Sphere in Las Vegas Successfully Opened on September 29th with Start of U2’s 36-Show Run
Exosphere Launched First-Ever Brand Campaign in September, Followed by Several Additional High-Profile Campaigns
The Sphere Experience Featuring Darren Aronofsky’s Postcard from Earth Debuted on October 6th to Critical Acclaim
NEW YORK, N.Y., November 8, 2023 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2023.
On September 29, 2023, the Company successfully opened Sphere in Las Vegas in a milestone event that garnered worldwide press and social media coverage. Recent Sphere highlights include:
- U2 opened the venue with the start of its multi-month run at Sphere. To-date, every U2 show has been sold-out;
- In light of the strong demand, 11 more U2 shows have been added in January and February 2024, bringing the band’s planned number of performances at the venue to 36 in total;
- The Sphere Experience – a signature content category – debuted on October 6th, featuring Darren Aronofsky’s Postcard from Earth. This original cinematic film has already earned critical acclaim for its captivating visuals and use of the venue’s next-generation, immersive technologies;
- In early September, Sphere launched its first-ever brand campaign on the Exosphere with YouTube’s NFL Sunday Ticket and the venue has since featured a number of additional campaigns with prominent global brands; and
- Next week, Formula 1 will begin a planned multi-day takeover of Sphere for the inaugural Las Vegas Grand Prix.
At MSG Networks, the start of the 2023-24 NBA and NHL seasons marked the first year of availability for MSG Networks’ direct-to-consumer and authenticated steaming service, MSG+, which offers monthly and annual subscriptions, and, in an industry first, the ability to purchase on a per-game basis. In addition, MSG Networks has reached a multi-year rights renewal with the NHL’s New Jersey Devils. Under the arrangement, MSG Networks will continue as the exclusive regional telecast partner of the New Jersey Devils and will continue to distribute a full schedule of Devils games across MSG Networks’ platforms.
For the fiscal 2024 first quarter, the Company reported revenues of $118.0 million, a decrease of $5.1 million, as compared to the prior year quarter. In addition, the Company reported an operating loss of $69.8 million, an increase of $18.7 million, and an adjusted operating loss of $57.9 million, an increase of $27.1 million, both as compared to the prior year quarter.(1)(2)
Executive Chairman and CEO James L. Dolan said, “Sphere’s opening in Las Vegas in September represented a significant milestone, generating worldwide attention and marking the beginning of a new chapter for our Company. We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders.”