Immersive experiences become big business
Immersive experiences are taking the entertainment and leisure industry by storm, with their steady rise in popularity continuing post-pandemic – as consumers have a growing desire to connect.
From escape rooms to theater experiences in London, where you can be part of The Great Gatsby, to sensory offerings in Tokyo such as teamLab Borderless, the trend for immersive entertainment is becoming contagious. It is also a new approach to creativity, places and spaces. It’s an approach that redefines the way we interact: The rise of the immersive entertainment industry.
However, the entertainment industry is not all glitz and glamour. Hard work and financial constraints define the industry, especially following the impact of lockdowns imposed in the UK in recent years. How an organization approaches finance can ultimately decide the success of the SME, and much like an immersive experience is an alternative to traditional entertainment, business owners should consider alternative finance.
There has been a stunning 375% increase in funding from London-based lender 365 Business Finance to the entertainment and leisure sector in 2021, compared to 2020.
Compared to pre-pandemic levels, the average amount advanced for this sector has increased by 51%*, with SMEs now able to access finance from £10,000 to £300,000 from 365 Business Finance, which specializes in revenue-based financing.
Mandy Warren, Head of Digital Marketing at 365 Business Finance, analyzes the company’s lending trends, commenting: “The immersive experiences have captured the imagination of many around the world, with the UK now seeming to be experiencing its biggest number of such entertainment offerings, as a growing number of people – myself included – are looking for leisure activities that fully engage us. At 365 Business Finance, it is therefore no coincidence that we have seen a sharp increase in the number of SMEs in the entertainment and leisure sector coming to us over the last year for financing to support the growing demand. .
Find out more about revenue-based finance, in the form of a merchant cash advance, by contacting the 365 Business Finance team on 0207 1000 365 for more information on how to apply for fast and flexible finance. .