Trapital · Dan Runcie

Is The Sphere… A Good Business?

February 26, 2026·35 min·2 clips

Tati Sirisano says the Sphere’s first profitability depended on removing over "$330 million" of extinguishable debt.

1. Trapital’s Dan Runcie and Media Research’s Tati Sirisano examine Sphere Entertainment’s 2025 earnings, where sales reached "$1.22 billion" and profit was reported at "$33 million". 2. Dan Runcie hosts the discussion, and Tati Sirisano returns after their summer 2024 Sphere breakdown to revisit the business model and expansion plans. 3. The core question is whether Sphere Entertainment is "a good business," given the mix of immersive films, concert residencies, and debt accounting. 4. Tati says the first year of profitability was helped by removing over "$330 million" of extinguishable debt, and she notes the company still looks unprofitable on a GAAP basis. 5. On the experiences side, "The Wizard of Oz" has grossed over "$285 million," with roughly "$290 million" in ticket sales and 2.2 million tickets sold. 6. Dan and Tati also note that experiences revenue is up 29% while costs are up 25%, which leaves the hit film strong but expensive. 7. On the concert side, the Sphere added 37 more shows, with the Backstreet Boys, The Eagles, U2, Phish, Dead & Company, Metallica, and No Doubt all part of the discussion. 8. Tati argues that the Sphere is boxed into safe bets like legacy acts, even though she says she wants more future-forward artists like Lady Gaga or Dua Lipa. 9. Dan and Tati also discuss Abu Dhabi, a 6,000-seat Maryland mini-Sphere, and the risk that the model only works if immersive content and premium tickets scale across multiple venues. 10. Listeners interested in live entertainment economics, venue strategy, and media IP will get the most from this episode.

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