Postcard film picture-postcard Sphere big draw

Article posted by Coliseum, August 22^nd, 2024

Image: The Las Vegas Sphere, Harold Litwiler, CC BY-SA 2.0

After hosting residencies by the American rock bands Dead & Company and Phish, the Sphere Entertainment Company (US) closed out its fiscal year ended June 30^th with revenue of $273.4 million and a net loss of $46.6 million in the fourth quarter.

‘billboard.com’ stated that for the full-year revenue the company posted a $201-million net loss on revenue of $1.03 billion. That’s nearly double the $573.8 million revenue number in the prior year when the Sphere venue in Las Vegas (US) had revenue of just $2.6 million after launching late in 2023.

The eye-grabbing $2.3-billion Sphere venue in Las Vegas reported revenue of $151.2 million in the latest quarter. Events such as the concerts and the corporate events accounted for revenue of $58.4 million. The Sphere Experience, an interactive experience combined with a screening of the film ‘Postcard from Earth’, had revenue of $74.5 million from 208 performances.

The content category, which includes the ‘Postcard from Earth’, is another aspect of maximizing Sphere’s usage. The content generated more than $1 million in average daily ticket sales in the latest quarter, according to Dolan, and has earned more than $300 million in “high margin” revenue since debuting in October 2023.

Informed James Dolan, head honcho of Madison Square Garden Sports and Madison Square Garden Entertainment, “We are actively developing new cinematic experiences and expect to launch our next attraction in the coming weeks. We believe this expanding content library will benefit our Las Vegas business and strengthen our value proposition to new markets.”

The ‘Postcard from Earth’ is a 2023 film directed by Darren Aronofsky starring Brandon Santana and Zaya Ribeiro. Created specifically to be screened at Sphere in the Las Vegas Valley on the venue’s 160,000 square-foot video screen, the film was shot in an 18K resolution with the Big Sky camera system.

Sphere generated revenue of $489.4 million in its first three full quarters of operation. Though U2 (Irish rock band) opened its 40-date run at the end of the first fiscal quarter the bulk of the concerts occurred in the second and third quarters. Four dates by Phish in April were followed by Dead & Company’s 30-date residency that concluded on August 10^th.

With state-of-the-art visuals and audio as well as the capacity to host multiple types of events, Sphere “has the potential to change the entertainment landscape for the artistes, the guests and the partners,”

Added Dolan, “Fully realizing that vision will take time, but we are learning every day how to optimize Sphere’s operating model.”

While its concerts have generated worldwide media attention and exposure on social media, Sphere’s financial potential depends on maximizing its utilization beyond that of a traditional venue.

To that end, Dolan said the company is “making progress” toward its goal of hosting multiple events in a single day.

The Sphere Experience, which includes the 50-minute film ‘Postcard from Earth’, ran on the same days as the Dead & Company’s shows in July and August.

The Dead & Company is an American rock band that formed in 2015 with a lineup of former Grateful Dead members Bob Weir, Mickey Hart and Bill Kreutzmann along with John Mayer, Oteil Burbridge and Jeff Chimenti. Jay Lane replaced Bill Kreutzmann on drums in 2023.

Phish is an American rock band formed in Burlington, Vermont (US) in 1983. The band consists of guitarist Trey Anastasio, bassist Mike Gordon, drummer Jon Fishman, and keyboardist Page McConnell, all of whom perform vocals with Anastasio being the lead vocalist.

Las Vegas (US)-based the Sphere Entertainment Company is a premier live entertainment and media company. The company’s portfolio includes Sphere, a next-generation entertainment medium that is redefining the future of live entertainment. Sphere is powered by cutting-edge technologies that ignite the senses and transports audiences to places both real and imagined. The first Sphere venue opened in Las Vegas in September 2023 and will host a wide variety of events, including concerts and residencies from the world’s biggest artistes, Sphere Experiences featuring leading Hollywood creative and premier marquee events. The company is in talks regarding the development of Sphere in other forward-thinking Cities.

The 20,000-capacity Sphere is a music and entertainment arena in Paradise, Nevada, United States, East of the Las Vegas Strip. Designed by Populous, the project was announced by the Madison Square Garden Company (American sports holding company) in 2018 known then as the MSG Sphere. The Sphere went on stream in September 2023.

‘billboard.com’ further stated that following the earnings release, the shares of the Sphere Entertainment jumped 9.3 percent to $44.55 on August 14^th.

The MSG Networks division had quarterly revenue of $122.2 million, down 6.2 percent from the prior-year period, and annual revenue of $529.7 million, a seven percent decline. The MSG Networks operates two TV sports networks, the MSG Network and the MSG Sportsnet, and the MSG+ streaming platform.

Sphere is also branching out into different types of events that take advantage of its Las Vegas location and an ability to offer dazzling visual displays on its 160,000-square-foot video screen. In June, the venue hosted its first corporate keynote event with the Hewlett Packard Enterprise as well as the National Hockey League (NHL) Draft.

The Hewlett Packard Enterprise Company (HPE) is an American multinational information technology company based in Spring, Texas (US).

New York (US)-based the National Hockey League (NHL) is a professional ice hockey league in North America comprising 32 teams – 25 in the United States and 7 in Canada.

The NHL Draft is an annual meeting in which every franchise of the National Hockey League (NHL) systematically selects the right to available ice hockey players who meet the Draft eligibility requirements.

The Eagles (American rock band) begin a 20-date residency at Sphere in September while Anyma (American DJ) will give the venue its first electronic dance music (EDM) shows in late December. Also in September, Sphere will host its first live sports event, Ultimate Fighting Championship (UFC) 306.

The Ultimate Fighting Championship (UFC) is an American mixed martial arts (MMA) promotion company based in Las Vegas, Nevada (US). It is owned and operated by the TKO Group Holdings, a majority-owned subsidiary of the Endeavor Group Holdings. It is the largest MMA (a full-contact combat sport based on striking, grappling and ground fighting) promotion in the world as of 2023.

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