Cosm rides premium moviegoing wave with more immersive screenings and a wider library

The next big thing in premium large format theatrical viewing takes inspiration from the stars.

Cosm, an immersive entertainment technology company, got its start programming planetariums — its name a combination of "cosmos" and "colosseum." The company's massive, domed screens first offered guests a view of the universe, now they mimic courtside seats at sports venues around the world and drop film fans into some of Hollywood's most iconic sets.

At a time when the theatrical industry is seeing its biggest growth from the sale of premium large format, or PLF, tickets, Cosm seeks to offer a fresh take on an elevated viewing experience. And it's quickly expanding both its footprint and its content library.

Since 2024, Cosm has opened four theaters — near Los Angeles, Dallas, Atlanta and Detroit — with a Cleveland hub set to open in 2027. These experimental venues have garnered the attention of sports fans, screening live matchups in an arena-like environment. Showings often sell out, according to Cosm.

More recently, Cosm has partnered with Hollywood studios like Warner Bros., now a part of Skydance, to bring the likes of "The Matrix," "Willy Wonka & the Chocolate Factory," "Harry Potter and the Sorcerer's Stone" and "It" to its locations. Cosm recently signed a deal with Universal, which will bring "Shrek" to its domes in December.

The agreements mark a lucrative new chapter for the privately held Cosm, expanding its audience reach and viewing opportunities beyond timed, live events.

As a privately held company, Cosm doesn't disclose its financials. Tickets cost anywhere from $18 for a matinee to around $70 for prime seats or in-demand showings. That doesn't include added fees for concessions or items from special, themed menus tied to screenings.

Sony invested $100 million in the company in June, taking a minority stake and placing Sony Pictures Entertainment Chairman and CEO Ravi Ahuja onto its board of directors.

Cosm also counts among its investors Cosm chairman Steve Winn's firm, Mirasol Capital; former Milwaukee Bucks co-owner Marc Lasry's Avenue Sports Fund; Rocket Mortgage co-founder Dan Gilbert's Rock; and David Blitzer, managing partner of the New Jersey Devils and Philadelphia 76ers, who invested through his firm 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. "They have about five locations with the goal of a pretty significant rollout. And the real reason why we did it was it gave us a lot of exposure to a growing distribution and what we deem an experiential platform that we think has long-term potential."

Sony has made several plays in the theatrical space in recent years. It bought Alamo Drafthouse in 2024 and entered a long-term lease to reopen and restore the iconic Cinerama Dome in Los Angeles in July of this year.

"Our experiences strategy is around tech, it's around fandom, and it's around new and innovative approaches to content distribution," Levine said. "For us, we're all about these differentiated experiences."