Sphere Entertainment Fiscal Year Revenue Topped $1B

For full-year revenue, the company posted a $201-million net loss on revenue of $1.03 billion. That’s nearly double the $573.8 million revenue number in the prior year, when the Sphere venue in Las Vegas had revenue of just $2.6 million after launching late in 2023.

The MSG Networks division had quarterly revenue of $122.2 million, down 6.2% from the prior-year period, and annual revenue of $529.7 million, a 7% decline. MSG Networks operates two TV sports networks, MSG Network and MSG Sportsnet, and the MSG+ streaming platform.

The eye-grabbing $2.3-billion Sphere venue in Las Vegas reported revenue of $151.2 million in the latest quarter. Events such as concerts and corporate events accounted for revenue of $58.4 million. The Sphere Experience, an interactive experience combined with a showing of the film Postcard from Earth, had revenue of $74.5 million from 208 performances.

Sphere generated revenue of $489.4 million in its first three full quarters of operation. Though U2 opened its 40-date run at the end of the first fiscal quarter, the bulk of the concerts occurred in the second and third quarters. Four dates by Phish in April were followed by Dead & Co.’s 30-date residency that concluded Aug. 10.

With state-of-the-art visuals and audio, as well as the capacity to host multiple types of events, Sphere “has the potential to change the entertainment landscape for artists, guests and partners,” CEO James Dolan said during Wednesday’s earnings call. “Fully realizing that vision will take time, but we are learning every day how to optimize Sphere’s operating model.”