NEW YORK, N.Y., May 10, 2024 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal third quarter ended March 31, 2024.
Recent Sphere highlights include:
- The conclusion of U2’s sold-out 40-show run in March and Phish’s sold-out 4-night run in April;
- Dead & Co.’s extension of its upcoming residency from 18 to 24 shows due to strong ticket demand;
- The Sphere Experience featuring Postcard from Earth, generated over one million dollars in average daily ticket sales on the days it ran during the fiscal third quarter;
- Sphere’s Exosphere featured campaigns from numerous global brands during the quarter, and generated a record-setting week of advertising revenue around the Super Bowl in February; and
- Sphere announced that in June it will host both its first corporate keynote event with Hewlett Packard Enterprise, as well as this year’s NHL Draft.
Subsequent to the end of the quarter, MSG Networks concluded its full regular season telecast schedules for its five professional sports teams. In addition, MSG Networks aired first round playoff telecasts of the New York Knicks, New York Rangers and New York Islanders, and is currently providing comprehensive pre/post-game coverage of the second round of the postseason for both the Knicks and Rangers across its linear and digital platforms.
For the fiscal 2024 third quarter, the Company reported revenues of $321.3 million, an increase of $159.3 million, as compared to the prior year quarter. In addition, the Company reported an operating loss of $40.4 million, an improvement of $61.5 million as compared to the prior year quarter, and adjusted operating income of $61.5 million, as compared to an adjusted operating loss of $18.7 million in the prior year quarter.(1)(2)
Executive Chairman and CEO James L. Dolan said, “With the second consecutive quarter of robust revenues and positive adjusted operating income at the Sphere segment, our early results continue to demonstrate Sphere’s potential to disrupt the traditional venue model. We are encouraged by the demand for this new medium and remain confident in our future growth opportunities.”