麦肯锡 -IP 走进现实世界：依托沉浸式实景娱乐打造差异化亮点 When IP goes IRL Standing out with location-based entertainment

January2026

McKinsey

&Company

Travel,Logistics&Infrastructure

WhenIPgoesIRL:Standingoutwithlocation-based

entertainment

Theriseofsmaller-scaledexperientialattractionscouldhelpaddress

consumers'growingdesireforexperiences-whileenablingnewstrategiesforbrandsandmediaproperties.

byAlexGersovitz,BoFinneman,KabirAhuja,andMatthewStraus

Asthein-personexperiencesmarketcontinuestogrow,manybrandsandintellectual

property(IP)holdersarelookingforopportunitiestoengagewithconsumersinmore

experientialways.Oneoptionistotapintotheclassiclocation-basedentertainmentindustry,

whichhasprovenexpertiseincreatingappealingexperiences.Butdevelopinglocation-based

attractionssimilartothosetypicallyseeninmajorthemeparks(where,forinstance,anIP

holdingcanbecomethebasisofarollercoasterorlarge-scaleinteractivespace)caninvolvebiginvestmentsandlong-termcommitmentsthatcouldstretchsomebrands’resourcesandrisk

tolerances.

Anemergingtrendsuggestsanalternativeapproach.Morenarrowlyfocusedregional,seasonal,orpop-upexperiencescouldprovidevariousplayers—includingthosenothistoricallyactivein

thelocation-basedentertainmentspace—withnovelopportunitiestocreatecompelling

attractions.Thisversionoflocation-basedentertainmentcouldinvolvesmallerinvestments,

shortercommitments,moreflexibility,andthepotentialforquickwins.Meanwhile,itcouldalsohelpprovideasolutionforanyonelookingtofillspacesinmalls,citycenters,orotherareasthatmightbeunderutilized.

Tobesure,smaller-formatlocation-basedentertainmentprojectsoftengeneratelimitedprofitmarginswhencomparedwiththosefoundatmajordestination-basedattractions.Withtheir

higherlevelsofrepeatvisitationandtheoperationalbenefitsthatcomewithlarge-scale

investments,traditionalthemeparkscanachieveEBITDAmarginsofroughly30to40percent.FamilyentertainmentcentersandarcadescanreachEBITDAmarginsofroughly25to30

percent.Meanwhile,smaller-scale,short-termlocation-basedentertainmentprojectstendto

operateatslimmermargins—thoughfinancialreturnscanvarysignificantlybasedonthetypeofexperienceoffered.

Importantly,however,evenifsmaller-scaleexperiencesareonlyincrementallyprofitable,they

canstillprovideanavenueforbrandsandoperatorstodeepenengagementwiththeirmost

loyalandpassionatecustomers.“Location-basedexperiencesallowustoconnectmoredeeplywithourmostengagedfans,”saysKenWee,chiefstrategyofficerforMattel,“andweknowthatthosemostengagedfanscanbesignificantlymorevaluablethantheaveragecustomerover

time.”

Beyonddeepeningengagementwithcorefans,location-basedentertainmentisalsoapowerfultoolforreachingbroaderaudiences.Immersive,smaller-scaleexperiencescanappealtoa

differentdemographic:RecentMcKinseyconsumerresearchindicatesthatGenZis1.5timesmorelikelythanthegeneralpopulationtovisitanimmersiveexperience—andfourtimesmorelikelythanoldergenerations.

Location-basedentertainmentexperiencescanbepartofahealthymixthatincludesmarketingspend,loyaltyprograms,andothereffortsthathaveacentralgoalofbuildingdeeprelationshipswithlifelongfansandbroadeningexposuretonewandharder-to-reachaudiences.

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment2

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment3

“Location-basedexperiencesallowustoconnectmoredeeplywithourmost

engagedfans,andweknowthatthosemostengagedfanscanbesignificantlymorevaluablethantheaverage

customerovertime.”

—KenWee,chiefstrategyofficerforMattel

Thegrowingbusinesscaseforexperiences

McKinseyresearchhasfoundthat52percentofGenZerssaytheysplurgeonexperiences

whentraveling.Theseconsumerswilllooktosavemoneyonalmostanythingelse—includingflights,localtransportation,shopping,andfood—beforebeingwillingtotrimtheirspendingonexperiences.Meanwhile,USconsumerspendingdataindicatethatgrowthindiscretionary

spendingonexperienceshasoutpacedspendingongoods(Exhibit1).

Additionally,McKinseyresearchonconsumerattentionindicatesthatliveentertainmentisonthe“efficientmonetizationfrontier,”meaningitmaximizestheconversionofconsumerattentionintorevenue.Amusementparks,inparticular,generateamongthehighestdollarsperhour

consumedwhencomparedwithotherentertainmentmedia(Exhibit2).

Majorexperienceprovidersaretakingnoteofthegrowingconsumerinterestandincreasingly

favorableeconomicsassociatedwithexperiences.UniversalDestinations&Experiences,inthemidstofaddingtoitscollectionofUniversalthemeparks,hasalsolaunchednewformatsinnewlocations—includingtherecentlyopenedUniversalHorrorUnleashedinLasVegasandthe

forthcomingUniversalKidsResortinFrisco,Texas.Ona2025earningscall,DisneyCEOBobIgersaid,“Wearebuildingonourbest-in-classparksandexperiencesbusinesses,withmoreexpansionsunderwayaroundtheworldthanatanyothertimeinourhistory.”

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment4

Exhibit1

Advantagesofsmaller-scaleandtransitoryexperiences

Smaller-scale,location-basedattractionscanaugmentthetraditional,high-capital-expendituredestinationexperienceapproach,therebybroadeningtheportfolioofexperiencesonoffer.

Brandscouldderiveseveralpotentialbenefitsfromlaunchingsmaller-scaleattractionsorattractionsthatemployashort-termorpop-upapproach:

—Muchsmallerinitialinvestmentsreducethegeneralrisksstemmingfromaprojectthatfailstomeetaudienceorrevenuegoals.

—Theabilitytocloseinonelocationandopeninanothermakesprojectslessvulnerabletoshiftsinlocaleconomicconditions.

—Shorterdevelopmenttimesandmorenimbleoperationalstructuresmakeiteasiertotimeprojectlaunchestocoincidewithmomentswhentheunderlyingconcept(forinstance,a

pieceofIP)willhavemaximumculturalrelevance(forinstance,whenanewseasonofahitTVshowisreleased).

Exhibit2

Digitalmediaisapproachingtheefficientmonetizationfrontier,andlegacymediaisretreatingfromit.

USconsumermediaandefficientmonetizationfrontier¹in2024,bymediumj-c2t,

100

$/hour

consumed,1

logscale

0

Sportingevents

Amusementparks

Livemusic

Theatricalvideo

ConsoleandPCgames

Efficientmonetization

frontier

PrintnewspapersPrintmagazines

Bookpublishing

Mobilegames

Linear

video

video

Streaming

Socialmedia

vMVPDs²

Socialvideo

RadioDigitalmusic

Digitalnewspapers

Digitalmagazines

PodcastsAudiobooks

50100150200250300350

Hoursconsumed/year,

billion

Circlesize=profitpool$billion

15

45

1Activitiesthatmaximizeanoutputforagivenlevelofinputsorconstraints.Forconsumerattentionmediums,itrepresentshighestlevelofmonetizationforanygivenlevelofconsumption.Mediumsonefficientmonetizationfrontierachievehighestlevelofmonetizationforgivenlevelofconsumption(eg,nomediumhasbothhighermonetizationandmoreconsumptionthanconsoleandPCgames)

Vitualmultichannelvideoprogrammingdistributors.AdvertisingrevenueonlyapliestovMVPD-specificadvertisementslots.RevenuefromadvertisementsairedonvMVPDsbutsoldaspartoflinearpackageappearsinlinearvideorevenue.

Source:EMARKETER;MAGNA;Omdia;PwC;McKinseyanalysis

McKinsey&Company

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment5

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment6

RecentMcKinseyconsumerresearchindicatesthatGenZis1.5timesmorelikelythanthegeneralpopulationtovisitanimmersiveexperience—and

fourtimesmorelikelythanoldergenerations.

—Limited-durationattractionscancreatescarcityandexcitement,resultinginpotentialforincreasedsocialmediasharing.

—Successfulprojectscanquicklybescaledthroughexpansiontonewregions.

—Asrisingadmissionpriceshavebecomeaconcernatdestinationthemeparks,smaller-scaleexperiencesinregionallocationscouldprovidelessexpensivealternativesforlocal

consumerswhodon’twanttospendasmuchontraveloradmissiontickets.

—Asfurtherdetailedbelow,lowerongoingcostsandlessonerouscontractualcommitments

makeitfeasibletobuildattractionsaroundconceptsthattargetrelativelynicheaudiences.

Enablingnewertypesofexperiences

Asmaller-scaled,moretransitoryapproachtolocation-basedentertainmentisalreadyspurringthecreationofnewtypesofexperientialattractions.

IPcanbelessmainstream

IP-poweredattractionshaveoftencenteredonmajorstudiofranchisesandglobalblockbusterswithbroad-basedfanfollowings.Thismakessenseforattractionsinsidedestinationtheme

parks,giventhesignificantup-frontinvestmentsthosemodelsinvolve.Buttheshort-term,

lower-costexperiencemodelismakingiteasierforlessmainstreamofferings—includingnicheTVshows,movies,andevenbooks—tobeadaptedaslocation-basedentertainment.For

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment7

example,TheQueen’sBall:ABridgertonExperience,featuresimmersivesetrecreations,livemusic,specialtydrinks,andtheatricalperformancesallbasedontheNetflixstreamingseriesBridgerton.Itopenedin11citiesacrossthreecountriesandsawmorethan150,000visitors

acrossseveraloftheselocationswithinafewmonthsofitslaunch.TheromancebookseriesACourtofThornsandRoseshasbeenthebasisforsmall-scale,pop-upexperiencesthathavegainedattentionlargelythroughnetworksoflike-mindedbookloverswhopostonthesocial

mediaplatformTikTok.

Consumerproductsandfooditemscanprovidethebasisforattractions

TheinteractiveexperienceMonopolyLifesized(basedontheclassicHasbroboardgame

Monopoly)launchedinLondonin2021andhassinceexpandedtotourcitiesintheUnited

States,includingDenverandCharlotte.TheLondonandDenverdestinationshavecollectivelyattractednearly500,000visitorssincetheiropening.TheMonopolyLifesizedfranchise

partnerswithlocalproductioncompaniesineachmarket.Signingshort-termleasesinunderutilizedspaceshelpskeepcostsdown.

ChainFEST—arecurringfoodfestivalthatbeganasapop-upevent—haspartneredwithbrandsincludingTacoBell,PizzaHut,andMcDonald’s.Inthiscase,belovedquick-servicefooditems

serveastheIPthatformsthebasisofanattraction,withgourmetchefscreatingnewtakesonpopularchainrestaurantmenus.

Retailstorescandoubleasattractions

ThetoystoreCamp—withseveralUSlocations—billsitselfasa“familyexperiencecompany.”Itregularlyconstructsin-storeinteractiveexperiencesbasedonchildren’smediaproperties(suchastheTVseriesBlueyortheTrollsfilms)thatareaccompaniedbythemedshopping

opportunities.

Underusedrealestatecanberepurposedasanattractionsspace

SmallerandtemporaryattractionscancreateopportunitiesthatbenefitbothrealestateholdersandIPowners.“ManyrealestateholdersIspeakwiththesedayshaveunderutilizedspace,”

saysChrisHoldren,formerchiefmarketingofficeratCaesarsEntertainment.“Onelargemovie

theatergrouptoldmeithas10percenttoomanyscreensandwantsnewideasaboutwhattodowiththosespaces.Casinosandmallsoftenhaveexcessspace.IthinkIPholderscouldconsidermovingquicklytomakeuseoftheseavailablespaces.”

Bundlingattractionstogethercancreateaminithemepark

BothNetflixandSonyhaveexperimentedwithcombiningalimitednumberofIP-based

attractionsunderasingleroof.NetflixlaunchedaNetflixHouseconceptinPennsylvaniaand

Texas,witheachlocationofferingavarietyofexperiences—basedonstreamingseriessuchasSquidGameandStrangerThings—thataregatheredwithin100,000-square-footvenues.SonycreatedaWonderverseinChicagothatwasa45,000-square-footspacefeaturingexperiencesbasedonmoviessuchasGhostbustersandJumanji.

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment8

Themeparkscanexpandtosatellitelocations

UniversalDestinations&Experienceshaspreviouslyoffered“HalloweenHorrorNights”—an

eveningpresentationfullofthrillsandchills—toitsthemeparkguests.ButUniversalhasnowexpandedtheinitiativetootherlocations,includingapop-uphauntedmazeinNewYorkcalled“JimmyFallonTonightmares.”InLasVegas,theyear-round,100,000-square-footUniversal

HorrorUnleashedexperiencefeaturesmultiplehauntedhouseenvironments.

LegohasaugmenteditsLegolandthemeparkswithsmaller,indoorLegolandDiscoveryCentersinlocationsacrossAsia,Australia,Europe,andNorthAmerica.

Developingalocation-basedexperienceforbrandactivation

Stakeholderscontemplatinganinvestmentinalocation-basedexperienceshouldconsider

importantelementssuchasperformancemetrics,constructiontimelines,andthebenefitsof

collectingandanalyzingdatatoadjustapproachesquickly.It’svitaltofocusadequateattentiononcreatingdistinctiveexperiences—whilealsoprotectingIPassets.

Alignonthemeasuresofsuccess

It’simportanttoalignonthecorepurposeofcreatinganattraction.Profitabilityis,ofcourse,aplus.Butifawell-receivedexperiencegeneratesonlinebuzzanddeeperengagementwith

consumers,financialreturnsmightbeasecondarygoal.Stakeholdersshouldconsiderinadvancewhatsuccesswouldlooklike.

Coordinateonrealistictimelines

Atypicaltimelineforcreatingasmaller-scale,immersiveexperience—involvingoneattractioninanexistingbuilding—couldstretchtoroughly15months.Thatcanincludeabout90daysfor

contractnegotiationswithexecutionpartners,eightmonthsforconstructiontobuildoutthe

guestenvironment,andtwoweeksofclosedbetatestingtoresolveanyissuespriortoopeningtothepublic.Ifactivationsareplannedintandemwithmajorlaunchesorannouncements,

gettingup-frontalignmentonthetimelineiscrucial.

EnhancepersonalizationthroughgenAI

Personalizationhaslongbeenakeyingredientofexperiencedesign.AsgenAItechnology

advancesanditscostscomedown,itisnowmorefeasiblethanevertointegratepersonalizedexperiencesintoofferings.Creatingwaystomakeeachexperiencefeelpersonalshouldbepartofanyplanning.

TheCollegeFootballHallofFameinAtlantaoffersapersonalizedtour,wherevisitorsareaskedtoposeforaphotoandanswerseveralquestionsuponarrival.UsingAI,thephotosandanswerswereincorporatedintoexhibitsthatmadeguestspartoftheattraction(forinstance,by

generatingfakedocumentaryvideosthatportrayedguestsassuccessfulcollegefootball

coaches).Theexperienceendedwithguestsbeingfeaturedinvideosimaginingthembeingrecruitedtoplayfortheirfavoritecollegefootballteams.

WhenIPgoesIRL:Standingoutwithlocation-basedentertainment9

Maketangiblememoriespartoftheexperience

Tangibleproductscanhelpvisitorsrememberanexperienceforyearstocome.Theseitemscancomeintheformofancillarymerchandisethatissoldor,iftheprimarygoalistodriveaffinity

andloyalty,giventovisitorsasgifts.Themedmenuitemsandspecialtydrinkscanbetiedintotheoveralldesignofanattractionandpairedwithtake-homemementostobecomeintegral

partsoftheexperience.(Therecentpopularityofnoveltypopcornbucketsofferedatmovie

theatersandthemeparkshelpsillustratethisopportunity.)Giventhehighlevelsofconsumerfoodandbeveragespendingintheattractionsindustry—whichcanbetwoorthreetimesmorepercapitacomparedwithconsumerspendingonothercategoriesconnectedtoattractions,

suchasretailsalesandparking—itcanbeworthwhilefordevelopersofattractionstofocuseffortsonbothliftingthequalityoffoodandbeverageofferingsandweavingthemintotheholisticexperience.

Analyzedatatoadjustconsumer-facingandback-of-houseoperations

Digitalization,robustdatagathering,andtheuseofadvancedanalyticscanhelpashort-termattraction(withlimitedtimetogetthingsright)quicklyadjusttoimproveoperationalefficiencyandidentifyunmetconsumerneedsastheyemerge.Real-timeinsightscanhelpwithstaffingdecisionsbyensuringworkersaredeployedtotherightplacesattherightmoments.Data-

drivenanalysiscanhelpevolvebestpractices,creatingstandardizedapproachesthatcanbereplicatediftheattractionexpandstootherlocations.

Developdistinctive,promotableideas

ThefamilyentertainmentcenterDave&Buster’shostedarave-themedpop-up—collaboratingwiththeelectronicmusiccollectiveBrownies&Lemonadetotransformarcadesintodance

parties.Dave&Buster’sChiefStrategyOfficerAldoRosalessays,“ThegoalwastocreateanexperiencethatfeltdistinctlyDave&Buster’s—groundedinwhatouraudiencealreadyloves.It’saboutintegratingwithyourguests’passionpointsandgivingthemareasontoshowup.

Whenyoustartthere,themarketingcomesnaturally.Yourpartners,yourinfluencers,andyourstorytellingallbuildaroundthatsharedenergy.”

Protectassets

It’simportanttobearinmindthedownsideriskofafailedinitiative.Proposalsshouldbe

carefullyevaluated,andpotentialcollaboratorsshouldbethoroughlyvetted.Asubparideaforanewlocation-basedexperience—orevenagreatideathat’spoorlyexecuted—cancreatelastingheadachesfortheownersofboththe