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Jerome García February 6, 2024 2 min read
Sphere in Las Vegas Reports Strong Fiscal Second Quarter Results
The results of the unique entertainment and music arena were positively impacted by U2 concerts and activations during the Formula 1 Las Vegas Grand Prix
Sphere Entertainment, the parent company of Sphere in Las Vegas, the premium entertainment and music arena, released its fiscal 2024 second quarter results. The period, encompassing the three months ended December 31, 2023, sheds light on the Sphere’s performance for its first full quarter, highlighting achievements and important partnerships inked during the period.
The total revenue posted by Sphere Entertainment for the fiscal 2024 second quarter was $314.2 million, judging by the company’s latest unaudited report. A breakdown of that total shows that MSG Networks’ revenue was $146.4 million, while the Sphere’s revenue was $167.8 million.
When it comes to total operating loss, Sphere Entertainment posted a $159.7 million loss, an uptick when compared to the $49.7 million loss reported for the corresponding period the prior year. According to a further breakdown, Sphere’s operating loss for the latest trading period was $193.9 million, while MSG Networks posted an income of $34.2 million.
The total adjusted operating income reported by Sphere Entertainment was $51.4 million. This breaks down to $37.3 million and $14.1 million in reported adjusted operating income for MSG Networks and Sphere respectively.
At the end of January, the company confirmed a major partnership by teaming up with PepsiCo, the globally recognized food and beverage company. As a result, PepsiCo was designated as an official partner of Sphere.
The Venue Seeks to Disrupt the Traditional Entertainment Model
James L. Dolan, Sphere Entertainment’s executive chairman and CEO, spoke about the Sphere, explaining that it represents the next level of entertainment arena that will revolutionize the vertical. “With positive adjusted operating income at the Sphere segment in our first full quarter of operations in Las Vegas, our early results are beginning to prove that thesis, and we remain confident in the global opportunities ahead,” he added.
“Sphere is a next-generation medium intended to disrupt the traditional venue model.“James L. Dolan, CEO and executive chairman at Sphere Entertainment
Besides the financial aspect, the recent trading update highlighted different milestones and achievements. The Sphere grew its portfolio of partners via a collaboration for the F1 Las Vegas Grand Prix. Moreover, the venue announced multi-night performances with the renowned bands, Phish and Dead & Co.
During its multi-month run at Sphere, U2’s every show was sold out to date. Considering the strong demand, the venue extended its collaboration with the famous brand multiple times. The 40th and last U2 show at Sphere is scheduled for early March.