategy and business operations officer): Says the investment gives Sony exposure to 'a growing distribution and what we deem an experiential platform that we think has long-term potential.' He described Cosm as 'early in its growth trajectory' and at 'a very important stage in its development.'
Alexis Scalice (head of Cosm Studios): Says the company works with studios to 'enhance those moments for more elevated emotional response' without detracting from the story. She emphasised 'that nostalgia factor' of parents sharing films with their children.
Mike Polydoros (CEO, PaperAirplane Media): Says audiences are willing to pay premium prices because immersive formats are 'something they can't get at home.'
What to Watch
- The Cleveland venue's opening in 2027, which will have a 100-foot dome, the largest so far, and test whether the model scales to larger capacities.
- How many additional locations Cosm announces and whether it moves into non-US markets.
- The performance of 'Shrek' in December as Cosm's first animation: a strong showing could open the door to more family-friendly and animated titles from other studios.
