SPHERE ENTERTAINMENT AND THE DEPARTMENT OF CULTURE AND TOURISM - ABU DHABI ANNOUNCE PLANS TO MAKE ABU DHABI NEXT SPHERE VENUE LOCATION
Sphere Entertainment Co. (NYSE: SPHR) and the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) have announced plans to bring the world's second Sphere venue to Abu Dhabi, UAE. This next-generation entertainment medium is expected to be a landmark addition to the city, elevating entertainment offerings for residents and visitors. The Abu Dhabi Sphere will echo the scale of the 20,000-capacity Las Vegas venue, which opened in September 2023.
Under the partnership, DCT Abu Dhabi will pay Sphere Entertainment a franchise initiation fee for the right to build the venue, utilizing Sphere's proprietary designs, technology, and intellectual property. Construction will be funded by DCT Abu Dhabi, with Sphere Entertainment providing development, construction, and pre-opening services. After opening, Sphere Entertainment plans to maintain ongoing arrangements with DCT Abu Dhabi, including annual fees for content, brand use, and operational services.
Sphere Entertainment Co. (NYSE: SPHR) e il Dipartimento della Cultura e del Turismo di Abu Dhabi (DCT Abu Dhabi) hanno annunciato piani per portare il secondo spazio Sphere al mondo ad Abu Dhabi, negli Emirati Arabi Uniti. Questo medium di intrattenimento di nuova generazione si prevede sarà un'aggiunta iconica alla città, elevando l'offerta di intrattenimento per residenti e visitatori. La Sphere di Abu Dhabi avrà dimensioni simili a quelle della struttura di Las Vegas, capace di ospitare 20.000 persone, inaugurata a settembre 2023.
In base all'accordo, il DCT Abu Dhabi pagherà a Sphere Entertainment una tassa di avviamento per il diritto di costruire la struttura, utilizzando i design, la tecnologia e la proprietà intellettuale esclusiva di Sphere. I lavori di costruzione saranno finanziati dal DCT Abu Dhabi, mentre Sphere Entertainment fornirà servizi di sviluppo, costruzione e pre-apertura. Dopo l'inaugurazione, Sphere Entertainment prevede di mantenere accordi continuativi con il DCT Abu Dhabi, inclusi canoni annuali per contenuti, utilizzo del marchio e servizi operativi.
Sphere Entertainment Co. (NYSE: SPHR) y el Departamento de Cultura y Turismo de Abu Dhabi (DCT Abu Dhabi) han anunciado planes para llevar el segundo venue Sphere del mundo a Abu Dhabi, Emiratos Árabes Unidos. Este medio de entretenimiento de nueva generación se espera que sea una adición emblemática a la ciudad, mejorando la oferta de entretenimiento para residentes y visitantes. La Sphere de Abu Dhabi reflejará la escala del venue de Las Vegas, que tiene una capacidad de 20,000 personas y abrió en septiembre de 2023.
Bajo la asociación, el DCT Abu Dhabi pagará a Sphere Entertainment una tarifa de iniciación de franquicia por el derecho a construir el venue, utilizando los diseños, tecnología y propiedad intelectual patentados de Sphere. La construcción será financiada por el DCT Abu Dhabi, y Sphere Entertainment proporcionará servicios de desarrollo, construcción y preapertura. Después de la apertura, Sphere Entertainment planea mantener acuerdos continuos con el DCT Abu Dhabi, que incluyen tarifas anuales por contenido, uso de marca y servicios operativos.
스피어 엔터테인먼트 주식회사(SPHR)(NYSE:)와 아부다비 문화관광부(DCT 아부다비)는 세계 두 번째 스피어 장소를 아부다비, 아랍에미리트에 유치할 계획을 발표했습니다. 이 차세대 엔터테인먼트 매체는 도시의 상징적인 추가 요소가 될 것으로 기대되며, 주민과 방문객을 위한 엔터테인먼트 제공을 향상시킬 것입니다. 아부다비 스피어는 2023년 9월에 개장한 20,000명 수용 규모의 라스베가스 장소와 유사한 규모를 갖출 것입니다.
파트너십에 따라 DCT 아부다비는 스피어 건물의 건설 권리를 얻기 위해 스피어 엔터테인먼트에 프랜차이즈 시작 비용을 지불하게 됩니다. DCT 아부다비가 건설 비용을 분담하며, 스피어 엔터테인먼트는 개발, 건설 및 사전 개장 서비스를 제공합니다. 개장 후, 스피어 엔터테인먼트는 DCT 아부다비와 지속적인 계약을 유지할 계획이며, 여기에는 콘텐츠, 브랜드 사용 및 운영 서비스에 대한 연간 수수료가 포함됩니다.
Sphere Entertainment Co. (NYSE: SPHR) et le Département de la Culture et du Tourisme d'Abu Dhabi (DCT Abu Dhabi) ont annoncé leurs projets d'implanter la deuxième salle Sphere au monde à Abu Dhabi, Émirats Arabes Unis. Ce medium de divertissement de nouvelle génération devrait devenir un ajout emblématique à la ville, enrichissant l'offre de divertissement pour les résidents et les visiteurs. La Sphere d'Abu Dhabi sera à l'échelle de la salle de Las Vegas, qui a une capacité de 20 000 personnes et qui a ouvert en septembre 2023.
Dans le cadre de ce partenariat, le DCT Abu Dhabi versera à Sphere Entertainment des frais de démarrage de franchise pour le droit de construire la salle, en utilisant les designs, la technologie et la propriété intellectuelle propriétaires de Sphere. La construction sera financée par le DCT Abu Dhabi, avec Sphere Entertainment fournissant des services de développement, de construction et de pré-ouverture. Après l'ouverture, Sphere Entertainment prévoit de maintenir des accords continus avec le DCT Abu Dhabi, y compris des frais annuels pour le contenu, l'utilisation de la marque et les services opérationnels.
Die Sphere Entertainment Co. (NYSE: SPHR) und das Ministerium für Kultur und Tourismus von Abu Dhabi (DCT Abu Dhabi) haben Pläne angekündigt, die weltweit zweite Sphere-Location nach Abu Dhabi in den VAE zu bringen. Dieses Unterhaltungsmedium der nächsten Generation wird voraussichtlich eine Landmarke in der Stadt darstellen und das Unterhaltungsangebot für Einwohner und Besucher erweitern. Die Abu Dhabi Sphere wird in ähnlicher Größenordnung wie die 20.000 Personen fassende Venue in Las Vegas sein, die im September 2023 eröffnet wurde.
Im Rahmen der Partnerschaft wird DCT Abu Dhabi eine Franchisegebühr an Sphere Entertainment zahlen, um das Recht zum Bau der Location zu erhalten und dabei die firmeneigenen Designs, Technologien und geistigen Eigentumsrechte von Sphere zu nutzen. Die Bauarbeiten werden von DCT Abu Dhabi finanziert, während Sphere Entertainment Entwicklungs-, Bau- und Vorab-Öffnungsdienstleistungen bereitstellt. Nach der Eröffnung plant Sphere Entertainment, fortlaufende Vereinbarungen mit DCT Abu Dhabi aufrechtzuerhalten, einschließlich jährlicher Gebühren für Inhalte, Markennutzung und Betriebsdienstleistungen.
- Expansion into a new international market with the second Sphere venue
- Potential for significant growth and new revenue streams through global expansion
- Partnership with DCT Abu Dhabi, leveraging their tourism strategy and resources
- Franchise model allows for expansion without direct construction costs for Sphere Entertainment
- Ongoing revenue potential from annual fees for content, technology, and operational services
- None.
Insights
The announcement of Sphere Entertainment's expansion to Abu Dhabi marks a significant milestone in the company's global growth strategy. This move has several positive implications:
- New revenue streams through franchise fees, licensing and ongoing operational services
- Validation of the Sphere concept's global appeal
- Reduced capital expenditure risk as construction is funded by DCT Abu Dhabi
- Potential for increased brand value and market presence
However, investors should consider:
- Execution risks in a new market
- Dependence on the success of the Las Vegas venue
- Potential impact on resources for other expansion opportunities
Overall, this partnership aligns with Sphere's long-term vision and could significantly enhance shareholder value if executed successfully.
The expansion into Abu Dhabi represents a strategic move for Sphere Entertainment, tapping into a lucrative market:
- Abu Dhabi welcomed over 24 million visitors in 2023, indicating a strong potential audience
- The UAE's focus on tourism and entertainment aligns with Sphere's offering
- Positioning in a "prime spot" suggests high visibility and accessibility
Key market considerations include:
- Cultural adaptability of content for the Middle Eastern audience
- Competition with existing entertainment options in the region
- Potential for Sphere to become a regional attraction, drawing visitors from neighboring countries
This expansion could serve as a blueprint for future global rollouts, providing valuable insights into adapting the Sphere concept to different markets.
"The vision for Sphere has always included a global network of venues, and today's announcement is a significant milestone toward that goal," said James L. Dolan, Executive Chairman and Chief Executive Officer, Sphere Entertainment. "Sphere is redefining live entertainment and extending the reach of its transformative impact. We are proud to collaborate with DCT Abu Dhabi to develop Sphere in their city."
H.E. Mohamed Khalifa Al Mubarak, Chairman of DCT Abu Dhabi, said: "We are excited to bring Sphere to
Since opening the first Sphere in
Located in a prime spot in
Sphere Entertainment and DCT Abu Dhabi, the organization driving the growth of
Following the venue's opening, Sphere Entertainment plans to maintain ongoing arrangements with DCT Abu Dhabi that are expected to include annual fees for creative and artistic content licensed by Sphere Entertainment, such as Sphere Experiences; use of Sphere's brand, patents, proprietary technology, and intellectual property; and operational services related to venue operations and technology, as well as commercial and strategic advisory support.
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About Sphere
Sphere is a next-generation entertainment medium that is redefining the future of live entertainment. A venue where the foremost artists, creators, and technologists create extraordinary experiences that take storytelling to a new level and transport audiences to places both real and imagined. The venue hosts original Sphere Experiences; concerts and residencies from the world's biggest artists; and premier marquee and corporate events. The first Sphere venue opened in
About Sphere Entertainment Co.
Sphere Entertainment Co. is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue opened in
About the Department of Culture and Tourism –
The Department of Culture and Tourism –
By working in partnership with the organisations that define the emirate's position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate's potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.
DCT Abu Dhabi's vision is defined by the emirate's people, heritage and landscape. We work to enhance
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Sphere Entertainment's plans, strategies, beliefs and expectations. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including the finalization of definitive agreements with DCT Abu Dhabi and the factors described in Sphere Entertainment's filings with the United States Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. Sphere Entertainment disclaims any obligation to update any forward-looking statements contained herein.
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