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Live Nation’s share price has reached a new high, topping $145 for the first time, after rising 11% in the last month alone.
The company’s stock, which peaked at $145.33 so far today (31 January), has continued on an upward trajectory after rocketing over 8% to a then all-time high of $127.64 in the immediate aftermath of Donald Trump’s victory in last November’s US election.
Live Nation has said it is “hopeful” the administration change will have a positive impact on its antitrust battle with the DOJ.
Additionally, LN’s share price has risen 50% over the past six months and 63% in the last year. The firm has a market cap of more than $33.5 billion.
The firm’s president/CEO Michael Rapino was recently named No.1 on Billboard‘s latest Power 100 List, its annual rankings of the music industry’s top executives.
“The word ‘record-breaking’ has become synonymous with Live Nation under Rapino’s leadership”
“The word ‘record-breaking’ has become synonymous with Live Nation under Rapino’s leadership,” states the publication. “In 2024 alone, the first two quarters of the year broke revenue records, while in the third quarter (though down in overall revenue year over year) concerts delivered record profitability.
“Those results stem from consistently promoting shows from some of the biggest acts on the road.”
Rapino came out on top of the list ahead of Universal Music Group chair/CEO Lucian Grainge at No.2, with the top 5 completed by Sony Music Entertainment CEO Rob Stringer, Spotify co-founder/CEO Daniel Ek and Irving and Jeffrey Azoff, who are jointly ranked at No.5.
Other live music figures included in the top 20 were AEG Presents president/CEO Jay Marciano at No.9, Red Light Management CEO Coran Copshaw was at No.19 and Oak View Group chair/CEO Tim Leiweke at No.20.
In further positive stock market news for the business, shares in German-headquartered live entertainment giant CTS Eventim have seen an 11.5% uptick over the past month to €94.70, while Sphere Entertainment’s have risen close to 15% in the same period to $46.17. Madison Square Garden Entertainment Corp is up slightly to $36.30.
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Revenue and losses both increased at Sphere Entertainment in the company’s latest financial report, as boss James Dolan gave an update on ambitions for a “global network of venues”.
It was confirmed last month that the world’s second Sphere will be built in Abu Dhabi under a franchise model.
In partnership with the Department of Culture and Tourism – Abu Dhabi, the next-generation venue is expected to be similar in scale to the 20,000-cap Las Vegas original and will be located in a “prime spot” in the UAE capital. No timescale has been given for the project.
“The vision for Sphere has always included a global network of venues, and our recently announced plans for a second Sphere in Abu Dhabi mark a significant milestone toward that goal,” says Dolan, Sphere Entertainment’s executive chairman and CEO. “We are confident in the opportunities ahead for Sphere and believe we are well-positioned to drive long-term shareholder value.”
While declining to give details on other potential Sphere destinations, Dolan told shareholders during the fiscal Q1 2025 earnings call that the firm was still “pushing the envelope”.
“We’re certainly interested in future Sphere announcements and expanding into other marketplaces,” he added. “We definitely want to build in multiple places. We’ve built an organisation that can handle the construction of multiple Spheres at the same time. And so yes, we’re still moving.”
“We have some great bands that are coming in over the next year and so I think we will continue to capture their concerts”
Sphere Entertainment reported revenues of $227.9 million for the quarter, up $109.9m on the same period 12 months ago. In addition, it posted an operating loss of $117.6m (an increase of $47.8m) and an adjusted operating loss of $10.2m (an improvement of $47.7m), compared to the prior year quarter.
In September, Sphere hosted its first live sports event – UFC 306 – which became the highest single grossing event at the venue so far, with box office takings of $22m.
That same month, it also debuted exclusive “cinematic experience” V-U2 An Immersive Concert Film at Sphere Las Vegas, based around U2’s groundbreaking show at the venue. Dolan suggested the concept could be repeated with other Sphere performers in the future.
“We shot it, we put it together, and yes, I think it’s a viable product,” said Dolan. “It really is an amazing product when you see it. You feel like you’re at the concert.
“We have some great bands that are coming in over the next year and so I think we will continue to capture their concerts. I wish we could go back to 1965 and capture The Beatles. I’m pretty sure you’d all love to see a live Beatles concert like you are really there, so that’s one we probably can’t do. But we do have some and creating a library of these kind of performances, I think is very valuable… You’re not going to be able to see Bono 20 years from now live, except this way.”
“The formula, which is really the basis for how we designed Sphere, was to be busy 365 days a year with multiple shows”
The Las Vegas Sphere has so far hosted residencies by U2, Phish, Dead & Company and the Eagles’ 28-show residency, which has been extended multiple times due to demand, plus the Darren Aronofsky-directed immersive production Postcard from Earth. Anyma is set to become the first electronic act to perform with stints from 27 December to 1 January and 10 & 11 January.
Dolan stated his belief that being able to host multiple event types on the same day would be a significant revenue driver for the venue.
“If it’s an Eagles show that’s on Saturday and starts at 8pm, we have a show in the afternoon: Postcards from Earth or V-U2 or the other properties that we’re developing,” he explained. “That’s a pretty good use of the capital. It’s going to generate a lot of revenue.
“The formula, which is really the basis for how we designed Sphere, was to be busy 365 days a year with multiple shows. What we wanted to do when we started this thing was to change the venue model.
“We don’t have any problem with acts wanting to play the Sphere. It’s just getting them in and then making sure that we can do these side by side. It’s really important to us.”
Stock in Sphere Entertainment was up 3% to $42.25 today (13 November), giving it a market cap of $1.51 billion.
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The world’s second Sphere venue is to be built in Abu Dhabi, it has been revealed.
Sphere Entertainment and the Department of Culture and Tourism – Abu Dhabi confirmed the longstanding rumours today (15 October), announcing they will work together to bring the next-generation project to life in the UAE capital.
Since opening the $2.3 billion Sphere in Las Vegas, US, in September 2023, Sphere Entertainment has pursued plans to develop a global network of Sphere venues, with the expansion expected to provide “significant growth potential and drive new revenue streams”.
“The vision for Sphere has always included a global network of venues, and today’s announcement is a significant milestone toward that goal,” says Sphere Entertainment executive chair and CEO James L. Dolan. “Sphere is redefining live entertainment and extending the reach of its transformative impact. We are proud to collaborate with DCT Abu Dhabi to develop Sphere in their city.”
The partners say the venue will be located in a “prime spot” in Abu Dhabi and echo the scale of the 20,000-cap Las Vegas original, which has so far hosted residencies by U2, Phish, Dead & Company and the Eagles’ ongoing run, as well as the Darren Aronofsky-directed immersive production Postcard from Earth.
“We are excited to bring Sphere to Abu Dhabi in partnership with Sphere Entertainment, providing our residents and visitors with an extraordinary new form of entertainment,” adds H.E. Mohamed Khalifa Al Mubarak, chair of DCT Abu Dhabi. “Sphere Abu Dhabi will seamlessly integrate advanced technology with captivating storytelling, creating unforgettable memories for everyone who visits.
“This partnership aligns with our Tourism Strategy 2030, further establishing Abu Dhabi as a vibrant hub for culture and innovation. By embracing cutting-edge entertainment like Sphere, we’re not only elevating our global profile but also setting new standards in immersive experiences and cultural offerings.”
“By the time we open up another Sphere, we’ll really have got that operation down”
Abu Dhabi is the UAE’s second most populous city after Dubai, and gained the 18,000-cap Etihad Arena in 2021.
Under the terms of the new partnership, DCT Abu Dhabi will pay Sphere Entertainment a franchise initiation fee for the right to build the venue, “utilising Sphere Entertainment’s proprietary designs, technology, and intellectual property”. Construction will be funded by DCT Abu Dhabi, with Sphere Entertainment’s team providing services related to development, construction and pre-opening of the venue. An estimated timescale for the development is yet to be released.
Following its opening, Sphere Entertainment plans to maintain ongoing arrangements with DCT Abu Dhabi, which are expected to include annual fees for creative and artistic content licensed by Sphere Entertainment, operational services related to venue operations and technology, as well as commercial and strategic advisory support.
Dolan discussed the logistics of constructing additional Spheres during the company’s most recent earnings call in August.
“When you take a look at this last year, we’ve really got much better at operating a Sphere. And by the time we open up another Sphere, we’ll really have got that operation down,” he said. “I keep thinking to myself, well, the next guy is going to really benefit from the fact that we learned this and we learned that, and we changed this policy and this procedure, we became efficient at this.”
The US company, which was formerly known as Madison Square Garden (MSG) Entertainment, announced in 2018 that it was planning to build a 21,500-cap Sphere in Stratford, east London. However, the scheme proved controversial and was met with opposition from various parties including local residents, councillors and rival companies.
London mayor Sadiq Khan ultimately rejected the plans in November 2023, ruling it “would result in an unacceptable negative impact on local residents”. MSG officially withdrew its planning application in January this year, saying it could not continue to participate in a process that was “merely a political football between rival parties”.
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Sphere Las Vegas is to debut an exclusive “cinematic experience” based around U2’s groundbreaking show at the venue.
Directed by Morleigh Steinberg and The Edge, V-U2 An Immersive Concert Film at Sphere Las Vegas will open at Sphere on Thursday 5 September. Tickets are priced from $100, with U2.com subscribers receiving first access to presale tickets.
“V-U2 is a first-of-its-kind immersive film that will transport audiences back to U2’s groundbreaking live Sphere shows and make them feel like they are there,” says Josephine Vaccarello, EVP, live, MSG Entertainment, who oversees live bookings for Sphere. “This concert film was created specifically for Sphere, and will utilise the venue’s technologies to create an experience that is only possible at this next-generation entertainment medium.”
U2 sold more than 700,000 tickets across 40 sold-out dates at Sphere from September 2023 to March 2024. The residency saw the group reunite with creative collaborator and show director Willie Williams, as well as artists including Es Devlin, John Gerrard and Marco Brambilla.
According to Pollstar, the stint is Las Vegas’ highest-grossing residency of 2024 so far, grossing $84.7 million (€77.5m) from 249,122 ticket sales for 15 shows held between January and March.
The V-U2 show is a Sphere Experience, Sphere’s signature original content category, and is the first film to be shot entirely with Big Sky, the ultra-high-resolution camera system developed by Sphere Entertainment. The film was produced by band members The Edge, Bono and Adam Clayton, along with producer Alan Moloney, in collaboration with Sphere.
“The end result is a cinematic experience that transports viewers into the energy and beauty of the live show”
“We knew all the tremendous capabilities of the technology, but we didn’t know what to expect from the process of making this film,” adds Steinberg. “The work became a true collaboration between band, artists, producers, and technology teams. The end result is a cinematic experience that transports viewers into the energy and beauty of the live show.”
Sphere Entertainment executive chair and CEO Jim Dolan hinted at the expansion into immersive content as a means of extending the lifespan of the venue’s residencies during last week’s company earnings call.
“If you look at the concerts that we’ve had, and the events that we’ve had in the Sphere so far, and you think of them as an experience, then recording them actually in the Sphere itself is probably the most perfect place to make an experiential recording,” he says. “So that suggests that there’s a product there. I expect you’ll hear from us soon about that kind of content.”
In its fiscal 2024 financial results, the firm posted full-year revenues of $1.03 billion (+$453m on the prior year), with an operating loss of $341.2m (+$68.2m) and adjusted operating income of $80.7m (+$203.3m).
Sphere has also hosted residencies by Phish and Dead & Company, as well as the ongoing Darren Aronofsky-directed immersive production Postcard from Earth. The Eagles are due to kick off a 20-show run at the $2.3bn venue next month, while Anyma is set to become the first electronic act to perform with a six-night stint from 27 December to 1 January.
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Shares in the company behind the Sphere in Las Vegas have jumped almost 10% following publication of the firm’s fiscal 2024 financial results.
Sphere Entertainment posted full-year revenues of $1.03 billion (+$453m on the prior year), with an operating loss of $341.2m (+$68.2m) and adjusted operating income of $80.7m (+$203.3m).
For the fiscal Q4 2024, the firm reported revenues of $273.4m – an increase of $144.3m compared to the prior year quarter – for an operating loss of $71.4m (+$1m). AOI was $25.7m (+$85.5m).
The groundbreaking 20,000-cap Sphere opened in September 2023 and has hosted residencies by U2, Phish and Dead & Company, as well as the ongoing Darren Aronofsky-directed immersive production Postcard from Earth. The Eagles are due to kick off a 20-show run at the $2.3bn venue next month, while Anyma is set to become the first electronic act to perform with a six-night stint from 27 December to 1 January.
“Fiscal 2024 marked the opening of Sphere in Las Vegas and a new chapter for our company,” says executive chair and CEO James Dolan. “Sphere has already welcomed millions of guests, world-renowned artists and numerous global brands. We are confident that we are on the right path to execute on our vision for this next-generation medium.”
Dolan shed further light on the company’s progress and future plans during an earnings call with investors.
“Artists continue to benefit from the drawing power of Sphere”
“Artists continue to benefit from the drawing power of Sphere,” he said. “Dead & Company just completed their 30-show run on Saturday night. The Eagles kick off their residency next month with a 20-show run through January. And we recently announced that Anyma will be our first EDM act with a multi-night run around New Year’s. Both The Eagles and Anyma have been extended multiple times due to demand.
“We are also making progress towards our goal of hosting multiple event types on the same day. The Sphere Experience ran on the same day as select Dead & Co. concerts in July and August, and we believe that this had a positive impact on attendance for Postcard from Earth on those days.”
Dolan noted the Sphere segment of the business generated Q4 revenues of $151m, along with an AOI loss of $5.5m, after welcoming more than 900,000 guests across 230+ events.
“These results were driven by our original content category, The Sphere Experience featuring Postcard from Earth, which generated approximately $74 million in revenue across 208 shows in the fourth quarter,” he said. “They also reflected Phish’s four-night run in April and the start of Dead & Company’s residency in May with 18 performances during the quarter.”
Dolan suggested The Eagles may extend their stay at the venue further still, and hinted at the identity of other potential artist residencies.
“I think The Eagles are not going to be satisfied with the 20-show run and neither will their fans, but we haven’t announced anything yet in terms of that,” he said. “The interesting thing about the Eagles show, though, if you might have noticed, is that they basically play on for two weeks and then they go off for two weeks. So when we get to [’25 it is ] likely that we will fill in the two weeks that they’re not playing, right, with another high-profile premier type act – probably with a woman. And that’s as much as I’m going to say about that.”
He added: “You can expect something in the country category coming in ’25. That will whet people’s appetite.”
“You could go almost anywhere in the world and say ‘Sphere’ and people know what it is, know where it is, and many of them know what it does”
Having revealed during the firm’s previous quarterly report that talks were ongoing with “several” markets about constructing a second Sphere venue, Dolan had no major update to give on the issue.
“Do I anticipate that we’re going to have something to say very soon? Yes, I do,” he said. “I think that’s about all I can say, other than you’re going to know when it happens.”
He continued: “When you take a look at this last year, we’ve really got much better at operating a Sphere. And by the time we open up another Sphere, we’ll really have got that operation down. When I look at everything that’s happened in the last year, I keep thinking to myself, well, the next guy is going to really benefit from the fact that we learned this and we learned that, and we changed this policy and this procedure, we became efficient at this.
“One of the things that we talked about in the script was what we call side-by-side. That’s where we have more than one event in the Sphere on the same day. The next Sphere will automatically know how to do that because of what happened in the Sphere in Las Vegas. A big piece of what the economic formula was for Sphere was to build a building that you could utilise 365 days a year and multiple times a day.”
Dolan added that the venue, which will host its first live sports event, UFC 306, in September, had already built up significant brand awareness in a short space of time.
“You could go almost anywhere in the world and say ‘Sphere’ and people know what it is, know where it is, and many of them know what it does,” he pointed out. “And every time we do something like Dead & Co., it just blossoms out again and a whole new group of people learn all about what the Sphere can do. So are they there for the building? Are they there for the content? I think it’s a combination of both.”
See the August issue of IQ for an in-depth report on how Vegas has become the hottest entertainment market in the world.
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Touring power players appear to be back on track following a turbulent few days for the stock market.
Markets in the US dipped on Friday and Monday after new data showed the unemployment rate increased from 4.1% to 4.3% in July – its highest level in almost three years – while only 114,000 jobs were added – well down from the 215,000 monthly average over the previous 12 months.
However, the BBC reports that Nasdaq, the Dow Jones Industrial Average and the S&P 500 all witnessed early gains today (6 August). Japan’s Nikkei 225 stock index also surged by more than 10%, having plummeted 12% at the beginning of the week.
Live Nation‘s share price, which opened at US$88.06, advanced almost 3% to $90.57, giving it a $21.25 billion market cap.
The company published its Q2 earnings report last week, posting $6 billion in revenue for the quarter – up 7% on the equivalent quarter in 2023. Operating income rose 21% to $466 million and AOI 21% to $716m, with the key metrics pointing to another record-setting year for the firm.
Shares in Madison Square Garden Entertainment and spin-off Sphere Entertainment have both risen
“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide,” said Live Nation president and CEO Michael Rapino.
German-headquartered CTS Eventim, which is due to release its half-year financial report later this month, saw a small uptick to €75.55, valuing the pan-European behemoth at €7.38bn.
Shares in Madison Square Garden Entertainment and spin-off Sphere Entertainment have also both risen to $36.24 and $39.30, respectively, ahead of their upcoming financial results for fiscal Q4.
Elsewhere, MENA streaming service Anghami, owner of Dubai-based event management company Spotlight Events, has dipped almost 7% to $0.89 over the past five days, while shares in music company ATC Group, which is listed on the Aquis Growth Market in London, stand at 110p. Plus, Roblox Corp, the firm behind social gaming platform Roblox, saw a 1% uptick to $36.95.
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Talent agency UTA and live entertainment company Sphere Entertainment have each announced new chief operating officers.
UTA has appointed Bob Roback, a veteran entertainment and tech entrepreneur and executive, as its new COO.
In joining the firm, Roback will also be a partner and join UTA’s board of directors. He takes over the COO role from Andrew Thau, who will continue as co-head of UTA Sports.
This week, Thau and Rich Paul, UTA Sports co-head and KLUTCH Sports founder, announced UTA’s acquisition of ROOF (Representatives Of Outstanding Footballers), a leading football agency representing top soccer players in Europe and beyond.
Roback will report to UTA CEO Jeremy Zimmer and president David Kramer. As COO, his responsibilities include overall business operations and overseeing growth, strategy and technology, with a focus on efficiency and innovation, the agency said.
Roback’s career spans content, digital consumer services and consumer products, as well as business-to-business platforms and marketplaces. He spent seven years as CEO of Ingrooves Music Group, a tech-led music and marketing business acquired by Universal Music Group in 2019. Prior to that, Roback served as president and a member of the board of Fender Musical Instruments Corp. He also co-founded several companies, including Dashbox, The Media Farm and Launch Media, which became Yahoo Music.
“Throughout his accomplished career, Bob has built and led multiple businesses at the intersection of entertainment and technology, and he will be a valued partner at UTA as we help our clients thrive in an increasingly global and complex marketplace,” says Zimmer.
Roback adds: “I’ve long admired UTA’s dedication to its clients and ability to lead the way in defining what it means to be a global agency during a time of tremendous change and opportunity. I’m thrilled to be joining the company at this exciting time and look forward to shaping the future with UTA’s talented and ambitious team.”
“Bob will be a valued partner at UTA as we help our clients thrive in an increasingly global and complex marketplace”
Elsewhere, Sphere Entertainment Co has expanded Jennifer Koester’s role at the firm to president and COO. Koester most recently served as the company’s president, Sphere business operations, where she led the strategy and execution of all business aspects of Sphere, a futuristic $2.3 billion arena launched in Las Vegas in September 2023.
In the expanded role, Koester will continue working with executive leadership, and across the broader Sphere team, to grow the business and optimise its operations, said the firm.
Koester will now also provide strategic oversight for Sphere Studios – the immersive content studio in Burbank dedicated to developing multi-sensory experiences exclusively for Sphere – including further developing the Studios’ capabilities as a full-service production studio.
She will continue to focus on maximizing venue utilisation across a range of categories, such as original programming, attractions, concerts, residencies, and corporate and marquee events; driving strategic partnerships; delivering the best customer experience; and growing Sphere as a premium global brand.
“Since joining our team earlier this year, Jennifer’s contributions have had a significant impact,” says James Dolan, executive chairman and chief executive officer, Sphere Entertainment. “We believe we are just scratching the surface of what is possible with Sphere, and her expertise will be essential as we continue to advance on our long-term vision for this next-generation entertainment medium.”
“I welcome the opportunity to take on this expanded role,” says Koester. “Across the Sphere organisation we are focused on both bringing unique experiences to life in Las Vegas, and developing new experiences that will keep Sphere at the forefront of immersive entertainment. I look forward to continuing to work with our world-class team to grow our business and deliver on Sphere’s vision for the future of entertainment.”
A seasoned executive with 30 years of diverse experience in technology, media, and entertainment, Ms. Koester’s experience spans across functional areas including business development, marketing, technology, legal, and product management.
She joined Sphere Entertainment in February 2024 from Google, where she served as managing director, Americas Strategic Alliances, Global Partnerships.
She also previously served as director, telecommunications and video distributors, global partnerships at Google, where she was a key contributor to product strategy and roadmaps that delivered new revenue opportunities, including development and monetisation of advertising product lines. Her experience prior to Google includes serving as senior vice president of advanced advertising product development, data analytics and ad operations at Cablevision, as well as various legal positions.
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The Eagles have confirmed their long-rumoured residency at the Sphere in Las Vegas.
The American band will play eight shows over four weekends this autumn, offering fans “the ultimate connection to the band’s legendary catalogue in an immersive experience that only Sphere can provide”.
The shows will take place on 20-21 & 27-28 September and 11-12 & 18-19 October.
Tickets start at $175 and will reflect all-in pricing, while Vibee packages include a two-night stay at The Venetian Resort Las Vegas with guests receiving priority entry to Sphere, commemorative keepsakes, and access to a fan experience. Limited VIP Ticket Packages will also be available.
“We will never have an act play the Sphere that doesn’t have something compelling up on the screen”
The next-generation $2.3 billion Sphere launched in September 2023 with the 40-night U2:UV Achtung Baby Live At Sphere residency, followed by a four-show stint by Phish last month. Dead & Company recently added six shows to their Dead Forever – Live at Sphere run at the 20,000-cap venue due to “increased demand” to take their total number of dates to 30.
“Every time an act books the Sphere, they have to create content around it,” said Sphere Entertainment boss Jim Dolan during the company’s most recent earnings call. “We will never have an act play the Sphere that doesn’t have something compelling up on the screen. It takes a while to do that, so we’re being too judicious about it. But the more an act plays the Sphere, like U2, the more they can monetise the content across multiple shows and therefore invest more on the content and create an even better show.”
The Eagles recently wrapped up a five-night UK stint at Manchester’s new Co-op Live as part of their Long Goodbye farewell tour and will perform a European stadium date with their first of two dates at Arnhem’s GelreDome in the Netherlands tonight (13 June).
The group, who are represented by manager Irving Azoff, revealed their plans to bring the curtain down on their 52-year career with one final tour last summer, beginning last September at New York’s Madison Square Garden. The tour is expected to continue into 2025, as “the band will perform as many shows in each market as their audience demands”.
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Sphere Entertainment boss Jim Dolan has revealed talks are ongoing with “several” markets about constructing a second Sphere venue.
The futuristic $2.3 billion development launched in Las Vegas in September 2023 with the 40-night U2:UV Achtung Baby Live At Sphere residency, and while a proposed London replica was aborted in acrimonious circumstances, other territories such as the UAE have remained in the frame.
Speaking during the Madison Square Garden spin-off’s fiscal Q3 2024 earnings call, Dolan denied there had been any “hold-up” with the plans, but advised that building another Sphere was no simple feat.
“It’s not like building a McDonald’s; it’s complicated,” said the executive chair and CEO. “It’s a very expensive project. This will only be the second one… in the world that has been built. And so working out all the details and the construction cost and the relationships that are in there does take time.
“There has been plenty of interest over the year, but [it wasn’t] until we launched the product in late September that people really got to see what it was and began to see how it can perform.
“With all that, though, we are in discussions with several markets. We think we’re going to conclude at least one of those markets soon. How soon? I’m not going to predict, but soon. And we continue to hear from new markets too. As the Sphere becomes better known and people begin to understand the economics behind it and what it can do for our marketplace, the interest remains strong.”
“We will never have an act play the Sphere that doesn’t have something compelling up on the screen”
Dolan also appeared to confirm longstanding rumours that the Eagles would be next in line for a Sphere residency after U2, Phish and Dead & Company.
“We’re looking for the acts that are the biggest draws, and we are in discussions with a whole bunch of those,” he said. “Remember, every time an act books the Sphere, they have to create content around it. We will never have an act play the Sphere that doesn’t have something compelling up on the screen. It takes a while to do that, so we’re being too judicious about it. But the more an act plays the Sphere, like U2, the more they can monetise the content across multiple shows and therefore invest more on the content and create an even better show. That’s what we’re seeing now.
“[Dead & Company] premieres on Thursday [16 May]. And I think you’re going to find that — even if you’re not a Deadhead – you’re going to love that show. And I think the same will be true for the Eagles and for the next acts that we bring on.”
For the fiscal 2024 third quarter, the Sphere segment posted revenues of $170.4m – an increase of $169.7m year-on-year. Its operating loss of $83.5m was an improvement of $28.9 million on the prior year quarter, Event-related revenues were $34.3m, while revenues from sponsorship, signage, Exosphere advertising and suite licence fees were $32.9m. Adjusted operating income was $12.9m.
“Our early results continue to demonstrate Sphere’s potential to disrupt the traditional venue model”
“Since its October debut, the signature content category has already generated over $200 million in revenue,” noted Dolan. “That includes more than $1 million in average daily ticket sales in both the second and third quarters. These results reinforce our belief in the value of original content. And we are now developing new cinematic offerings to strengthen this core category.
“On the concert front, headline acts are seeing the advantages of performing at Sphere. U2’s 40 show run grew an audience on par with a national arena tour. Phish sold out its four nights in less than one hour. And Dead & Co. has already extended their upcoming residency.”
Sphere Entertainment reported an operating loss of $40.4m – an improvement of $61.5m compared to the prior year quarter – on revenues of $321.3m (up from $159.3m y-o-y). AOI was $61.5m, as compared to an adjusted operating loss of $18.7m 12 months previously.
“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,” concluded Dolan. “We are encouraged by the demand for this new medium and remain confident in our future growth opportunities.”
Today (13 May), Sphere Entertainment announced it has acquired all of the remaining shares it did not previously own of 3D audio technology firm HOLOPLOT, having made its first investment into the leading global company in 2018 when the two companies partnered to develop Sphere Immersive Sound.
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Sphere Entertainment Co. has named Ned McNeilage, an award-winning creative leader with more than 30 years of experience, as the company’s chief creative officer (CCO).
As the owners and operators of the groundbreaking Sphere venue in Las Vegas, the company says that McNeilage will help shape its creative and brand strategy. He will lead Sphere’s in-house creative design studio and brand teams, overseeing all brand strategy and creative. He will also be responsible for content that runs on the Exosphere – the venue’s fully programmable LED exterior.
Throughout his career, McNeilage has worked at the intersection of brands, entertainment, and technology. Prior to joining Sphere, he served as CCO at VML, working on innovative campaigns for blue-chip brands including Microsoft, IBM, and Google in addition to overseeing multiple offices. Prior to VML, McNeilage was CCO at BBH LA, managing a team of creatives, entertainment specialists and technologists across brands including Samsung, American Express, and Activision.
McNeilage’s work for brands has been recognised with multiple industry honours including at Cannes Lions, The One Show, D&AD, and Effies.
McNeilage’s advertising career began at Wieden + Kennedy where he spent almost a decade creating campaigns for clients including Nike, ESPN, and Coca-Cola. His work for brands has been recognised with multiple industry honours including at Cannes Lions, The One Show, D&AD, and Effies.
“Joining the Sphere team and being part of shaping the brand’s creative vision is a remarkable opportunity,” says McNeilage. “Sphere has expanded the possibilities for artists and brands to express themselves through an entirely new medium, and I am eager to work with our partners and across the entire Sphere team to continue exploring the power of Sphere to connect with audiences in innovative ways.”
Welcoming him to the company, Jennifer Koester, president of Sphere business operations, says, “Sphere is redefining immersive experiences, including through the Exosphere, which is an unparalleled digital canvas for public art and brand storytelling. Ned has worked with premier brands to spearhead memorable campaigns, and he will bring that expertise to not only support our partners in creating impactful brand moments at Sphere, but also continue to build the Sphere brand.”
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