Immersive entertainment is big business.
The global immersive entertainment market was valued at over $100 billion in 2024 and is expected to be worth over $400 billion by 2030.
One of the companies operating in this space is Lightroom, a London-based firm that creates IP-led immersive entertainment experiences.
Music-themed Lightroom productions have included a Billie Eilish album launch for Hit Me Hard and Soft in partnership with Spotify, and Coldplay’s A Film for the Future, the exclusive 360° visual accompaniment to the band’s No.1 album Moon Music.
Lightroom is backed by a group of investors led by Sir Len Blavatnik (founder of Access Industries), represented by Danny Cohen, President of Access Entertainment, and Mike Sherwood, former co-CEO of Goldman Sachs International. (Access Industries‘ investments also include Warner Music Group, Deezer and DAZN).
Today (July 17), we learn that Lightroom has attracted more investment, this time from a prominent independent music company, Reservoir Media.
Reservoir Founder and Chief Executive Officer Golnar Khosrowshahi said today that the company sees “meaningful opportunity in this high-growth vertical”.
According to the press release announcing the deal, as part of the investment, New York-headquartered Reservoir will provide “best-in-class IP” for Lightroom’s immersive experiences.
Khosrowshahi added that Reservoir’s investment is “an opportunity to enhance the value of our music assets, capitalizing on milestone moments, as well as our evergreen music catalog, to create shows rooted in IP.”
The investment in Lightroom arrives a month after Reservoir struck “a multifaceted deal” with independent record label Fool’s Gold Records in a deal that saw Reservoir acquire the catalog master rights of the label’s artists A-Trak, Danny Brown, Grande Marshall, The Brothers Macklovitch, and Low Pros.
Reservoir acquired Tommy Boy Music in 2021 in a deal valued at approximately $100 million. In February, the company acquired UK dance and electronic label New State, and the label’s entire recorded music catalog of over 13,000 tracks. Reservoir acquired the Chrysalis Records catalog for an undisclosed fee in 2019.
Reservoir revealed in May that it spent over $115 million on acquisitions and advances in its latest fiscal year (ended March 31, 2025). The company’s annual revenues jumped 10% YoY to $158.7 million.
Lightroom is currently live in five cities, has attracted over one million visitors worldwide, and says it will be in 12 cities globally by the end of the year.
With a focus on the IP around which it builds shows, Lightroom has launched three additional shows in its London venue: The Moonwalkers: A Journey with Tom Hanks, unfolding the story of the Apollo missions narrated by Tom Hanks, Vogue: Inventing the Runway, which explores the history of the fashion runway narrated by Cate Blanchett, and developed in collaboration with Anna Wintour, and its latest program Prehistoric Planet: Discovering Dinosaurs, with a score by Hans Zimmer.
The company recently brought The Moonwalkers to Boston and says it has plans to “accelerate content production, scale internationally, and become the world leader for IP-led immersive entertainment”.
In May 2025, Lightroom also announced a new partnership with Culturespaces, which will see Lightroom shows presented across Culturespaces’ network of European venues which attract 5 million visitors a year.
“We see meaningful opportunity in this high-growth vertical, and this investment is an opportunity to enhance the value of our music assets, capitalizing on milestone moments, as well as our evergreen music catalog, to create shows rooted in IP.”
Golnar Khosrowshahi, Reservoir
Reservoir Founder and Chief Executive Officer Golnar Khosrowshahi said: “Richard and the Lightroom team have set a new standard with their exceptional storytelling and proven model for sustainable, replicable, and scalable one-of-a-kind immersive experiences that strongly aligns with our values around creative integrity.”
“We’re thrilled to welcome Reservoir Media to our wide-ranging group of investors.”
Richard Slaney, Lightroom
Lightroom Chief Executive Officer Richard Slaney added: “We’re thrilled to welcome Reservoir Media to our wide-ranging group of investors.
“Lightroom’s growth within the immersive sector has been driven by strategic investors and partnerships, and we look forward to working with Golnar and the whole team at Reservoir to tap into their expertise, in the music sector and beyond.”Music Business Worldwide
