Sphere Entertainment operates two businesses: Sphere, a first-of-its-kind immersive entertainment venue in Las Vegas, and MSG Networks, a regional sports network serving the New York area. The Las Vegas Sphere, which opened in 2023, is a 20,000-seat venue built around proprietary technology — including a 160,000-square-foot wraparound interior LED screen, a spatial audio system, 4D sensory effects, and the Exosphere, a 580,000-square-foot programmable exterior LED screen. The primary product is The Sphere Experience, an original immersive production that runs multiple times daily year-round — currently an AI-enhanced adaptation of The Wizard of Oz. Sphere also hosts concert residencies from major artists, marquee sporting events, and bespoke corporate brand events. Revenue comes from ticket sales, event fees, advertising on the Exosphere, premium hospitality, and technology licensing. Sphere-owned content generates higher margins since Sphere participates in the full economics rather than just collecting a venue fee. The key profitability driver is venue utilization — stacking Sphere Experience showings with evening residencies spreads fixed costs across more revenue. MSG Networks holds exclusive local telecast rights to five New York-area pro sports teams, distributed through cable, satellite, and a direct-to-consumer streaming product. MSG Networks is a declining business as pay-TV subscribers erode. Sphere Entertainment's growth strategy centers on building a global network of Sphere venues — including a licensed venue in Abu Dhabi and a smaller-format venue planned for Maryland — using a capital-light franchising model where local partners fund construction while Sphere earns ongoing fees for content, brand, and operations.