Why This Former NFL Player Is Betting Big On High Resolution Live Fan Experiences

Key Concepts

• KASM: A venue offering immersive, live sports and entertainment experiences utilizing high-resolution display technology and low-latency production.
• Experience Economy: The increasing consumer desire for memorable and engaging experiences, driving demand for venues like KASM.
• 8K/12K Resolution: Refers to the ultra-high definition video resolution used for capturing and displaying content, crucial for creating a realistic immersive experience.
• Low Latency: Minimal delay between live event capture and display, essential for a real-time immersive experience.
• Full Stack Delivery: KASM’s ownership and control over all aspects of the experience, from content creation to ticketing and venue operations.
• Placemaking: The deliberate shaping of public spaces to foster community and enhance quality of life, a key consideration in KASM’s site selection.
• Dynamic Pricing: Adjusting ticket prices based on demand and event scarcity to maximize revenue.

KASM: Immersive Sports & Entertainment – A Detailed Overview

I. Introduction to KASM & its Unique Value Proposition

KASM is a company building a network of venues designed to deliver unparalleled live sports and entertainment experiences. CEO Jeb Terry describes KASM as a “category defining, one of one” offering, blending the social aspect of watch parties with cutting-edge immersive technology. The core concept is to create an environment where fans feel “like you’re there,” offering a perspective unavailable through traditional broadcasts or even attending the event in person. This is achieved through a combination of high-resolution displays, low-latency production, and a focus on creating a vibrant, energetic atmosphere. Terry notes that many people initially recognize KASM through viral videos showcasing its immersive capabilities.

II. Differentiation from The Sphere & Venue Design Philosophy

KASM distinguishes itself from venues like The Sphere in Las Vegas through its scale and focus. While acknowledging a parallel development timeline, Terry emphasizes that KASM began development in 2019. The Sphere prioritizes large-scale concerts and cinematic experiences, while KASM centers on live sports as its core strategy, complemented by a network of smaller, more intimate venues.

The size of KASM venues is directly tied to achieving a specific level of visual fidelity. The company prioritizes resolution – producing content in 8K and displaying it on 12K domes – to ensure the human eye cannot discern the artificiality of the experience. This resolution requirement dictated the initial venue size, with a capacity chosen to maximize energy without becoming overly large ("not multi,000 seats"). Recent learnings suggest a slight capacity increase is possible, but maintaining intimacy remains a priority.

III. Business Model & Revenue Streams

KASM’s business model mirrors that of traditional sports stadiums, but with a higher event throughput. Key revenue streams include:

• Ticket Sales: The primary source of revenue, similar to traditional stadium events.
• Food & Beverage (F&B): A significant contributor, mirroring stadium operations.
• Private Events: Corporations can rent venues for internal events, providing a substantial revenue stream.
• Sponsorships & Advertising: Recently unlocked, with Monster Energy as the first official partner, allowing for revenue generation through branded spaces and promotions.

A key differentiator is KASM’s ability to “squeeze the asset” by hosting over 200 events per year, including 425 live sports events. This high utilization rate allows KASM to achieve annual footfall comparable to stadiums with significantly larger seating capacities (e.g., 20,000 seats). Dynamic pricing is employed to optimize revenue based on event scarcity and product type.

IV. Technology & Operational Structure

KASM operates as a “technology and entertainment company with a lot of hospitality.” The company is vertically integrated, owning the “full stack of delivery” – from displays and production to software and ticketing. This includes a media arm, a technology arm, and a venues arm, all utilizing proprietary (homegrown) IP. This full control allows for consistent quality and rapid innovation.

V. Site Selection & Expansion Strategy

KASM’s site selection process prioritizes markets with a population of at least two million people, strong fan bases, and suitable real estate partners. The company focuses on “placemaking,” seeking locations that are already established entertainment destinations. Current locations include:

• Los Angeles: Headquarters and the first venue, located near Hollywood Park.
• Dallas, Texas: A test of the “non-stadium adjacent” model, located in a suburban mixed-use entertainment district.
• Atlanta, Georgia: Located in the Centennial Yards District, near Mercedes-Benz Stadium and State Farm Arena.
• Detroit, Michigan: Situated near Campus Martius Park and Cadillac Square, in the city center.

The long-term expansion strategy aims to establish a KASM venue in every major US city and eventually expand internationally. The company emphasizes scaling rapidly while maintaining the quality and consistency of the KASM experience.

VI. Investor Base & Ecosystem Integration

KASM’s investor base includes team owners, broadcasters, and leagues, providing strategic insights and access to key industry relationships. Terry emphasizes that KASM’s offering is “additive” to the existing sports and entertainment ecosystem, not cannibalistic. The company aims to create a “net new slice of rights” that complements, rather than competes with, traditional viewing options. Having buy-in from all stakeholders is crucial for KASM’s success.

VII. Current Maturity & Scaling Challenges

KASM is described as being “past the startup phase” and having achieved “defined product market fit.” The four-wall economics of the venues are stabilized, and the focus has shifted to scaling the business. The primary obstacle to scaling is identifying suitable sites and managing growth prudently to avoid overextension. Maintaining the “Cosmorthy standard” across all venues is paramount.

VIII. Future Outlook & Super Bowl Plans

KASM’s long-term goal is to become the “preferred out of home entertainment experience of the future.” The company is focused on refining its platform and sharing more details about its technology in the future. For the Super Bowl, KASM venues will offer an immersive experience replicating the atmosphere of Levi Stadium, including food, visuals, and fan activities. Terry himself will be attending the event at a KASM venue.

Notable Quote:

“We need to know that platform is built and running…and is built for scale.” – Jeb Terry, CEO of KASM.

Technical Terms:

• Experiential Sports: A type of sports entertainment that focuses on creating immersive and engaging experiences for fans.
• Pixelation: The process of representing an image as a grid of pixels, impacting visual clarity and resolution.
• Throughput: The rate at which events are held and customers are served, a key metric for venue efficiency.
• Cap Table: A record of a company’s equity ownership.
• Four-Wall Economics: The profitability of a venue based solely on revenue generated within its walls (tickets, F&B, etc.).