Today’s Experience Economy: Audiences pay to be wowed and inspired

Since the 1990s, we have witnessed a powerful cultural trend in consumer spending as more people opt for memorable life experiences versus material goods. Today, a recent college grad is likely more interested in a backpacking trip to Machu Picchu or a week on a beach rather than acquiring luxury goods.

Driven largely by millennials and an increasingly digital lifestyle, this spending shift has fueled what experts call the Experience Economy. According to an Eventbrite study, “more than 3 in 4 millennials would choose to spend money on a desirable experience or event” than a consumer good. The survey also found that 72% would like to increase their experiential spending, pointing to a surging demand for sensory experiences.

Young adults are spending their dollars on a range of experiences from concerts to car racing lessons to axe-throwing with friends. But it is not just millennials who are driving this dynamic. There is a global shift in how consumers are spending their leisure dollars – and experiences top their lists, from cycling across Tuscany or camping in their favorite national park, splurging on good seats at a concert, or simply enjoying movies and concerts closer to home. These memorable moments – and the aspiration by many to explore and learn – are significant economic drivers today.

One thing is for certain, competition is growing fiercer in the experience economy as companies vie with each other to attract consumers. To stay competitive many sports franchises, theaters, and concert promoters are retooling their offerings to create experiences that far surpass anything customers can replicate at home.

Cosm is redefining the way the world experiences content by motivating people to move from the couch at home, to Cosm venues – the most powerful immersive venues to date. We are bringing people together for Shared Reality experiences, democratizing access to the most compelling content available. Cosm is the conduit between your big ideas and the immersive experiences your audience will never forget.

Our decades of software, design, and engineering expertise make this innovation possible and provide a strong foundation through our Cosm Companies – Evans & Sutherland and Spitz, Inc. No immersive venue in the world rivals the stunning color, clarity, brightness, and total control over content of Cosm’s CX Solution, made of the seamlessly integrated CX Display & CosmX Engine.

Cosm is creating mind-blowing experiences for our valued customers, blurring the lines of real and virtual across three primary markets: Sports and Entertainment, Science and Education, and Parks and Attractions.

Sports and Entertainment: We took VR fans to a front-row seat at the Summer Olympics in Tokyo, allowing them to get up close to their favorite events via our collaboration with NBC’s Olympics VR by Xfinity app. Fans with Oculus headsets were treated to live immersive feeds, full highlights, and replays, experiencing the Games as though they were watching the competition in person.

Science and Education: We brought the cosmos down to Earth for planetarium and museum patrons with award-winning design, engineering, and powerful software. Cosm designed, engineered, and installed two attractions in the 400,000+ square foot Shanghai Astronomy Museum, the largest dedicated astronomy museum in the world, where visitors can experience the heavens, together.

Theme Parks and Attractions: From custom immersive venues to theme parks and attractions, the biggest names in entertainment rely on Cosm to power the next generation of experiences to keep visitors coming back again and again.

Cosm is ready to help you apply our immersive experience expertise to wow your customers with awe-inspiring entertainment they cannot get at home. Let us show you how we can put our unrivaled technology and expertise to work for you. For additional information about our services or to schedule an onsite tour of our Experience Center, please contact us.