Investment in immersive entertainment has grown rapidly over the past decade. In the first report we explored the modern history of immersive from theme park pioneers such as Walt Disney (first generation) to the experimental, artist-led projects that characterised the growth of a new wave of immersive pioneers such as Punchdrunk, Secret Cinema and Shunt centred around London and the UK (second generation). This has evolved over the last decade into a capital-intensive sector attracting venture capital, private equity, real-estate investment and even sovereign wealth, with individual venues now routinely commanding budgets from the tens to hundreds of millions of dollars (third generation).

As the immersive experience economy has in part shifted from temporary spectacles to permanent infrastructure and multi-site locations and activity this has contributed to an increase in investment. There are now multiple unicorns (a valuation of at least USD $1 billion) in the sector of which perhaps Meow Wolf, COSM and Fever some of the best known.

This growth also reflects strong audience demand for shared and interactive experiences, the proven longevity of permanent immersive sites, and the ability of these attractions to drive visitation (and repeat visitation), significant dwell time (and engagement in the IP beyond the physical experience) as well as secondary spend. This has positioned immersive entertainment as a credible, investable asset class rather than a niche creative trend.

Meow Wolf was an example of how this second generation moved into the third generation raising USD $158 million for expansion, but they have been joined by others, with many more just around the corner.

Fever

Fever was another on our list, but they have continued to raise investment to fund significant expansion (20 times revenue growth from pre-pandemic levels). Their total funding raised is now estimated at $527M including the latest round of USD $100m (2025) and the company was most recently valued at $1.8bn^[1]. Through its experiences and the Secret Media Network, Fever now reaches more than 200 million people a month in the 40 countries where it operates.

COSM

COSM is an immersive media and entertainment company that has created large-scale, shared-reality venues based around a dome shaped LED screen (but on a smaller scale). The content experiences include live sports with cinematic visuals and spatial technology to transform how audiences collectively experience events beyond the limits of traditional screens.

Founded in 2020 (although connected to another established company) the company has raised USD $300M so far valuing the company at over $1 billion.

Two locations in Dallas and Los Angeles have opened along with an R&D facility (the Experience Centre) in Salt Lake City with three more announced (Atlanta, Detroit and Cleveland).

^[1] For note, Fever is a partner of REMIX Summits and REMIX have provided consulting services to Fever