Sphere Entertainment's Immersive Experiences Boost Revenue Despite Losses

In the third quarter of 2025, Sphere Entertainment Co. has seen a significant boost in revenue and operating income, driven by the success of its innovative immersive experiences. The company's state-of-the-art Las Vegas venue has become a destination for artist residencies, hosting acts like U2, Phish, the Eagles, and the Backstreet Boys, who recently extended their "Into the Millennium" residency into February 2026.

Sphere's revenue for the quarter ending September 30, 2025, rose 15% to $262.5 million, while adjusted operating income increased to $36.4 million from a negative $10.2 million a year earlier. However, the company still reported an operating loss of $129.7 million, up $12.1 million from the previous year.

The standout performer for Sphere has been "The Wizard of Oz at Sphere," an immersive adaptation of the classic 1939 film. Since its August 2025 premiere, the experience has sold over 1 million tickets and generated more than $130 million in sales, making it, in the words of Sphere's executive chairman and CEO, James Dolan, "the best example to-date of experiential storytelling in this new medium."

Looking ahead, Sphere Entertainment is well-positioned for long-term growth as it continues to execute on its global vision, with upcoming residencies from DJ/producer Illenium and the band No Doubt.