As autumn approaches, investors are eyeing the resurgence of Location-Based Entertainment (LBE), yet echoes of the 1990s boom and bust are unmistakable. Historically, large-scale urban entertainment centers and immersive attractions—ranging from early digital arcades to blockbuster branded venues—faced cyclical overinvestment and market saturation. Today, the sector is experiencing a similar pattern, with a surge of new ventures built on franchise models, immersive experiences, and transmedia integrations like Netflix House and Sony’s Wonderverse. While the global immersive entertainment market is projected to reach £351bn by 2030, many current offerings risk repeating past pitfalls—overreliance on technology, poor entertainment quality, and debt-laden operations—potentially leading to a second bust. Notably, some brands, such as Pinstripes, are already in decline, highlighting the importance of authentic, engaging experiences over hype. The sector’s future hinges on balancing innovative content with sustainable business models, especially amid economic pressures and evolving consumer preferences.

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