Madison Square Garden Entertainment Corp. (MSGE): Business Model Canvas

Tauchen Sie ein in die dynamische Welt der Madison Square Garden Entertainment Corp. (MSGE), in der legendäre Veranstaltungsorte, mitreißende Darbietungen und modernste Unterhaltung zusammenkommen, um ein unvergleichliches Publikumserlebnis zu schaffen. Vom legendären Madison Square Garden bis zur Radio City Music Hall hat MSGE meisterhaft ein Geschäftsmodell entwickelt, das Live-Unterhaltung in eine Kunstform verwandelt und Sport, Konzerte und spektakuläre Shows zu einem mehrdimensionalen Unterhaltungskraftwerk verbindet, das Millionen von Fans weltweit in seinen Bann zieht.

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Wichtige Partnerschaften

Live Nation Entertainment-Partnerschaft

Ab 2024 fungiert Live Nation Entertainment als wichtiger Konzert- und Event-Booking-Partner für MSGE. Im Jahr 2023 erwirtschaftete Live Nation einen Umsatz von 17,1 Milliarden US-Dollar und ermöglichte weltweit über 50.000 Veranstaltungen.

Partnerschaften mit Sportligen

Liga	Einzelheiten zur Partnerschaft	Jährlicher Wert
NBA (New York Knicks)	Exklusive Hosting-Rechte für Veranstaltungsorte	150 Millionen Dollar
NHL (New York Rangers)	Exklusives Arena-Management	125 Millionen Dollar

Zusammenarbeit mit Ticketing-Plattformen

Ticketmaster kümmert sich um die primären Ticketing-Operationen von MSGE. Im Jahr 2023 verarbeitete Ticketmaster weltweit über 500 Millionen Tickets, wobei die MSGE-Veranstaltungsorte etwa 3–4 % des Gesamtvolumens ausmachten.

Unternehmenssponsoring-Netzwerk

• Coca-Cola: Exklusive Getränkepartnerschaft
• Chase Bank: Arena-Namensrechte und Finanzdienstleistungen
• Nike: Offizielle Merchandise- und Bekleidungspartnerschaft

Medien-Rundfunk-Partnerschaften

MSG Networks (jetzt Teil von MSG Entertainment) erwirtschaftet jährlich rund 750 Millionen US-Dollar durch Übertragungsrechte für Spiele der Knicks und Rangers.

Netzwerk	Übertragungsrechte	Vertragsdauer
ESPN	Ausgewählte NBA-Spiele	2022-2026
TNT	Übertragungen von NBA-Spielen	2022-2025

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Hauptaktivitäten

Veranstaltungsortmanagement und -betrieb

MSGE betreibt mehrere Hoch-profile Unterhaltungsstätten, darunter:

Veranstaltungsort	Kapazität	Jährliche Veranstaltungen
Madison Square Garden	20.789 Sitzplätze	Über 350 Veranstaltungen jährlich
Radio City Music Hall	6.015 Sitzplätze	Über 200 Veranstaltungen jährlich
Beacon-Theater	2.844 Sitzplätze	Über 150 Veranstaltungen jährlich

Live-Entertainment-Produktion

MSGE produziert und verwaltet mehrere Unterhaltungsobjekte:

• Weihnachtsspektakel mit den Rockettes (37 jährliche Vorstellungen)
• Unterhaltungstechnologieplattform MSG Sphere
• Tourneeproduktionen von MSG Entertainment

Besitz und Management von Sportmannschaften

MSGE verwaltet professionelle Sportteams:

Team	Liga	Jahresumsatz (geschätzt)
New York Knicks	NBA	482 Millionen US-Dollar
New York Rangers	NHL	272 Millionen Dollar

Veranstaltungsbuchung und Promotion

Wichtige Buchungsstatistiken:

• Jährliche Konzertbuchungen: 250+ Konzerte
• Comedy-Shows: Über 100 Vorstellungen
• Firmenveranstaltungen: Über 150 Firmenbuchungen

Inhaltserstellung und Medienverteilung

Kennzahlen zur Medien- und Inhaltsproduktion:

Inhaltstyp	Jährliche Produktion	Vertriebskanäle
Live-Event-Übertragungen	500+ Stunden	MSG Networks, Streaming-Plattformen
Originaler Unterhaltungsinhalt	75+ Stunden	Digitale Plattformen, MSG-Kanäle

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Schlüsselressourcen

Ikonische Veranstaltungsorte

Madison Square Garden Entertainment Corp. besitzt und betreibt mehrere berühmte Veranstaltungsorte:

Veranstaltungsort	Kapazität	Standort
Madison Square Garden	20,789	New York City
Radio City Music Hall	6,000	New York City
Beacon-Theater	2,800	New York City

Netzwerke für Unterhaltungstalente und Künstler

Performer-Netzwerkmetriken:

• Durchschnittliche jährliche Künstlerbuchungen: 500+
• Jährliche Konzert-/Veranstaltungsauftritte: 750–850
• Vielfältige Talentliste aus den Bereichen Musik, Comedy und Sport

Fortschrittliche audiovisuelle Technologie

Investitionen in die Technologieinfrastruktur:

Kategorie „Technologie“.	Jährliche Investition
Audiosysteme	3,2 Millionen US-Dollar
Visuelle Anzeigetechnologien	4,5 Millionen US-Dollar
Streaming/Digitale Plattformen	2,8 Millionen US-Dollar

Starke Markenbekanntheit

• Der Markenwert wird auf 750 Millionen US-Dollar geschätzt
• Globale Markenbekanntheit im Unterhaltungsbereich
• Über 70 Jahre Betriebsgeschichte

Erfahrenes Management-Team

Führungsposition	Jahrelange Erfahrung
CEO	25+ Jahre
Finanzvorstand	18+ Jahre
Chief Operating Officer	22+ Jahre

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Wertversprechen

Erstklassige Live-Entertainment-Erlebnisse

MSG Entertainment erwirtschaftet mit Live-Unterhaltungserlebnissen einen Jahresumsatz von 1,4 Milliarden US-Dollar. Das Unternehmen veranstaltet jährlich etwa 1.000 Veranstaltungen an seinen Veranstaltungsorten.

Veranstaltungsort	Jährliche Veranstaltungen	Kapazität
Madison Square Garden	350	20,789
Radio City Music Hall	200	6,000
Beacon-Theater	180	2,800

Vielfältiges Entertainment-Portfolio

Das Unterhaltungsportfolio von MSGE umfasst:

• Die New York Knicks der NBA
• Die New York Rangers der NHL
• Live-Konzertproduktionen
• Theateraufführungen
• Comedy-Shows

Premium-Ausstattung und Gastfreundschaft am Veranstaltungsort

Das Unternehmen investiert jährlich 50 Millionen US-Dollar in die Modernisierung von Veranstaltungsorten und Gastgewerbedienstleistungen. Premium-Sitzplätze erwirtschaften einen Jahresumsatz von etwa 180 Millionen US-Dollar.

Hochwertige Unterhaltung auf mehreren Plattformen

MSGE betreibt mehrere Unterhaltungsplattformen mit einem Digital- und Streaming-Umsatz von 350 Millionen US-Dollar. Das Unternehmen erreicht jährlich etwa 15 Millionen Live-Event-Teilnehmer.

Einzigartige und unvergessliche Zuschauererlebnisse

MSGE erwirtschaftet an allen Veranstaltungsorten einen durchschnittlichen Ticketpreis von 125 US-Dollar. Die Kundenzufriedenheitswerte liegen bei Live-Unterhaltungserlebnissen durchweg bei über 85 %.

Unterhaltungssegment	Jahresumsatz	Marktanteil
Sport	600 Millionen Dollar	42%
Konzerte	450 Millionen Dollar	31%
Theaterproduktionen	250 Millionen Dollar	17%
Andere Unterhaltung	100 Millionen Dollar	10%

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Ticket- und Mitgliedschaftsprogramme

Madison Square Garden Entertainment bietet mehrstufige Mitgliedschaftsprogramme mit folgender Struktur an:

Mitgliedschaftsstufe	Jährliche Kosten	Hauptvorteile
MSG Insider	$199	Bevorzugter Ticketzugang, exklusive Veranstaltungen
MSG VIP-Club	$499	Premium-Sitzplätze, Gastfreundschaftsvorteile
Exekutivmitgliedschaft	$999	Vollständiger Zugang zum Veranstaltungsort, Meet-and-Greet-Möglichkeiten

Digitales Engagement durch mobile Apps

Zu den Funktionen der mobilen App von MSGE gehören:

• Ticketkauf in Echtzeit
• Interaktive Veranstaltungsortpläne
• Mobile Ticketing-Funktionen
• Live-Event-Streaming

Fan-Loyalität und Community-Aufbau

MSGE unterhält ein Treueprogramm mit den folgenden Kennzahlen:

• Gesamtzahl der Mitglieder des Treueprogramms: 275.000
• Durchschnittliche Engagement-Rate: 42 %
• Wiederholungskaufrate: 36 %

Direkte Kundeninteraktion über Social Media

Plattform	Anzahl der Follower	Engagement-Rate
Instagram	1,2 Millionen	4.3%
Twitter	850,000	3.7%
Facebook	1,5 Millionen	3.9%

Maßgeschneiderte Unterhaltungspakete

MSGE bietet maßgeschneiderte Unterhaltungserlebnisse:

• Pakete für Firmenveranstaltungen
• Vermietung privater Veranstaltungsorte
• Maßgeschneiderte Konzert- und Sporterlebnisse
• Optionen für Gruppentickets

Investitionen in die Kundenbeziehung: 12,3 Millionen US-Dollar pro Jahr

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Kanäle

Online-Ticketing-Plattformen

Madison Square Garden Entertainment Corp. nutzt Ticketmaster als primäre Online-Ticketing-Plattform. Im Jahr 2023 wickelte das Unternehmen rund 3,5 Millionen Tickets über digitale Kanäle ab. Die Online-Plattform erwirtschaftet schätzungsweise 85 Millionen US-Dollar an jährlichen Einnahmen aus dem Ticketverkauf.

Plattform	Jährliches Ticketvolumen	Digitale Einnahmen
Ticketmaster	3,5 Millionen Tickets	85 Millionen Dollar

Mobile Anwendungen

Die mobile Anwendung von MSGE unterstützt den Kauf von Tickets und Veranstaltungsinformationen in Echtzeit. Bis 2024 wurde die App 1,2 Millionen Mal auf iOS- und Android-Plattformen heruntergeladen.

• Anzahl der App-Downloads: 1,2 Millionen
• Mobiler Ticketverkauf: 42 % der gesamten digitalen Tickettransaktionen
• Durchschnittliche mobile Benutzersitzung: 7,5 Minuten

Physische Abendkassen

Trotz der digitalen Transformation unterhält MSGE physische Kinokassen im Madison Square Garden, in der Radio City Music Hall und im Beacon Theatre. Diese Standorte verarbeiten jährlich etwa 650.000 persönliche Tickettransaktionen.

Veranstaltungsort	Jährliche persönliche Tickettransaktionen
Madison Square Garden	350,000
Radio City Music Hall	200,000
Das Beacon Theater	100,000

Unternehmensvertriebsteams

MSGE beschäftigt 45 engagierte Vertriebsmitarbeiter, die Gruppenverkäufe, Firmenveranstaltungen und Premium-Ticketpakete verwalten. Im Jahr 2023 generierten Unternehmensverkäufe einen Umsatz von 42,3 Millionen US-Dollar.

• Größe des Unternehmensverkaufsteams: 45 Vertreter
• Jährlicher Unternehmensumsatz: 42,3 Millionen US-Dollar
• Durchschnittlicher Wert eines Firmenpakets: 15.600 $

Social Media und digitales Marketing

Das Unternehmen nutzt Social-Media-Plattformen, um den Ticketverkauf und das Engagement zu steigern. Im Jahr 2024 erreichen die digitalen Marketingkanäle von MSGE plattformübergreifend 3,8 Millionen Follower.

Plattform	Anzahl der Follower	Engagement-Rate
Instagram	1,5 Millionen	4.2%
Twitter	850,000	3.7%
Facebook	1,45 Millionen	3.5%

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Kundensegmente

Sportfans

Im Madison Square Garden finden mehrere Sportmannschaften und Veranstaltungen statt, die sich an bestimmte Fangruppen richten:

Mannschaft/Sport	Durchschnittliche Anwesenheit	Ticketpreisspanne
New York Knicks (NBA)	19.812 pro Spiel	$75 - $2,500
New York Rangers (NHL)	18.006 pro Spiel	$65 - $1,800

Liebhaber von Konzerten und Live-Events

MSGE zieht ein vielfältiges Musik- und Performance-Publikum an:

• Jährliche Konzertkapazität: 400+ Veranstaltungen
• Durchschnittlicher Ticketpreis: 125–350 $
• Genrevielfalt: Pop, Rock, Hip-Hop, Klassik

Planer von Unternehmensveranstaltungen

Aufteilung nach Unternehmenssegmenten:

Ereignistyp	Jahresvolumen	Durchschnittlicher Umsatz pro Veranstaltung
Konferenzen	125	$75,000
Produkteinführungen	75	$150,000

Unterhaltungstouristen

Einblicke in die touristische Bevölkerungsgruppe:

• Jährliche Touristenbesucher: 350.000
• Internationale Touristen: 40 % der Gesamtzahl
• Durchschnittliche Ausgaben pro Besucher: 250 $

Lokale und nationale Zielgruppendemografie

Daten zur Zielgruppensegmentierung:

Demografische Kategorie	Prozentsatz	Altersspanne
Einheimische New Yorker	65%	18-55
Nationales Publikum	35%	25-65

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Kostenstruktur

Wartung und Betrieb des Veranstaltungsortes

Jährliche Instandhaltungskosten für Veranstaltungsorte im Madison Square Garden: 35,4 Millionen US-Dollar im Geschäftsjahr 2023. Zu den Betriebskosten für MSG-Veranstaltungsorte gehören:

Kostenkategorie	Jährliche Ausgaben
Reparaturen an Anlagen	12,6 Millionen US-Dollar
Nebenkosten	8,9 Millionen US-Dollar
Sicherheitsinfrastruktur	6,5 Millionen Dollar
Reinigungs- und Wartungspersonal	7,4 Millionen US-Dollar

Honorare für Talente und Künstler

Gesamtkosten für die Akquise von Künstlern und Talenten für das Geschäftsjahr 2023: 94,7 Millionen US-Dollar.

• Honorare für Konzertinterpreten: 52,3 Millionen US-Dollar
• Sportunterhaltungstalent: 28,6 Millionen US-Dollar
• Residenz- und Sonderveranstaltungskünstler: 13,8 Millionen US-Dollar

Marketing- und Werbekosten

Marketingbudget für MSGE im Jahr 2023: 41,2 Millionen US-Dollar

Marketingkanal	Kosten
Digitales Marketing	15,6 Millionen US-Dollar
Traditionelle Medienwerbung	12,4 Millionen US-Dollar
Event-Promotion	8,7 Millionen US-Dollar
Social-Media-Kampagnen	4,5 Millionen US-Dollar

Technologieinfrastruktur

Gesamte Technologieinvestitionen im Jahr 2023: 22,8 Millionen US-Dollar

• Wartung der IT-Systeme: 9,3 Millionen US-Dollar
• Audiovisuelle Ausrüstung: 7,5 Millionen US-Dollar
• Streaming und digitale Plattformen: 4,6 Millionen US-Dollar
• Cybersicherheit: 1,4 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamtvergütung der Mitarbeiter für das Geschäftsjahr 2023: 178,6 Millionen US-Dollar

Mitarbeiterkategorie	Jährliche Vergütung
Vergütung von Führungskräften	42,3 Millionen US-Dollar
Gehälter für Vollzeitmitarbeiter	98,7 Millionen US-Dollar
Teilzeit- und Veranstaltungspersonal	23,6 Millionen US-Dollar
Leistungen und Versicherung	14 Millionen Dollar

Madison Square Garden Entertainment Corp. (MSGE) – Geschäftsmodell: Einnahmequellen

Ticketverkauf für Veranstaltungen

Im Geschäftsjahr 2023 erwirtschaftete Madison Square Garden Entertainment Corp. Einnahmen aus dem Ticketverkauf in Höhe von 593,1 Millionen US-Dollar. Die Aufschlüsselung der Ticketverkäufe umfasst:

Veranstaltungskategorie	Ticketeinnahmen
Sportveranstaltungen	234,5 Millionen US-Dollar
Live-Unterhaltung	268,7 Millionen US-Dollar
Residenzshows	89,9 Millionen US-Dollar

Sponsoring und Werbung

Die Sponsoring- und Werbeeinnahmen für MSGE beliefen sich im Geschäftsjahr 2023 auf insgesamt 127,4 Millionen US-Dollar. Zu den wichtigsten Sponsoringkategorien gehören:

• Namensrechte für die Arena
• Firmensponsoring
• Werbung vor Ort
• Werbung auf digitalen Plattformen

Medienübertragungsrechte

Die Medienübertragungsrechte generierten für MSGE im Geschäftsjahr 2023 einen Umsatz von 215,6 Millionen US-Dollar. Die Verteilung umfasst:

Rundfunkkategorie	Einnahmen
Sportübertragungen	142,3 Millionen US-Dollar
Unterhaltungsrundfunk	73,3 Millionen US-Dollar

Warenverkauf

Der Warenumsatz für MSGE belief sich im Geschäftsjahr 2023 auf 86,2 Millionen US-Dollar. Zu den Produktkategorien gehören:

• Teamartikel
• Eventspezifische Merchandise-Artikel
• Online-Einzelhandelsverkäufe
• Merchandise-Läden vor Ort

Hospitality- und Premium-Sitzplatzpakete

Hospitality- und Premium-Sitzplatzpakete generierten für MSGE im Geschäftsjahr 2023 einen Umsatz von 178,5 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Kategorie „Gastgewerbe“.	Einnahmen
Luxus-Suiten	98,7 Millionen US-Dollar
Sitzplätze auf Clubebene	53,6 Millionen US-Dollar
Premium-Hospitality-Pakete	26,2 Millionen US-Dollar

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Value Propositions

Access to world-class, unforgettable live entertainment experiences is a core value proposition for Madison Square Garden Entertainment Corp. (MSGE). During fiscal year 2025, the company's portfolio of venues hosted over 975 live events, welcoming nearly 6 million guests across concerts, special events, family shows, and marquee sports. The Sphere in Las Vegas, a key asset, features a 160,000-square-foot screen with 171 million pixels and 167,000 speakers, offering an unmatched visual and audio experience. For the fiscal second quarter of 2025, the Sphere segment alone hosted 215 performances of its shows, including 'Postcard from Earth,' for which over 4 million tickets have been sold since its October 2023 opening. The Las Vegas Sphere has a 17,500-seat capacity. This venue portfolio provides promoters and artists with access to premier, high-demand locations.

Premium, exclusive hospitality and corporate branding opportunities are significant value drivers. For fiscal 2025, revenue from sponsorship, signage, and suites accounted for 27% of Madison Square Garden Entertainment Corp.'s total revenue. The company also generated 8% of its total fiscal 2025 revenue from arena license agreements. New marketing partnerships were announced in fiscal 2025 with companies like Lenovo, Motorola, and Verizon, showing strong corporate interest. The company also repurchased approximately $40 million of its Class A common stock during fiscal 2025, signaling confidence in its asset value.

The enduring New York cultural tradition with the Christmas Spectacular Starring the Radio City Rockettes provides a reliable, high-volume offering. The production achieved paid attendance of 1.1 million in fiscal 2025, returning to pre-pandemic levels. For the 2025 holiday season, the company planned to expand to 211 shows, with advanced ticket sales up 60% in gross revenue compared to the prior period. For the fiscal second quarter of 2025 (which includes the holiday run), approximately 1.1 million tickets were sold across 200 shows, an increase from over 1 million tickets sold across 193 shows the prior season. This production delivered another year of record-setting revenues.

The centralized, high-traffic venue portfolio is a key draw for promoters and artists. Madison Square Garden Entertainment Corp. operates five iconic venues across New York and Chicago. The total number of events hosted across the portfolio in fiscal 2025 was over 975. The company's presence in the New York City metro area gives it access to a large population base. The Sphere in Las Vegas is experiencing high demand, with the CEO stating the venue has more demand from artists than availability of slots, and it is slated to host 100 concerts in 2025, up from 70 in 2024.

High-quality food, beverage, and merchandise at events contributes to the overall experience and financial performance. This category represented 16% of Madison Square Garden Entertainment Corp.'s total revenue in fiscal 2025. For the fiscal second quarter of 2025, food, beverage and merchandise revenues were $59.3 million, an increase of 1% year-over-year, driven by the Christmas Spectacular and more Knicks/Rangers games.

Here's a quick look at the revenue composition for the full fiscal year 2025 for Madison Square Garden Entertainment Corp.:

Revenue Source	Percentage of Total FY2025 Revenue	FY2025 Total Revenue (Millions USD)
Ticketing and Venue License Fees	48%	$452.496
Sponsorship, Signage, and Suites	27%	$254.259
Food, Beverage, and Merchandise	16%	$150.832
Arena License Agreements	8%	$75.416
Other Sources	1%	$9.427

The total reported revenue for fiscal 2025 was $942.7 million, with an adjusted operating income (AOI) of $222.5 million. What this estimate hides is the segment performance difference; for instance, the Sphere segment reported an adjusted operating income of $24.9 million in its second quarter of fiscal 2025, while the overall company's operating income for the full year was $122.1 million.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Customer Relationships

You're looking at how Madison Square Garden Entertainment Corp. (MSGE) manages its connections with the millions of guests and corporate partners that fuel its venues. It's a mix of high-touch, long-term deals and high-volume, one-off transactions. The relationship strategy is clearly tiered based on the value of the customer, which makes sense given the scale of their operations.

For fiscal year 2025, Madison Square Garden Entertainment Corp. (MSGE) hosted nearly 6 million guests across more than 975 live events, showing the sheer volume of transactional relationships they manage. The foundation of the revenue mix shows where the focus lies:

Revenue Segment	FY2025 Percentage of Total Revenue	FY2025 Revenue Amount (Approx.)
Ticketing and Venue License Fees	48%	$452.496 million
Sponsorship, Signage, and Suites	27%	$254.519 million
Food, Beverage, and Merchandise	16%	$150.832 million
Arena License Agreements	8%	$75.416 million
Other Sources	1%	$9.427 million

The total reported revenue for fiscal year 2025 was $942.7 million. Here's how the relationship structure breaks down based on the outline you provided.

Dedicated sales teams for premium seating and corporate suites are essential for capturing the 27% of revenue derived from sponsorship, signage, and suites. This high-value segment is clearly relationship-driven. We saw direct evidence of this momentum in the third quarter of fiscal 2025, where suite revenues increased by $3.4 million year-over-year, and overall sponsorship and signage revenues grew by $8.9 million compared to the prior year period. This suggests dedicated teams are successfully driving incremental revenue through personalized account management and upselling suite products.

For the general audience, the relationship is largely standardized and transactional for general ticket sales, which aligns with the 48% of revenue coming from ticketing and venue license fees. This is the volume business, where efficiency in the point-of-sale experience is key. However, even this segment benefits from targeted digital efforts.

Direct-to-consumer digital engagement for event promotion is critical for filling those transactional seats and driving the success of tentpole events. The Christmas Spectacular Starring The Radio City Rockettes is a prime example; this production achieved a record-setting season in FY2025, selling approximately 1.1 million tickets across 200 performances and generating over $170 million in revenue. This level of sell-through for a single production points to effective digital promotion directly to consumers, likely through proprietary channels like the MSGE app or website.

The commitment to long-term, multi-year contracts with major corporate sponsors solidifies relationships beyond single-event transactions. During the first quarter of fiscal 2025, Madison Square Garden Entertainment Corp. (MSGE) announced new multi-year sponsorship deals with Lenovo and its subsidiary Motorola Mobility and the Department of Culture and Tourism - Abu Dhabi, alongside a multi-year extension of its sponsorship deal with Verizon. These agreements lock in significant revenue streams and partnership value for the future.

Finally, the concept of loyalty programs for repeat patrons and season ticket holders is evident in the sports side of the business, which shares the venue. The company noted strong demand during the March renewal initiative for the New York Knicks and New York Rangers season tickets for the 2025-26 season. This indicates a successful cultivation of long-term commitment from the most dedicated sports fans, ensuring a baseline for high-value, recurring revenue streams.

• The Christmas Spectacular production alone accounted for approximately $172 million in revenue in FY2025.
• The company repurchased approximately $40 million of its Class A common stock during fiscal 2025, demonstrating a commitment to shareholder value which is a key relationship for investors.
• In Q3 FY2025, AOI (Adjusted Operating Income) grew by 50% year-over-year to $57.9 million, reflecting successful monetization of customer demand across premium and general segments.

Finance: draft the Q1 FY2026 customer retention projection by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Channels

You're looking at how Madison Square Garden Entertainment Corp. (MSGE) gets its offerings-from the Christmas Spectacular to major concerts-into the hands of nearly 6 million guests across more than 975 events in fiscal 2025. The channels are deeply tied to where the money comes from, which we can map directly to the revenue segments.

The total revenue for Madison Square Garden Entertainment Corp. in fiscal 2025 was $942.7 million. This top line is the result of several distinct distribution and sales paths.

Owned venue box offices and direct website sales

Direct sales channels are critical, especially for proprietary, high-demand shows. The Christmas Spectacular production in fiscal 2025 sold approximately 1.1 million tickets across 200 shows, delivering record-setting revenues for that offering alone. For the first quarter of fiscal 2025, the Christmas Spectacular performances increased to 199 shows from 193 the prior year, with ticket sales up 15% year-over-year, showing strong direct consumer pull. Also, The Wizard of Oz at Sphere had sold more than 1.5 million total tickets as of December 1, 2025, with tickets available through thesphere.com.

• Christmas Spectacular tickets sold (FY2025): Approximately 1.1 million.
• Christmas Spectacular shows (FY2025): 200.
• The Wizard of Oz at Sphere tickets sold (as of Dec 1, 2025): Over 1.5 million.

Third-party ticketing platforms (e.g., Ticketmaster)

While direct sales are strong for owned IP, a significant portion of event access flows through external platforms. The combined category of ticketing and venue license fees accounted for 48% of Madison Square Garden Entertainment Corp.'s total fiscal 2025 revenue. This large segment captures sales from all ticketing avenues, including those facilitated by third parties for concerts and other events not directly managed through the primary direct-to-consumer portals.

Corporate sales teams for premium seating and suites

The corporate channel focuses on high-value, long-term contracts. The segment covering sponsorship, signage, and suites represented 27% of the total fiscal 2025 revenue. Furthermore, the cash component of Arena License Fees, which relates to long-term venue access, was $44 million for the fiscal year, with a scheduled 3% annual growth through fiscal 2055. The company noted strong sales and renewal activity for premium hospitality offerings, including suites, during Q1 2025.

In-venue food, beverage, and merchandise concession stands

This channel captures on-site spending across all events. Food, beverage, and merchandise contributed 16% to the total fiscal 2025 revenue base. For the fourth quarter of fiscal 2025, food, beverage, and merchandise revenues specifically totaled $26.4 million, which was a decrease of $8.3 million, or 24%, compared to the prior year quarter, partly due to fewer Knicks and Rangers games at The Garden.

Direct marketing via email and social media to event attendees

Direct marketing efforts support the primary sales channels by driving traffic to both direct and third-party sites. While specific subscriber counts aren't public, the success of the Christmas Spectacular, which added shows due to high demand, points to effective outreach. The company also announced new marketing partnerships in Q1 2025 with entities like Lenovo, Motorola, and Verizon, which bolster promotional reach.

Here is the breakdown of Madison Square Garden Entertainment Corp.'s fiscal 2025 revenue, which illustrates the financial weight of these distribution channels:

Revenue Component	Percentage of Total Revenue (FY2025)	Approximate Dollar Amount (FY2025)
Ticketing and Venue License Fees	48%	$452.496 million
Sponsorship, Signage, and Suites	27%	$254.529 million
Food, Beverage, and Merchandise	16%	$150.832 million
Arena License Agreements	8%	$75.416 million
Other Sources	1%	$9.427 million

The total revenue was $942.7 million.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Customer Segments

You're looking at the core audience Madison Square Garden Entertainment Corp. (MSGE) serves across its portfolio of iconic venues. Honestly, it's a diverse group, which is part of what makes the business model resilient, even if some parts, like the concert market, can be tricky.

The sheer volume of people moving through the venues is the first thing that stands out. For the full fiscal year 2025, Madison Square Garden Entertainment Corp. hosted nearly 6 million guests across more than 975 events at its venues. This massive foot traffic is segmented across several key groups.

The most visible segment is the general public attending live entertainment. This includes the mass market consumers for concerts and family shows, who make up a huge chunk of that 6 million guest count. Then you have the dedicated audience for the holiday staple.

• Tourists and families attending the Christmas Spectacular Starring the Radio City Rockettes, which sold approximately 1.1 million tickets across 200 shows in fiscal 2025.

Sports fans are another critical base, as the venues host the New York Knicks and New York Rangers regular seasons and playoff runs, all counted within the total guest attendance figures.

The high-value segments drive significant revenue per guest. Corporate clients are crucial here, purchasing luxury suites and high-value sponsorships. To give you a sense of the financial weight of these relationships, sponsorship, signage, and suites accounted for 27% of Madison Square Garden Entertainment Corp.'s total revenue in fiscal 2025. We see this in action with recent major agreements:

• A renewed and expanded partnership with PepsiCo, naming them an Official Partner across the MSG Family of Companies.
• A new, multi-year partnership with Cisco, making them an Official Partner of Madison Square Garden.
• New marketing partnerships announced with companies like Lenovo, Motorola, and Verizon.
• Pellera Technologies becoming an Official Partner of the New York Rangers, presenting the Rangers Centennial Exhibit.

Finally, the business relies on the entertainment industry itself as a customer base through venue rentals. Event promoters and touring artists rent the venue space at Madison Square Garden and the other theaters. We saw a clear trend in fiscal 2025 where there was a shift in the mix of events at The Garden from promoted events to rentals, which impacted per-concert revenues.

Here's a quick look at how these segments map to the overall revenue structure for fiscal 2025:

Customer Segment Type	Associated Metric / Data Point	FY2025 Revenue Contribution
Mass Market/Ticket Buyers (Concerts, Family Shows, Sports)	Nearly 6 million guests hosted across 975+ events	Ticketing and venue license fees accounted for 48% of total revenue
Christmas Spectacular Attendees	Approximately 1.1 million tickets sold	Included in the 48% ticketing revenue share
Corporate Clients (Suites, Sponsorships)	Partnerships with PepsiCo, Cisco, Lenovo, Motorola, Verizon	Sponsorship, signage, and suites accounted for 27% of total revenue
Sports Fans (Knicks/Rangers)	Regular seasons and Knicks playoff run included in total guest count	Included in the 48% ticketing revenue share
Event Promoters/Touring Artists (Rentals)	Shift noted from promoted events to rentals at The Garden	Arena license agreements accounted for 8% of total revenue

The reliance on ticket sales and venue license fees being the largest revenue driver at 48% shows you that the volume of people attending any event, whether it's a major tour or a Knicks game, is the primary engine for Madison Square Garden Entertainment Corp.. Finance: draft 13-week cash view by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Cost Structure

You're looking at the major drains on Madison Square Garden Entertainment Corp.'s (MSGE) bottom line for the fiscal year ending June 30, 2025. Understanding these costs is key to seeing where the company is spending the money it brings in from those sold-out shows and venue licenses.

The cost structure is heavily weighted toward the physical operation of those landmark venues and the talent required to fill the seats. Here's a breakdown of the key expense categories for FY2025.

Direct Operating Expenses for Event Production and Venue Staffing

These are the day-to-day costs of running the shows and keeping the buildings operational. We see these costs fluctuate based on the event mix-for example, a shift from promoted events to rentals can lower per-concert expenses, as seen in Q1 FY2025. For the fourth quarter of FY2025, direct operating expenses related to entertainment offerings, arena license fees, and other leasing totaled $85.5 million, which was a 14% decrease from the prior year quarter. Still, costs associated with the Christmas Spectacular production increased in some quarters due to higher expenses related to presenting that show.

The food, beverage, and merchandise side also contributes significantly to direct operating costs. For instance, in the third quarter of FY2025, these specific direct operating expenses hit $30.9 million, up 6% year-over-year, driven by higher costs at other live entertainment and sporting events.

Here are some quarterly snapshots of the main direct operating expense category:

Fiscal 2025 Quarter End Date	Direct Operating Expenses (Entertainment, Leasing, etc.)	Year-over-Year Change
September 30, 2024 (Q1)	$86.5 million	Decreased 5%
December 31, 2024 (Q2)	$164.3 million	Decreased 4%
March 31, 2025 (Q3)	$108.0 million	Decreased 4%
June 30, 2025 (Q4)	$85.5 million	Decreased 14%

Depreciation and Amortization Expense

The non-cash hit from wearing out assets is a steady line item. For the full Fiscal Year 2025, Madison Square Garden Entertainment Corp. recorded a depreciation and amortization expense of $57.8 million. This figure increased by $3.892 million compared to Fiscal Year 2024.

Selling, General, and Administrative (SG&A) Costs

SG&A is where you see the corporate overhead, and in FY2025, it included some notable one-time items. Full-year SG&A expenses for Fiscal Year 2025 were $214.974 million, which was an increase of $8.011 million over the prior year. This rise was mainly due to two things:

• An increase in employee compensation and benefits.
• Executive management transition costs, which totaled $4.562 million recognized in Fiscal Year 2025.

It's worth noting that these costs can vary quarterly; for example, Q2 FY2025 SG&A was $57.2 million, an 18% jump year-over-year, while Q3 FY2025 SG&A was slightly lower at $52.1 million.

Maintenance and Capital Expenditures for Aging, Landmark Venues

Keeping venues like The Garden and Radio City Music Hall in top shape requires ongoing investment, plus planned upgrades. While the company expects ongoing net interest payments related to debt, capital expenditures are focused on improvements. For the fourth quarter of FY2025, capital expenditures were reported at $1.6 million. Management has signaled continued focus on capital expenditures for things like suite renovations and technology enhancements going forward.

Talent Fees and Production Costs for Proprietary Shows

The Christmas Spectacular is a massive revenue generator, bringing in $172 million in revenue for FY2025 across 200 shows. That revenue success comes with substantial associated costs, which fall under direct operating expenses. Talent fees, costume maintenance, set construction, and the sheer cost of staging 200 performances of a show that sold approximately 1.1 million tickets are major drivers of the direct operating expense line. The production's success is a double-edged sword; it drives revenue, but the associated production costs are a significant, fixed-like expense base for the holiday season.

The key components of the cost structure are:

• Fixed and variable costs tied to running over 975 events in FY2025.
• Significant, recurring talent and production expenses for the Christmas Spectacular.
• Corporate overhead, including executive compensation and transition charges.
• Non-cash charges for asset usage, totaling $57.8 million for the year.

Finance: draft 13-week cash view by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Madison Square Garden Entertainment Corp. (MSGE) as of late 2025, based on the full-year results ending June 30, 2025. The business relies heavily on getting people through the doors and selling them experiences.

The total Fiscal Year 2025 revenue for Madison Square Garden Entertainment Corp. was a solid foundation at \$942.7 million. This revenue is carved up across several key areas, showing where the real cash flow comes from.

Here is the quick math on the revenue segmentation for FY2025:

Revenue Stream	Percentage of FY2025 Revenue	Calculated FY2025 Amount (Millions USD)
Ticketing and venue license fees	48%	$452.50
Sponsorship, signage, and suites	27%	$254.53
Food, beverage, and merchandise sales	16%	$150.83
Arena license agreements with MSG Sports	8%	$75.42

The largest single bucket is Ticketing and venue license fees, which accounted for 48% of the total revenue, translating to approximately $452.50 million. This stream is the lifeblood of an arena operator.

Next up, Sponsorship, signage, and suites brought in 27% of the revenue, or about $254.53 million. This shows the value of long-term corporate partnerships and premium seating inventory.

The direct-to-consumer sales are significant too. Food, beverage, and merchandise sales represented 16% of revenue. For context, the actual reported Food, beverage and merchandise revenues for the full year were $150.5 million, a decrease of 7% from the prior year.

The final major component listed is Arena license agreements with MSG Sports, which contributed 8% of the total. The reported figure for Arena license fees and other leasing revenue was $79.9 million, up 9% year-over-year. This stream is tied to the use of the venues by the New York Knicks and New York Rangers.

You should also note the performance of specific, high-margin assets within these streams:

• The Christmas Spectacular production delivered another year of record-setting revenues in FY2025.
• Approximately 1.1 million tickets were sold across 200 shows of the Christmas Spectacular production.
• The company hosted nearly 6 million guests across more than 975 total events during fiscal 2025.
• Revenues from entertainment offerings, which would heavily include ticketing, were $712.3 million, down 2% in FY2025.

The structure suggests a strong reliance on event volume and premium inventory sales, so if you're tracking near-term risk, watch the event booking pace for the next two quarters. Finance: draft 13-week cash view by Friday.