Sphere Entertainment expects two more residencies in the second half of its current fiscal year ending June 30, 2024.
The Sphere is seen during the opening night with U2:UV Achtung Baby Live concert at the Venetian Resort in Las Vegas on Sept. 29, 2023.Sphere, the stunning venue that has transformed the Las Vegas skyline and redefined the concert-going experience, generated $4.1 million fromThe $2.3 billion Sphere is a 366-foot tall, 516-foot wide spherical venue with a wrap-around video screen that envelopes a seated audience of 17,600.
U2’s original 25-show residency has been extended by an additional 11 shows that will occur in January and February 2024. The company expects to host two additional residencies in the second half of the fiscal year that ends June 30, 2024, according to Dolan. “We’re having conversations with artists across a wide variety of genres, including discussing runs of varying lengths,” he said.
Sphere had an adjusted operating loss of $83.1 million in the quarter, an increase of $19 million from the prior-year period. It also had $2.8 million of venue operating expenses in the quarter and $2.2 million of event-related expenses. An additional $2.1 million in advertising costs were related to the Oct. 6 launch of The Sphere Experience featuring the filmby Darren Aronofsky. Selling, general and administrative expenses amounted to $84.2 million.
The Las Vegas venue is the first of what Sphere Entertainment expects to be multiple Sphere venues. Dolan was light on specifics but said there is “a great deal of interest and substantive discussions” in several additional markets. “I will say that it does look like Sphere will be a global brand,” he said, “and so we should expect the expansion globally rather than just in the U.S.
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