Everyone talks about AI slop.
No one talks about PE (private equity) slop.
- restaurants that lost their soul
- medical practices that feel like assembly lines
- apartment buildings designed by an Excel formula
The algorithm didn’t kill culture. The margin model did.
Journey concert got canceled 45 seconds into Dont Stop Believing, the third song of the night. The first song they played that I knew all the words. Devastated
Cosm's new immersive sports-viewing experiences are going viral.
• 87-foot-by-55-foot dome
• Onsite restaurant and bar
• Locations in LA and Dallas
But now Cosm has raised $250 million to open 50 locations by 2030.
Here's how it works 👇
Cosm's primary business is providing and servicing its technology to nearly 800 planetariums and science centers worldwide (i.e., immersive displays).
But sports represent a bigger opportunity, so Cosm started building physical venues.
Cosm's current venues cost $80 to $90 million, and they were designed by HKS — the same architecture firm that designed SoFi Stadium in Los Angeles.
These venues use a 180-degree LED display that can go from 8K to 12K, and they flip through 5 to 10 camera angles per event, allowing fans to experience courtside seats in the NBA or against the fence for a UFC fight.
Cosm can do this because...
1. They have signed distribution deals with many of the biggest media rights holders in sports:
• ESPN
• Fox
• NBC
• TNT
• NBA
• UFC
These deals allow Cosm to stream the events.
But equally as important...
2. Cosm's proprietary tech stack includes physical setups at stadiums around the globe.
This is the secret sauce.
Many people probably don't know this, but Cosm owns a company called C360, which handles video technology for sports leagues, including:
• Pylon cameras in the NFL
• 360-degree cameras at MLB games
So Cosm sends a handful of people to each game.
These on-site individuals work with a production team back at their venues, rotating between different camera angles to provide fans with the best viewing experience.
Cosm's venues have about 700 seats inside the dome, and tickets can cost up to $200, not including food, depending on the event.
However, Cosm's venues also have a sports bar (with a 150-foot big-screen TV) that gives you standing-room-only access to the dome for just $11.
And while Cosm's first two venues just opened in Los Angeles and Dallas, they already have bigger plans.
Cosm recently announced a $250 million investment that valued the company north of $1 billion.
Investors include:
• David Blitzer (co-owner 76ers & Devils)
• Marc Lasry (former co-owner of the Bucks)
• Dan Gilbert (owner of the Cavaliers)
This money will help Cosm open 50 locations by the end of this decade, including venues in Atlanta, New York, Miami, Las Vegas, Europe, and the Middle East.
So don’t be surprised when a Cosm venue opens in your city.
There is clearly demand for immersive sports experiences outside of attending games in person, especially when you consider that professional teams play half their games on the road.
And no one is better positioned to deliver on that trend (for both fans and investors) than Cosm.
P.S. Follow me (@JoePompliano) for more sports business content!
(📹: @FOXSports)