Madison Square Garden entertainment corporation In the third quarter, the live entertainment business strengthened as the company was able to quickly reverse the negative impact of the Omicron variant.
“Our core live entertainment business continues to thrive and deliver results that are at pre-pandemic levels or in many key areas,” David Byrnes, MSG’s chief financial officer, said on a for-profit teleconference Monday.
The company, which owns Madison Square Garden and also organizes and presents concerts and sporting events, hosted 170 events in the three months ending March 31, 2022, attracting 1.3 million attendees. The launch of the Omicron variant led to the cancellation or postponement of around 30 events and a reduction in attendance in January. However, the company quickly recovered.
“In February, the percentage of ticket buyers who attended our events substantially returned to pre-Omicron levels, reflecting public demand for live entertainment,” said Byrnes.
According to Madison Square Garden Entertainment Corp., entertainment revenue was $194.6 million, down from $31 million in the third quarter of 2021. The company reduced its net loss in the segment this quarter, posting a loss. of $43.2 million, compared to a loss of $80.1 million. It’s been a year.
The company also saw strong consumer spending on food, beverage and goods in the third quarter, surpassing the pre-pandemic level of “strong double-digit interest rates”.
So far, Madison Square Garden Entertainment Corp. has not seen consumer spending in these areas affected by inflation, nor does it expect demand to decline. The company expects to maintain positive fourth-quarter bookings that will exceed the number in the third quarter, even as the New York Knicks and Rangers have completed regular seasons.
Madison Square Garden will complete its construction MSG Sphere in Las Vegas in 2023. The company is already in talks with directors about creating stunning attractions for the space and plans to book global artists for concert residencies.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
