A general view of Sphere during practice ahead of the F1 Grand Prix of Las Vegas at Las Vegas Strip Circuit on Nov. 17, 2023 in Las Vegas, Nevada.The lone Sphere venue in Las Vegas, which cost $2.3 billion to build through delays and cost overruns during the COVID-19 pandemic, generated revenue of $170.4 million in its fiscal third quarter ended March 31, the parent company, Sphere Entertainment Co, reported Friday. Revenue was slightly better than the $167.8 million in the prior quarter.
Sphere, which wowed music fans through residencies by U2 and Phish, attracted nearly one million guests to more than 270 events in the quarter, said Dolan. In addition to concerts, Sphere offers a motion picture,Demand from artists to perform at Sphere is “stronger than we can even accommodate at this point,” Dolan claimed. The company wants to have “a varied number of kinds of acts, not just legacy rock acts,” and “acts that have the biggest draws,” he added.
Dead & Co. begins its 24-date residency on May 16. A residency by the Eagles has not been officially announced but Dolan suggested during the earnings call the band will indeed perform at Sphere. “Even if you’re not a Deadhead, you’re gonna love that show,” said Dolan when discussing the need to create “compelling” visuals to complement bands’ musical performances. “And I think the same will be true for The Eagles and for the next acts that we bring up.”
Sphere Entertainment Co. had an operating loss of $40.4 million on revenue of $321.3 million. The company’s other segment, MSG Networks, had AOI of $48.6 million, down 17%, on revenue of $151 million, down 6% from the prior-year quarter. The company explained that those figures decreased from the prior-year quarter “primarily due to a 12.5% decrease in subscribers inclusive of the impact of MSG+,” the network’s streaming platform.
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