Research Outline

Immersive Theater Competitive Analysis


To gain a better understanding of the immersive theater competitive landscape by obtaining an overview of Meow Wolf and 3-4 additional competitors, including revenue, number of daily visitors, expenses, and years in operation,

Early Findings

Meow Wolf

  • Meow Wolf is an art and entertainment company located in Sante Fe, New Mexico. The company creates immersive experiences using art, music, videos, and extended reality content.
  • The company began as an art collective in 2008. Its first permanent art installation was launched in 2016. The House of Eternal Return is located in Sante Fe and was created with the support of Game of Thrones Creator, George R.R. Martin. Future installations are expected to open in Las Vegas in 2020 and Denver in 2021. In addition, the company plans to launch installations in Washington D.C. and Phoenix.
  • Meow Wolf has raised over $185.2 million in funding over 6 rounds since 2014. The latest funding round was a grant from the New Mexico Economic Development Department for $528,300.
  • The company is legally registered as a public benefit corporation and certified as a Benefit Corporation, or B-Corp. As such, the company's mission is to make decisions that benefit society and employees, as well as stakeholders.
  • Full revenue data is not published for Meow Wolf, however, the company published a report in 2018 outlining projections for a potential location in Austin, Texas that revealed insights on the company's revenue.
  • In 2016, the Sante Fe location had 400,000 visitors and generated $6.8 million in revenue. It reported an EBITDA of $1.7 million after $5.1 million in operating costs. The company's valuation as of 2017 was $40 million. Expected annual revenue by 2025 is $260 million.
  • The revenue breakdown for the Sante Fe location breaks down as follows: Special Events-$650,000; Passes-$275,000; Gift Shop Sales-$625,000; Admissions-$5,250,000.


  • OtherWorld is an immersive art installation located in Columbus, Ohio.
  • Factory Obscura is an art collective and immersive experience located in Oklahoma City, Oklahoma.
  • Crab Devil is an art collective located in Tampa, Florida. Its immersive experience is called The Peninsularium and is the only permanent, immersive art installation in the area.