TodayTix Group, a US-based digital ticketing firm, has acquired Secret Cinema in a deal valued at $100 million (£88 million). The new owners plan to expand the UK immersive film experience company globally, aiming to position it as the Netflix of live events.
Secret Cinema, known for its elaborate screenings of films like Star Wars and Dirty Dancing, was hit hard by the pandemic. Turnover fell from £15.7 million in 2019 to £6.1 million in 2020, and further to £452,000 last year, with pre-tax losses exceeding £12 million over three years.
Before the pandemic, Secret Cinema had launched its first international event in Shanghai and signed a multi-year deal with Disney. TodayTix co-founder Brian Fenty said the pandemic paused expansion plans, but the company is now ready to move forward.
TodayTix, backed by Bain Capital and Great Hill Partners, plans to find permanent locations in London, Los Angeles, and New York for longer runs of successful shows, and a US tour is scheduled for next year. The firm aims to go beyond ticketing to become a full media company, creating its own events.
