Las Vegas Sphere Welcomes New Band, Anticipates Boost From Super Bowl LVIII: Could Grateful Dead Fans Have A Ball?
Portfolio Pulse from Chris Katje
Sphere Entertainment's Las Vegas Sphere venue gained attention with U2 concerts and viral ads. It's set to benefit from Super Bowl LVIII with ad rates up to $2M for the week. Dead & Company, featuring Grateful Dead members, confirmed potential shows at the Sphere. Sphere Entertainment reported Q1 revenue of $118M, down 4% YoY, with $7.8M from the Sphere. The second quarter will include U2 concert revenue and Super Bowl ad earnings. SPHR shares were up 0.6% to $35.38.
January 31, 2024 | 10:41 pm
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POSITIVE IMPACT
Sphere Entertainment's Las Vegas Sphere is expected to see increased revenue from Super Bowl LVIII advertising and potential Dead & Company shows. Q1 revenue was down 4% YoY, but Q2 includes U2 concert revenue and Super Bowl ad earnings. Shares were up 0.6% to $35.38.
The anticipation of increased revenue from Super Bowl LVIII advertising and the addition of Dead & Company to the Sphere's lineup are positive indicators for Sphere Entertainment's financial performance. The Q1 revenue decline is offset by the expected gains in Q2, which is reflected in the slight uptick in SPHR's stock price. The company's visibility during a major event like the Super Bowl and the association with a popular band could attract investor interest and potentially drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100