NEW
YORK and ABU DHABI,
UAE, Oct. 15, 2024 /PRNewswire/ -- Sphere
Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment") and the
Department of Culture and Tourism – Abu
Dhabi ("DCT Abu Dhabi") announced today that they will work
together to bring the world's second Sphere to Abu Dhabi, United Arab Emirates. This
next-generation entertainment medium is expected to be a landmark
addition to this premier international capital city, elevating the
entertainment offerings for residents and visitors alike.
"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
Abu Dhabi in partnership with
Sphere Entertainment, providing our residents and visitors with an
extraordinary new form of entertainment. Sphere Abu Dhabi will seamlessly integrate advanced
technology with captivating storytelling, creating unforgettable
memories for everyone who visits. This partnership aligns with our
Tourism Strategy 2030, further establishing Abu Dhabi as a vibrant hub for culture and
innovation. By embracing cutting-edge entertainment like Sphere,
we're not only elevating our global profile but also setting new
standards in immersive experiences and cultural offerings."
Since opening the first Sphere in Las
Vegas to worldwide acclaim in September 2023, Sphere Entertainment has actively
pursued its plans to develop a global network of Sphere venues.
This expansion is expected to provide significant growth potential
and drive new revenue streams by leveraging Sphere Entertainment's
expertise, proprietary technology, and original content.
Located in a prime spot in Abu
Dhabi and echoing the scale of the 20,000-capacity Sphere in
Las Vegas, this venue promises to
redefine entertainment in the region. Sphere in Abu Dhabi is expected to be a major year-round
draw for both residents and visitors from around the world,
offering opportunities to experience events, concerts, and shows
like never before in an unforgettable and revolutionary
setting.
Sphere Entertainment and DCT Abu Dhabi, the organization driving
the growth of Abu Dhabi's culture
and tourism sectors and promoting the city as a global destination,
have agreed to collaborate on building the next Sphere venue in
Abu Dhabi, which welcomed more
than 24 million visitors in 2023. Under the terms of the
partnership, which is subject to finalization of definitive
agreements, DCT Abu Dhabi will pay Sphere Entertainment a franchise
initiation fee for the right to build the venue, utilizing Sphere
Entertainment's proprietary designs, technology, and intellectual
property. Construction will be funded by DCT Abu Dhabi, with Sphere
Entertainment's team of experts providing services related to
development, construction, and pre-opening of the venue.
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.
For press assets, please click here.
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 Las
Vegas in September 2023, and
is a new Las Vegas landmark,
powered by cutting-edge technologies that ignite the senses and
enable audiences to share experiences at a never-before-seen scale.
More information is available at thesphere.com.
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 Las Vegas in September 2023. In addition, the Company includes
MSG Networks, which operates two regional sports and entertainment
networks, MSG Network and MSG Sportsnet, as well as a
direct-to-consumer and authenticated streaming product, MSG+,
delivering a wide range of live sports content and other
programming. More information is available at
sphereentertainmentco.com.
About the Department of Culture and Tourism – Abu Dhabi
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) drives the
sustainable growth of Abu Dhabi's
culture and tourism sectors and its creative industries, fuelling
economic progress and helping to achieve Abu Dhabi's wider global ambitions.
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 Abu Dhabi's status as a place of authenticity,
innovation, and unparalleled experiences, represented by its living
traditions of hospitality, pioneering initiatives and creative
thought.
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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