Whereas previewing the brand new digitally-augmented presentation of The Wizard of Oz at Sphere in Las Vegas, Sphere Leisure Co. CEO James Dolan informed press that the challenge had gone approach over its unique funds. “We went approach over the funds. What we had been initially considering, we ended up nearly two instances what we had been initially considering,” Dolan mentioned. “We’re getting up fairly near that $100 million mark — it was price it.” And he might have been proper, because it’s been revealed that it could possibly be a billion-dollar income generator for Sphere.
Lucas Shaw at Bloomberg experiences that with followers paying roughly $200 a ticket, The Wizard of Oz is at the moment producing gross sales of roughly $2 million a day, which means that it may earn greater than $1 billion throughout its run — which may stretch on indefinitely, whereas additionally being proven at extra Sphere places as nicely.
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Dolan informed analysts that “In the end, we’ll run The Wizard of Oz eternally… It’s exhausting for me to think about a greater product.” That mentioned, Dolan has additionally approached Warner Bros. and Disney about doubtlessly giving Harry Potter and Star Wars the Sphere remedy.
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This curiosity in increasing the Sphere film catalog is smart, as whereas Sphere has shortly grow to be a premiere location for concert events, Shaw notes that the corporate really makes extra money from displaying films than it does from dwell performances, because the bands preserve nearly all the cash from ticket gross sales. Whereas Sphere will earn about $200 million from concert events in 2025, the quantity it should earn from films like The Wizard of Oz in addition to Darren Aronofsky’s long-running Postcard from Earth is nearer to $400 million.
Sphere will nonetheless proceed to host concert events, although — whereas Taylor Swift received’t be doing a residency anytime quickly, Backstreet Boys will take over the globe-shaped venue starting December 2025. Right here’s the best way to get tickets.