Sony Pictures Entertainment has made a $100 million strategic investment in Cosm, a start-up operator of venues presenting “shared reality” programming like movies and live sports. The transaction will make SPE the lead investor in Cosm’s Series C financing round, giving the studio owner a minority ownership stake. Ravi Ahuja, CEO of chairman of SPE, is also joining Cosm’s board of directors. Live sports has been a major draw for Cosm, with fans willing to shell out up to $100 per person for top events via the company’s dynamic pricing model. In 2024, Cosm raised $250 million from investors including Steve Winn, former Milwaukee Bucks co-owner Marc Lasry; Cleveland Cavaliers owner Dan Gilbert; and Bolt Ventures. Cosm opened its first location in Inglewood, CA, near SoFi Stadium and the Intuit Dome, in 2023, and has since expanded to Atlanta and Dallas. Locations in Cleveland and Detroit are due to open in the coming months. Each site’s domed auditorium, with a 60-foot-tall, wrap-around ultra-high-resolution screen can show live sporting events year-round and has also been used for a string of specially retrofitted versions of Warner Bros. library films. The companies said the investment “advances SPE’s focus on experiential entertainment, fandom and technology, and reflects Sony’s enduring strength at the intersection of technology and creativity.”