Sphere Entertainment Co. Reports Fiscal 2025 First Quarter Results
NEW YORK, N.Y., November 12, 2024 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2024.
Recent Sphere operating highlights include:
- In October, the Company and the Department of Culture and Tourism – Abu Dhabi (“DCT Abu Dhabi”) announced plans to make Abu Dhabi the next Sphere location under a franchise model;
- The Company announced new multi-year marketing partnerships with Verizon and DCT Abu Dhabi;
- V-U2 An Immersive Concert Film debuted in September, joining Postcard from Earth as the second Sphere Experience;
- The Eagles are in the midst of a 28-show residency, which has been extended multiple times due to demand;
- In September, Sphere hosted its first live sports event – UFC 306 – which became the highest single grossing event at the venue so far; and
- Delta Air Lines recently announced it will hold a keynote presentation at Sphere in Las Vegas during the Consumer Electronics Show in January 2025.
In addition, last month, MSG Networks began 2024-25 regular season coverage of its five NBA and NHL professional sports teams. Concurrent with the start of the seasons, Gotham Advanced Media and Entertainment (GAME), the digital joint venture between MSG Networks and the YES Network, launched The Gotham Sports App, the new direct-to-consumer and authenticated streaming home of each programming service.
For the fiscal 2025 first quarter, the Company reported revenues of $227.9 million, an increase of $109.9 million as compared to the prior year quarter. In addition, the Company reported an operating loss of $117.6 million, an increase of $47.8 million, and an adjusted operating loss of $10.2 million, an improvement of $47.7 million, both as compared to the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “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. We are confident in the opportunities ahead for Sphere and believe we are well-positioned to drive long-term shareholder value.”