Spending habits are shifting across the country as consumers are valuing experiences over things more than ever before.
While the experiential habits of millennials are a primary driver of this national trend, baby boomers looking to downsize also contribute their fair share. A 2018 study by Expedia and the Center for Generational Kinetics showed that 74 percent of Americans now prioritize experiences over products or things.
Given this importance on experiences, industries are hunting for new ways to attract a hungry audience.
At the forefront of this switch is the immersive experience industry. Santa Fe's Meow Wolf has generated local and national buzz for its art experience, Star Wars is on the verge of opening its Galaxy’s Edge theme park and National Geographic has Ocean Odyssey in Times Square, to name a few.
In Denver, one startup is looking to change how we view art, in an immersive style they say is akin to eating sugar-coated vegetables.
In January, Eric Jaenike and Prismajic launched Natura Obscura, a 6,000 square foot immersive art experience in partnership with the Museum of Outdoor Art in Englewood. The self-guided exploration takes guests through a surrealist forest that combines art, sculpture and the latest in augmented and digital technologies.
Prismajic’s first immersive experience has been a smash hit, with more ticket sales in their first three months than the MOA had all last year, causing the museum to extend the exhibit until September.
“We often refer to it as sugar coated vegetables. Sweet because its visually captivating and it’s a fun experience, but still a lot of substance and nutrition for the soul.”
While the company’s initial foray into immersive experiences has been a success, Jaenike wasn’t always involved in this industry.
Jaenike has long had a hand in startups, working in finance and building financial software company Shareholder Insite, which was acquired by Ipreo.
In 2012, Jaenike and professional artist Jennifer Mosquera co-founded Artistry Events & Design, an art-forward event design and production company. The duo would start with corporate events, with eyes on a larger goal of immersive experiences for a broader audience.
“When we started AED we knew we wanted to do big projects, but we didn’t have the experience building it larger than human scale,” he said.
So, they started small, servicing the corporate market and gauging interest on immersive experiences. After five years with AED, Jaenike knew it was time to branch out and launch a company building immersive experiences.
In 2017, they officially launched Prismajic and entered the immersive experience landscape. The initial partnership with the MOA has allowed the company to enter the space strategically, placing a focus on the artwork and experience.
“We don’t run operations, so our participation is pretty much over,” Jaenike said of Natura Obscura. “Now, we’re circling back to that original vision.”
The original vision is a 25,000 square foot immersive art experience that combines traditional art with cutting-edge technology, like VR, AR and projection mapping.
Jaenike said Prismajic is scouting locations between Denver and Boulder for the project. The company is currently wrapping up a fundraising round and expects construction to take close to a year to complete once it begins.
As Prismajic prepares to embark on an immersive experience journey, Jaenike said he’s leaned on his past startup experience as a guide.
“I’ve seen all of the perils and peaks and valleys that come with starting a company, it’s an emotional roller coaster,” he said. “Having a sense of what the process is, the steps that go into it, the challenges you face and the setbacks you face is hugely beneficial to completing something.”
Prismajic won’t be the only major immersive experience in the Denver market, as Meow Wolf will open a Denver location in 2020. Jaenike said the two will differ in their offerings, as Prismajic will be more art-focused and Meow Wolf more towards the experience side.
“We often refer to it as sugar coated vegetables. Sweet because its visually captivating and it’s a fun experience, but still a lot of substance and nutrition for the soul,” Jaenike said.
Immersive experiences are gaining in popularity, but Jaenike said there’s a long way to go before the market reaches a saturation point.
“We’re in the first out of the first inning,” he said. “It is so technology driven, and these technologies are so early-stage. It’s a very blue ocean and we’re still at the market education stage.”
