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Therme Group hired a WhiteWater president and a Merlin Entertainments managing director in one week. But the entertainment-to-bathing talent migration runs far wider: a Meow Wolf co-founder, a Midas List VC, festival-circuit investors, trained theater performers, and nightclub operators are all building the next generation of bathing businesses. UNESCO classified Finnish sauna under festive events in 2020. The rest of the industry is catching up.

Therme Bucharest’s Herbarium festival assembled 92 aufguss masters from 26 countries, more than the World Championship. With $3 billion in pipeline capital, the festival is a talent-acquisition strategy, not an event.