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, United Arab Emirates. 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 Sphere in Las Vegas, 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 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, Emirati Arabi Uniti. Questo mezzo di intrattenimento di nuova generazione è atteso come un'aggiunta fondamentale per la città, elevando l'offerta di intrattenimento per residenti e visitatori. La Sphere di Abu Dhabi riprenderà la scala della Sphere di Las Vegas, con una capacità di 20.000 posti, aperta a settembre 2023.
Nel quadro della partnership, DCT Abu Dhabi pagherà a Sphere Entertainment una tassa di avvio della franchigia per il diritto di costruire il locale, utilizzando i design, la tecnologia e la proprietà intellettuale esclusivi di Sphere. La costruzione sarà finanziata da DCT Abu Dhabi, mentre Sphere Entertainment fornirà servizi di sviluppo, costruzione e pre-apertura. Dopo l'apertura, Sphere Entertainment prevede di mantenere accordi continuativi con DCT Abu Dhabi, inclusi i compensi per contenuti, uso 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 lugar Sphere del mundo a Abu Dhabi, Emiratos Árabes Unidos. Se espera que este medio de entretenimiento de próxima generación sea una adición icónica a la ciudad, elevando la oferta de entretenimiento para residentes y visitantes. La Sphere de Abu Dhabi reflejará la escala de la Sphere de Las Vegas, que tiene una capacidad de 20,000 personas y abrió en septiembre de 2023.
Como parte de la asociación, DCT Abu Dhabi pagará a Sphere Entertainment una tarifa de inicio de franquicia por el derecho a construir el lugar, utilizando los diseños, la tecnología y la propiedad intelectual patentada de Sphere. La construcción será financiada por DCT Abu Dhabi, y Sphere Entertainment proporcionará servicios de desarrollo, construcción y preapertura. Después de la apertura, Sphere Entertainment planea mantener acuerdos continuos con DCT Abu Dhabi, que incluirán tarifas por contenido, uso de marca y servicios operativos.
스피어 엔터테인먼트 주식회사(NYSE: SPHR)와 아부다비 문화관광부(DCT 아부다비)는 세계 두 번째 스피어 장소를 아부다비, 아랍에미리트에 구축하려는 계획을 발표했습니다. 이 차세대 엔터테인먼트 매체는 도시에 중요한 추가 요소로 기대되며, 주민과 방문객들을 위한 엔터테인먼트 제공을 향상시킬 것입니다. 아부다비 스피어는 2023년 9월에 개장한 라스베가스의 20,000명 수용 가능한 스피어와 유사한 규모를 가질 것입니다.
파트너십의 일환으로 DCT 아부다비는 스피어 엔터테인먼트에 장소 건축 권한을 얻기 위한 프랜차이즈 시작 비용을 지불할 것입니다. 이 과정에서 스피어의 독점 디자인, 기술 및 지적 재산을 활용합니다. 건설 비용은 DCT 아부다비가 부담하며, 스피어 엔터테인먼트는 개발, 건설 및 개장 전 서비스를 제공합니다. 개장 후 스피어 엔터테인먼트는 DCT 아부다비와의 지속적인 협약을 유지할 계획이며, 여기에는 콘텐츠, 브랜드 사용 및 운영 서비스에 대한 수수료가 포함됩니다.
Sphere Entertainment Co. (NYSE: SPHR) et le Département de la Culture et du Tourisme d'Abou Dhabi (DCT Abou Dhabi) ont annoncé des projets pour amener le deuxième lieu Sphere au monde à Abou Dhabi, Émirats Arabes Unis. Ce moyen de divertissement de nouvelle génération devrait constituer un ajout emblématique à la ville, enrichissant l'offre de divertissement pour les résidents et les visiteurs. La Sphere d'Abou Dhabi sera à l'échelle de celle de Las Vegas, qui peut accueillir 20 000 personnes et a ouvert en septembre 2023.
Dans le cadre du partenariat, DCT Abou Dhabi versera à Sphere Entertainment un droit d'initiation de franchise pour le droit de construire le lieu, en utilisant les conceptions, la technologie et la propriété intellectuelle exclusives de Sphere. La construction sera financée par DCT Abou Dhabi, et Sphere Entertainment fournira des services de développement, de construction et de préouverture. Après l'ouverture, Sphere Entertainment prévoit de maintenir des accords continus avec DCT Abou Dhabi, y compris des frais pour le contenu, l'utilisation de la marque et les services opérationnels.
Sphere Entertainment Co. (NYSE: SPHR) und das Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) haben Pläne angekündigt, die weltweit zweite Sphere-Location nach Abu Dhabi, Vereinigte Arabische Emirate zu bringen. Dieses moderne Freizeitangebot wird voraussichtlich eine bedeutende Ergänzung für die Stadt sein und das Unterhaltungsangebot für Einwohner und Besucher erweitern. Die Abu Dhabi Sphere wird in ihrer Größenordnung der 20.000 Besucher fassenden Sphere in Las Vegas entsprechen, die im September 2023 eröffnet wurde.
Im Rahmen der Partnerschaft wird DCT Abu Dhabi Sphere Entertainment eine Franchise-Einzahlungsgebühr zahlen, um das Recht zu erhalten, den Veranstaltungsort zu bauen, wobei die eigenen Designs, Technologien und geistigen Eigentümer von Sphere zum Einsatz kommen. Der Bau wird von DCT Abu Dhabi finanziert, während Sphere Entertainment Dienstleistungen in den Bereichen Entwicklung, Bau und Vorberufe bereitstellt. Nach der Eröffnung plant Sphere Entertainment, fortlaufende Vereinbarungen mit DCT Abu Dhabi aufrechtzuerhalten, die Gebühren für Inhalte, Markennutzung und betriebliche Dienstleistungen umfassen.
- Expansion of Sphere venues to a global market, potentially driving new revenue streams
- Franchise initiation fee to be paid by DCT Abu Dhabi for building rights
- Ongoing revenue potential from annual fees for content, brand use, and operational services
- Construction costs to be funded by DCT Abu Dhabi, reducing financial burden on Sphere Entertainment
- None.
Insights
The announcement of Sphere Entertainment's expansion to Abu Dhabi represents a significant strategic move with potentially substantial long-term implications. This partnership with DCT Abu Dhabi aligns with the company's global expansion strategy and could open up new revenue streams. Key points to consider:
- Franchise initiation fee from DCT Abu Dhabi
- Construction funded by DCT Abu Dhabi, reducing capital expenditure for Sphere Entertainment
- Potential for ongoing revenue from licensing fees, content provision and operational services
- Expansion into a high-growth market with over
24 million visitors in 2023
While the immediate financial impact may be , the long-term potential for recurring revenue and brand expansion is substantial. Investors should monitor the finalization of definitive agreements and the timeline for construction and opening. This move could significantly enhance Sphere Entertainment's global footprint and diversify its revenue sources beyond the Las Vegas venue.
The expansion of Sphere to Abu Dhabi presents a strategic market opportunity for Sphere Entertainment. Abu Dhabi's growing tourism sector, with over 24 million visitors in 2023, provides a solid foundation for the venue's success. Key market considerations include:
- Alignment with Abu Dhabi's Tourism Strategy 2030, potentially ensuring government support and integration into the city's cultural offerings
- Positioning as a "year-round draw" in a market known for its events and entertainment focus
- Potential to attract both local residents and international visitors, diversifying the audience base
- First-mover advantage in bringing this unique entertainment concept to the Middle East region
The success of this venture could pave the way for further expansion into other global markets, establishing Sphere as a recognized international brand in immersive entertainment. Investors should watch for indicators of market reception, booking trends and the impact on Abu Dhabi's tourism numbers once the venue opens.
"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 – Abu Dhabi
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.
Contacts:
For Sphere Entertainment: spherepr@thesphere.com
For DCT Abu Dhabi: msalshehhi@dctabudhabi.ae
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SOURCE Sphere Entertainment Co.
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