LAS VEGAS, Nev. (FOX5) – The Sphere has quickly become one of the most visual attractions on the Strip – and company leaders say it could soon have an audio element, too.
Madison Square Garden Entertainment CEO James Dolan told investors during a Q3 Earnings Call on Friday that an audio component may be added to the Exosphere.
“…We think that there’s more to do with the Exosphere. We think that we’ll be able this year, probably this summer, to be able to add an audio component that goes along with the Exosphere, which will make the medium even more attractive,” he said.
Dolan told investors this could be the latest development in how the Exosphere could be monetized beyond advertising.
“One of the interesting things that happened when we opened up the Exosphere, when we turned it on, is that the casino hotels, right, have a surcharge if you get a room that faces the Sphere. So that doesn’t happen with the billboard, and it gives you sort of an idea of the power that the Exosphere can have,” he said.
Dolan also says advertising through the Exosphere has generated record-setting revenue with campaigns from several global brands, such as the Super Bowl in February. The Sphere is set to host its first corporate keynote event with Hewlett Packard Enterprise in June, which Dolan says may increase interest for future, similar events.
When asked if a second Sphere venue could be in the works, Dolan noted that the “complicated” process to build one will take time and that the company is in discussions with “several markets.”
“I just think that building a Sphere is not like building a McDonald’s. It’s complicated. It’s a very expensive project,” he said. “This will only be the second one – that one we’ll build, will only be the second one in the world that has been built. And so working out all the details and the construction cost and the relationships that are in there does take time.”
In the third quarter of the 2024 fiscal year, Sphere Entertainment Co. reported $321.3 million in revenue, an increase from the previous year, but also reported a loss of $40.4 million.
FOX5 reached out to the Sphere to ask about a timeline, and how this new element could impact the surrounding community. The company had no further comment.
This is a developing story, check back later for updates.
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