The Macbeth-inspired immersive theater experience Sleep No More celebrated its 8th anniversary in Shanghai in December. The Shanghai version, jointly created by SMG Live and the UK theater company Punchdrunk, has shattered records and boosted the development of immersive entertainment in China.

Over the eight years, Sleep No More Shanghai's total revenue has exceeded 550 million yuan ($75.35 million) and welcomed over 620,000 participants, with 60.5 percent from outside the city or country.

In celebration of this eight-year milestone, Sleep No More Shanghai unveiled an Infinity Carnival featuring three new immersive party experiences over the New Year period themed on the carnival star, the rising ship and a brand-new Manderley.

"Shanghai is an incredible city with audiences from all over the world possessing unrivaled passion and enthusiasm. I don't think we ever thought it could take root here for eight years. It's showing no signs of stopping its exploration and growth," says Felix Barrett, the show's director and artistic chief.

The show has also earned global recognition, including the Themed Entertainment Association's Thea Award for Outstanding Achievement, and was selected for the national tourism performance excellence list and named one of the Top 10 Shanghai cultural brands.

Since SMG Live brought this immersive experience to Shanghai in 2016, the show has earned ratings of 9.2/10 on the review site Douban and 9.1/10 on the film data platform Maoyan.

"I believe the key factors in the Shanghai version of Sleep No More's success are the decade of cultural prosperity, the explosion of people's demand for high-quality works, the artistic quality of this IP (intellectual property), and the production of the Shanghai version," says Pan Tao, general manager of Shanghai Shangyan Culture Investment Management Co, the show's operator.

"At the same time, we are constantly exploring new models and actively integrating audiences' consumption needs and societal trends," Pan adds.

The McKinnon Hotel Shanghai, where the show takes place, is a venue that integrates culture and commerce by fusing retail, dining and accommodation. Capitalizing on its IP, the show has also driven creative cross-industry collaborations spanning fashion, real estate, e-commerce and more.

To cater to diverse demands, the team launched the premium Lounge M experience this August, maintaining an 85 percent daily occupancy rate.

Comparing the data, the operation team also found that year-on-year revenue beyond ticketing has grown substantially, particularly the tremendous market potential for integrated cultural, commercial and tourism offerings.

China's immersive entertainment industry is experiencing explosive growth and innovation. By late 2023, the domestic market had 32,024 immersive experience projects, with a consumer market size of 92.7 billion yuan, according to the China Immersive Industry Report 2024 by the industry's observing platform illuthion.com.

Within this boom, SMG Live has evolved from single revenue streams to a new retail theater model centered around Sleep No More Shanghai as its pilot case. Based on the IP, it expands into merchandise licensing, venue partnerships and integration across related consumer verticals, which is also applied to SMG's other original IPs.

As an imported IP adapted with Chinese cultural elements and Shanghai's heritage influences, Sleep No More Shanghai imbues a distinctive Eastern aesthetic compared to the London and New York versions.

On Chinese online travel agency Ctrip's overseas platform, the show covers 39 countries and regions and supports 24 languages and 35 currencies to facilitate international audiences. Ctrip bookings surged 120 percent year-on-year since the show's overseas listing, with over 60.5 percent coming from abroad.