said that revenue growth came from broad-based demand for events, hospitality, suites, sponsorship and merchandise.
It is those two types of events — artist performances and films — plus advertising, sponsorship and hospitality, that MSGE hopes will help pay for the $2.175 billion price tag of building the Sphere. The MSG Networks segment generated $158.9 million in revenue, 1% lower than a year ago, due to higher rights fees partially offset by increasing advertising revenues.
MSG paid $181 million for a 62.5% interest in the hospitality group in 2017 and now owns 67% of the company.
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