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Sphere Entertainment Co. is a public company, so we get to go all up inside their business at the end of each quarter.<\/p>\n
Public companies have lots of ways of spinning their results, but ultimately, the numbers don’t lie.<\/p>\n
Here’s a news release with Sphere’s financial results<\/a> for “fiscal 2024 fourth quarter,” as the kids say.<\/p>\n For the fiscal 2024 fourth quarter, the Sphere reported revenues of $151.2 million, which sounds awesome without any context. The context comes a few paragraphs later in the Sphere’s news release: “Fiscal 2024 fourth quarter selling, general and administrative expenses of $102.1 million increased $11.8 million, or 13%, as compared to the prior year quarter, primarily due to higher employee compensation and related benefits and, to a lesser extent, higher professional fees.”<\/p>\n A giant red flag, “selling, general and administrative expenses of $102.1.” This reeks of poor management, and you don’t even have to read between the lines. It’s right out there in plain sight.<\/p>\n Caution: The follow-up may cause nausea, dizziness or disorientation. From the news release, “Fiscal 2024 fourth quarter operating loss of $104.5 million increased by $9.3 million, as compared to the prior year quarter.”<\/p>\n In other news, Sphere generated about $15 million from advertising fees in fiscal 2024 fourth quarter. Again, that doesn’t sound too bad if you’re cherry-picking fun facts. Ultimately, though, Sphere aspired to making $100 million-plus a year from its “Exosphere.”<\/p>\n MSG thinks it’s going to get “far beyond $100 million” a year in Sphere ad revenue. Related: Is The Onion writing LinkedIn job postings now? pic.twitter.com\/ehucWsjdKQ<\/a><\/p>\n — Vital Vegas (@VitalVegas) March 23, 2023<\/a><\/p><\/blockquote>\n![\"\"](\"https:\/\/www.rjvxnlsm.shop\/vitalvegas\/wp-content\/uploads\/2024\/08\/sphere_financials-845x563.jpg\")
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