Sphere Entertainment Company has released its Q1 fiscal quarter 2024 results, posting overall revenue of $118m. The company also posted an overall operating loss of $69.8m for the quarter (up 37% annually) and recently saw the departure of its CFO, Gautam Ranji.
The venue, already known for its sold-out U2 concerts and critically acclaimed Postcard from Earth show by Darren Aronofsky, reported $7.8m in revenue in its Sphere segment, up from $0.7m this time last year (when the Sphere was not yet open). The operating loss in the company’s Sphere segment was $98.4m in fiscal Q1 2024, while it was $79.1m in the previous comparable period.
The Sphere had direct operating costs equal to its revenue ($7.8m), which were made up primarily of $2.8m venue operating costs, $2.2m event-related expenses and $2.1m in costs associated with The Sphere Experience, featuring the aforementioned Postcard from Earth.
The MSG Networks sector of the company brought in a fiscal Q1 2024 revenue of $110.2m, also down yearly from $122.5m. This segment saw an operating income rather than a loss, however, of $28.7m, up slightly from $28m.
Undeterred by the overall financial results, Executive Chairman and CEO James L. Dolan commented, "Sphere's opening in Las Vegas in September represented a significant milestone, generating worldwide attention and marking the beginning of a new chapter for our Company.
“We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders."
Due to the popularity of the venue, 11 further U2 concert dates have been added in January and February next year; the Sphere was able to launch several global brand campaigns (including with NFL Sunday Ticket) and there are plans for Formula 1 to ‘takeover’ the Sphere during next week’s Las Vegas Grand Prix.
