Posted on: December 17, 2024, 12:42h.
Last updated on: December 17, 2024, 12:57h.
The Sphere’s $420.5 million gross from 1.3 million tickets sold makes it not only the No. 1 money-earning large concert venue on this year’s Billboard annual Boxscore list, but the No. 1 money-earning concert venue of all time.
Not only is the Sphere the first venue to make more than $400 million in a year, it’s the first to make more than $300 million.
In Billboard‘s accompanying report, the music trade publication noted that the Sphere attracts the same caliber of A-list acts as The Colosseum at Caesars Palace and Dolby Live at Park MGM. Yet, “unlike those theaters’ four-digit capacity, which ultimately keeps total grosses within the stratosphere, Sphere is a full-sized arena, selling 15K-17K tickets per show.
“With a floor-to-ceiling wrapround LED screen, 4D physical effects and immersive audio,” Billboard wrote, “it’s a high-ticket attraction for once-in-a-career productions.”
It’s Still a Money Loser
That $420.5 million gross wasn’t profit, though. The Sphere still reported an operating loss of $341.2 million for the fiscal year ending June 30, 2024. That’s despite earning $1.03 billion in revenue during the same period. For the quarter ending September 30, it recorded a loss of $125.1 million on revenue of $127.1 million
This is largely because of how much it must pay its headlining acts. U2, which opened the globular venue in September 2023, reportedly earned 90% of the gate plus $10 million to shoot its visuals.
The Irish rock act earned that much for making itself the Sphere’s sacrificial guinea pig, and because the band members really didn’t want to play without founding drummer Larry Mullen Jr., who had to be replaced due to shoulder surgery.
Though U2’s Sphere residency ended up becoming the fourth highest-grossing residency in Billboard Boxscore history — despite only logging 40 shows, it earned $244.5 million — it was also undoubtedly the most expensive residency ever staged.
And it was probably difficult, if not impossible, for Sphere owner James Dolan to pay significantly less to the acts he signed in U2’s wake — Phish, Dead & Company, and currently, the Eagles.
