Madison Square Garden Entertainment’s Quarterly Earnings: 5 Takeaways

  • 📰 billboard
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

5 takeaways from Madison Square Garden Entertainment’s quarterly earnings

The newly-spun off company's fiscal third quarter earnings show a 20% drop in revenue following the coronavirus-induced shutdown of live events in mid-March.

Any company that relies on people gathering in a confined space for multiple hours could not avoid poor quarterly earnings. Promoter Live Nation’s Q1 concert revenue fell 24%. German promoter CTS Eventim’s live entertainment business saw its Q1 revenue sink 40%. Agencies WME, CAA and UTA have thinned their staffs through layoffs, furloughs or both. Small venue owners around the country without cash reserves or access to capital are teetering on financial collapse.

Because MSGE was just recently spun off from the sports division, it opted not to have an earnings call to complement the earnings release. Fortunately, the 10-Q filing provided some insight into the quarter’s results and ongoing operations.Sporting events could return this year without fans -- presumably for a lower fee charged to the teams and zero concession sales each event.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 112. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here’s How to Square a Rising Stock Market With the Dire EconomyHere's how investors can have a positive economic outlook in the face of a pandemic that has shut down so much of the economy. jbarro writes
Source: NYMag - 🏆 111. / 63 Read more »