XP Op-Ed

Who Owns Reality? And Has Immersive Entertainment Lost Its Way?

Reality used to be free. You just opened your door, stumbled outside in yesterday’s sweatpants, and voila—unlicensed, unsponsored, unmonetized Reality. No ticketing page, no waiver, no brand partnership with Mountain Dew.  Now? Reality has a velvet rope, a merch table, and a waiting list. Immersive entertainment has turned reality into a marketplace.  The question is no longer “What is real?” It’s: “Who owns the rights to real—and is there a two-drink minimum?” IP HOLDERS OWN REALITY ... And immersive entertainment is their favorite playground. Want to sell tickets? No need to invent a new world; just rent Hogwarts for the weekend. Warner Bros. has turned Harry Potter into a timeshare, complete with overpriced wands and adolescent nostalgia. Hasbro did the same with Monopoly Lifesized, where you can finally go bankrupt in person—but with cocktails. And Banijay (yes, the Big Brother people) is now buying immersive theatre companies like they’re collectible NFTs.  Netflix doesn’t license; it squats. Stranger Things: The Experience is basically a giant reminder that Eleven is still sad and the ‘80s will never leave us alone, while Squid Game: The Trials is a gym class run by debt collectors who just discovered DMX lighting. And now Netflix House...