London-based immersive cinema experience company Secret Cinema has been sold to US mobile ticketing platform TodayTix Group for a reported GBP £88 million (USD $100 million). The sale is set to enable the operation to expand internationally with permanent bases in London and Los Angeles. The deal will also result in a windfall payment for British tax payers.
Secret Cinema organizes location-based immersive experiences, based on well known film and television IP, in which the audiences dress up and interact with an environment and actors as if part of the film. Such elaborate shows cost up to USD $10 million to stage, with tickets costing GBP £35 to GBP £130 (USD $38 to USD $142) and additional revenue from F&B and sponsorships. Over 70 events have been held based on IP such as “Stranger Things,” “Casino Royale,” “Blade Runner,” “Bridgerton,” “Back to the Future” and “Star Wars.” Over one million tickets have been sold to events to-date.
TodayTix, which specializes in tickets for West End (London) and Broadway (New York) stage productions, plans to expand Secret Cinema as a continued stand-alone operation based in London and Los Angeles.
Full details of the acquisition can be found on Celluloid Junkie.