Have you ever wanted to jump into a pool of candy sprinkles? Want to have your kids feel what it’s like to board a spaceship with three other friends on a mission to a lava-covered planet? Have you noticed an infinite number of Infinity Mirror Room selfies in your social feeds? Or have you ever spent $500 on tickets to a music festival, for only one weekend?
If the answer is yes, well, it’s not just you. More and more, generations of consumers are spending on experiences as a form of entertainment, and are placing value in the experience and in the moments that can be captured and shared on social media. And with the value of firsthand experiences on the rise, a new generation of location-based experiences (LBE) has hit the map. The definition of LBEs may be applied broadly—experiences at festivals, theme parks, museums and retail locations are all available in-venue with plenty of content during and after those traditional experiences. However, for our definition, we have focused on multisensory entertainment that can only be experienced in-venue. Many LBEs are integrating mixed reality, both digital (virtual/augmented) and physical, to deliver full sensory experiences with gameplay and cinematic storytelling. And with the use of virtual reality, haptics technology and physical build-outs, these experiences are charting new territories of entertainment. The retail, real estate and tourism industries have taken notice and are looking at unique, IP-driven experiences to draw crowds and deliver new revenue opportunities. These LBEs are popping up rapidly, with dozens of premium experiences currently in development all around the globe.
Check out our infographic here to find out more about this burgeoning market.
