Sphere Entertainment Co., the company behind Las Vegas’ multi-billion dollar Sphere venue, has ended its fiscal year with over $1 billion in revenue.
The company, which also owns MSG Networks, a New York area cable sports network, shared its fourth quarter and full fiscal year earnings last week, reporting a net loss of $46.6 million on revenue of $273.4 million in the fourth quarter of 2024, which ended on June 30.
For the entire fiscal year, Sphere Entertainment posted a net loss of $201 million on its total revenue of $1.03 billion. That revenue total sits at nearly double the $573.8 million it pulled in 2023.
The Sphere venue itself, which opened with U2’s 40-date residency in September 2023, generated $489.4 million of the company’s revenue in its first three full quarters of operation, including $151.2 million in the latest quarter. Concerts and corporate events accounted for $58.4 million in revenue, while the venue’s “Sphere Experience,” which featured showings of the film Postcard from Earth, accounted for $74.5 million.
After reporting slower-than-anticipated revenue streams amid a CFO change in November 2023, the venue has been buoyed by its uptick in concerts and live events this year. After U2’s residency, the Sphere played host to four shows from Phish in April and Dead & Company’s 30-date residency, which ended August 10.
In June, the venue also hosted its first corporate event with Hewlett Packard Enterprise, as well as the NHL Draft. This diversification in programming will continue next month as the Sphere prepares to host its first live sports event, UFC 306, ahead of a 20-date residency from the Eagles, also in September, and its first electronic shows from Anyma in late December.
Read Sphere Entertainment’s full 2024 earnings report here.
Featured image from Sphere Las Vegas. Credit: Tzhah Zack Ben.
