Sphere's Oz Takes $290M, Fuels First Profit

Sphere Entertainment has reported its first profitable year, largely driven by the overwhelming success of "The Wizard of Oz" at its Las Vegas venue. The immersive experience sold more than 2.2 million tickets, generating $290 million. This, alongside other residencies, propelled the company's gross revenue to $1.2 billion and resulted in a profit of $33.4 million for the year ending December 31, 2025. The company is now eyeing global expansion, with plans for a second U.S. Sphere in National Harbor, Maryland, set to open by 2030. This smaller venue will host 6,000 attendees and is projected to cost $1 billion, with public funding offsetting a portion of the expense.

Further global development is underway in Abu Dhabi, where partners are finalizing a location for a new Sphere venue. Despite overall revenue growth, MSG Networks experienced a 15% decline in revenue due to fewer subscribers. Revenue from sponsorships and advertising on the Sphere's Exosphere also saw a slight decrease, though a partnership with Delta Air Lines was announced for the Sphere's first branded hospitality space.