When you drive into Las Vegas from Los Angeles and crest over the desert, the Sphere is one of the first things you can see at night. Its neon lights light up the night with whatever it's advertising that night.Lately, it's been the highly profitable Wizard of Oz show that's completely redefining what we thought of the venue and how it makes money.Let's dive in. - YouTubewww.youtube.comThe Wizard of Oz at the Sphere We've covered this in the past, but The Wizard of Oz was edited and is showing at The Sphere as part of a special event that equates to like a 4D showing of the movie.According to Bloomberg, the show is playing two or three times a day. It’s pulling in 4,000 to 5,000 people per showing, with fans dropping an average of $200 a ticket.That’s up to $2 million a day. From one screen. Playing a movie from 1939. And with its release stretching into the fall, that means this single movie could gross over $1 billion before it's done.How? Because the business model is completely different.When U2 or The Eagles play the Sphere, they take home almost all the ticket revenue. That’s the deal. The venue gets a cut, but the artist is the main draw.But with movies? The Sphere keeps most of the money.Analyst Peter Supino from Wolfe Research estimates the Sphere will pull in $200 million from concerts this year, but a whopping $400 million from movies. And the profit margin on those movies...
Published By: NoFilmSchool - Yesterday