Sphere Entertainment, the parent company of Sphere in Las Vegas, unveiled its fiscal 2024 second quarter results, providing insight into its performance and key partnerships during the period ending December 31, 2023.
The unaudited report revealed that Sphere Entertainment generated a total revenue of $314.2 million during the second quarter of fiscal 2024. This includes $146.4 million in revenue from MSG Networks and $167.8 million from Sphere. However, the company also reported a total operating loss of $159.7 million for the period, a significant increase from the $49.7 million loss in the same period the previous year. Sphere’s operating loss was $193.9 million, while MSG Networks posted an income of $34.2 million. On the positive side, the total adjusted operating income for Sphere Entertainment was $51.4 million, with $37.3 million coming from MSG Networks and $14.1 million from Sphere.
In addition to its financial performance, Sphere Entertainment announced a major partnership with PepsiCo, making the globally recognized food and beverage company an official partner of Sphere.
James L. Dolan, the executive chairman and CEO of Sphere Entertainment, emphasized the company’s vision for revolutionizing the entertainment arena, stating that the Sphere represents the next level of entertainment that will disrupt the traditional model. He also expressed confidence in the global opportunities ahead, citing positive adjusted operating income for the Sphere segment in its first full quarter of operations in Las Vegas.
The report also highlighted several milestones and achievements, including new partnerships for the F1 Las Vegas Grand Prix and multi-night performances with renowned bands such as Phish and Dead & Co. Furthermore, every show of U2’s multi-month run at Sphere was sold out, leading to an extension of their collaboration with the venue. The 40th and final U2 show at Sphere is scheduled for early March.