Madison Square Garden Entertainment Corp. (MSGE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el dinámico mundo de Madison Square Garden Entertainment Corp. (MSGE), donde los lugares icónicos, las actuaciones electrizantes y el entretenimiento de vanguardia convergen para crear una experiencia de audiencia incomparable. Desde el legendario Madison Square Garden hasta Radio City Music Hall, MSGE ha creado magistralmente un modelo de negocio que transforma el entretenimiento en vivo en una forma de arte, combinando deportes, conciertos y espectáculos espectaculares en una potencia de entretenimiento multidimensional que cautiva a millones de fanáticos en todo el mundo.

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: asociaciones clave

Asociación de entretenimiento de la nación en vivo

A partir de 2024, Live Nation Entertainment sirve como socio crítico de conciertos y reservas de eventos para MSGE. En 2023, Live Nation generó $ 17.1 mil millones en ingresos, facilitando más de 50,000 eventos a nivel mundial.

Asociaciones de la Liga del Deporte

Liga	Detalles de la asociación	Valor anual
NBA (New York Knicks)	Derechos exclusivos de organización de lugar	$ 150 millones
NHL (Rangers de Nueva York)	Gestión de la arena exclusiva	$ 125 millones

Colaboración de plataforma de boletos

Ticketmaster maneja las operaciones principales de boletos de MSGE. En 2023, Ticketmaster procesó más de 500 millones de boletos en todo el mundo, con lugares de MSGE que representan aproximadamente el 3-4% del volumen total.

Red de patrocinio corporativo

• Coca-Cola: asociación de bebidas exclusivas
• Chase Bank: Derechos de nombres de Arena y Servicios Financieros
• Nike: Merchandise y asociación de ropa oficial

Asociaciones de transmisión de medios

MSG Networks (ahora parte de MSG Entertainment) genera aproximadamente $ 750 millones anuales a partir de los derechos de transmisión para los juegos de Knicks y Rangers.

Red	Derechos de transmisión	Duración del contrato
ESPN	Juegos de la NBA seleccionados	2022-2026
TNT	Transmites en el juego de la NBA	2022-2025

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: actividades clave

Gestión y operaciones del lugar

MSGE opera múltiples altosprofile Lugares de entretenimiento, incluyendo:

Evento	Capacidad	Eventos anuales
Jardín de Madison Square	20,789 asientos	350+ eventos anualmente
Radio City Music Hall	6.015 asientos	Más de 200 eventos anualmente
Teatro de baliza	2,844 asientos	Más de 150 eventos anualmente

Producción de entretenimiento en vivo

MSGE produce y administra múltiples propiedades de entretenimiento:

• Christmas Spectacular protagonizada por Rockettes (37 actuaciones anuales)
• Plataforma de tecnología de entretenimiento de MSG Sphere
• MSG Entertainment Touring Productions

Propiedad y gestión del equipo deportivo

MSGE administra equipos deportivos profesionales:

Equipo	Liga	Ingresos anuales (estimados)
New York Knicks	NBA	$ 482 millones
Rangers de Nueva York	NHL	$ 272 millones

Reserva y promoción de eventos

Estadísticas de reserva clave:

• Reservas anuales de conciertos: más de 250 conciertos
• Shows de comedia: más de 100 actuaciones
• Eventos corporativos: más de 150 reservas corporativas

Creación de contenido y distribución de medios

Métricas de producción de medios y contenido:

Tipo de contenido	Producción anual	Canales de distribución
Transmisiones de eventos en vivo	500+ horas	Redes de MSG, plataformas de transmisión
Contenido de entretenimiento original	Más de 75 horas	Plataformas digitales, canales MSG

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: recursos clave

Lugares icónicos

Madison Square Garden Entertainment Corp. posee y opera múltiples lugares icónicos:

Evento	Capacidad	Ubicación
Jardín de Madison Square	20,789	Ciudad de Nueva York
Radio City Music Hall	6,000	Ciudad de Nueva York
Teatro de baliza	2,800	Ciudad de Nueva York

Talento de entretenimiento y redes de artistas

Métricas de red de artistas:

• Reservas anuales de artistas anuales: más de 500
• Actuaciones anuales de conciertos/eventos: 750-850
• Diversa lista de talentos que abarca música, comedia, deportes

Tecnología audiovisual avanzada

Inversiones de infraestructura tecnológica:

Categoría de tecnología	Inversión anual
Sistemas de audio	$ 3.2 millones
Tecnologías de visual	$ 4.5 millones
Plataformas de transmisión/digital	$ 2.8 millones

Reconocimiento de marca fuerte

• Valor de marca estimado en $ 750 millones
• Reconocimiento de marca global en el sector del entretenimiento
• Más de 70 años de historia operativa

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia
CEO	Más de 25 años
director de Finanzas	Más de 18 años
Oficial de Operaciones	Más de 22 años

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: propuestas de valor

Experiencias de entretenimiento en vivo de clase mundial

MSG Entertainment genera $ 1.4 mil millones en ingresos anuales a partir de experiencias de entretenimiento en vivo. La compañía organiza aproximadamente 1,000 eventos anualmente en sus lugares.

Evento	Eventos anuales	Capacidad
Jardín de Madison Square	350	20,789
Radio City Music Hall	200	6,000
Teatro de baliza	180	2,800

Cartera de entretenimiento diverso

La cartera de entretenimiento de MSGE incluye:

• New York Knicks de la NBA
• Los Rangers de Nueva York de NHL
• Producciones de conciertos en vivo
• Actuaciones teatrales
• Shows de comedia

Servicios y hospitalidad premium del lugar

La compañía invierte $ 50 millones anuales en actualizaciones de lugares y servicios de hospitalidad. El asiento premium genera aproximadamente $ 180 millones en ingresos anuales.

Entretenimiento de alta calidad en múltiples plataformas

MSGE opera múltiples plataformas de entretenimiento con $ 350 millones en ingresos digitales y de transmisión. La compañía llega a aproximadamente 15 millones de asistentes al evento en vivo anualmente.

Experiencias de audiencia únicas y memorables

MSGE genera un precio promedio de boleto de $ 125 en sus lugares. Las calificaciones de satisfacción del cliente superan constantemente el 85% para las experiencias de entretenimiento en vivo.

Segmento de entretenimiento	Ingresos anuales	Cuota de mercado
Deportes	$ 600 millones	42%
Conciertos	$ 450 millones	31%
Producciones teatrales	$ 250 millones	17%
Otro entretenimiento	$ 100 millones	10%

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: relaciones con los clientes

Programas personalizados de boletos y membresía

Madison Square Garden Entertainment ofrece programas de membresía de varios niveles con la siguiente estructura:

Nivel de membresía	Costo anual	Beneficios clave
Insider de MSG	$199	Acceso a entradas prioritarias, eventos exclusivos
MSG VIP Club	$499	Asientos premium, ventajas de hospitalidad
Membresía ejecutiva	$999	Acceso al lugar completo, oportunidades de encuentro y gre-greet

Compromiso digital a través de aplicaciones móviles

Las características de la aplicación móvil de MSGE incluyen:

• Compra de boletos en tiempo real
• Mapas de lugar interactivos
• Capacidades de boletos móviles
• Transmisión de eventos en vivo

Lealtad de fanáticos y construcción de la comunidad

MSGE mantiene un programa de fidelización con las siguientes métricas:

• Miembros del programa de fidelización total: 275,000
• Tasa de compromiso promedio: 42%
• Repita la tasa de compra: 36%

Interacción directa del cliente a través de las redes sociales

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	1.2 millones	4.3%
Gorjeo	850,000	3.7%
Facebook	1.5 millones	3.9%

Paquetes de entretenimiento personalizados

MSGE ofrece experiencias de entretenimiento a medida:

• Paquetes de eventos corporativos
• Alquiler de lugar privado
• Conciertos y experiencias deportivas personalizadas
• Opciones de boletos grupales

Inversión en relación con el cliente: $ 12.3 millones anuales

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: canales

Plataformas de boletos en línea

Madison Square Garden Entertainment Corp. utiliza Ticketmaster como su plataforma principal de boletos en línea. En 2023, la compañía procesó aproximadamente 3.5 millones de boletos a través de canales digitales. La plataforma en línea genera un estimado de $ 85 millones en ingresos anuales de ventas de entradas.

Plataforma	Volumen anual de boletos	Ingreso digital
Masterero	3.5 millones de boletos	$ 85 millones

Aplicaciones móviles

La aplicación móvil de MSGE admite compras de entradas en tiempo real e información de eventos. A partir de 2024, la aplicación se ha descargado 1.2 millones de veces en las plataformas iOS y Android.

• Conteo de descarga de la aplicación: 1.2 millones
• Venta de boletos móviles: 42% de las transacciones totales de boletos digitales
• Sesión promedio de usuario móvil: 7.5 minutos

Oficinas de caja física

A pesar de la transformación digital, MSGE mantiene oficinas de caja física en Madison Square Garden, Radio City Music Hall y Beacon Theatre. Estas ubicaciones procesan aproximadamente 650,000 transacciones de boletos en persona anualmente.

Evento	Transacciones anuales de boletos en persona
Jardín de Madison Square	350,000
Radio City Music Hall	200,000
The Beacon Theatre	100,000

Equipos de ventas corporativas

MSGE emplea a 45 representantes de ventas corporativas dedicadas que administran ventas grupales, eventos corporativos y paquetes de boletos premium. En 2023, las ventas corporativas generaron $ 42.3 millones en ingresos.

• Tamaño del equipo de ventas corporativas: 45 representantes
• Ingresos anuales de ventas corporativas: $ 42.3 millones
• Valor promedio del paquete corporativo: $ 15,600

Redes sociales y marketing digital

La compañía aprovecha las plataformas de redes sociales para impulsar la venta de entradas y el compromiso. A partir de 2024, los canales de marketing digital de MSGE alcanzan 3.8 millones de seguidores en plataformas.

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	1.5 millones	4.2%
Gorjeo	850,000	3.7%
Facebook	1.45 millones	3.5%

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: segmentos de clientes

Fanáticos del deporte

Madison Square Garden organiza múltiples equipos y eventos deportivos, dirigido a la demografía de los fanáticos específicos:

Equipo/deporte	Asistencia promedio	Rango de precios de boleto
New York Knicks (NBA)	19,812 por juego	$75 - $2,500
New York Rangers (NHL)	18,006 por juego	$65 - $1,800

Conciertos y entusiastas de los eventos en vivo

MSGE atrae a diversas audiencias de música y actuación:

• Capacidad de concierto anual: más de 400 eventos
• Precio promedio del boleto: $ 125 - $ 350
• Diversidad de género: pop, rock, hip-hop, clásico

Planificadores de eventos corporativos

Desglose del segmento corporativo:

Tipo de evento	Volumen anual	Ingresos promedio por evento
Conferencias	125	$75,000
Lanzamiento de productos	75	$150,000

Turistas de entretenimiento

Insights demográficos turísticos:

• Visitantes turísticos anuales: 350,000
• Turistas internacionales: 40% del total
• Gasto promedio por visitante: $ 250

Demografía de la audiencia local y nacional

Datos de segmentación de audiencia:

Categoría demográfica	Porcentaje	Rango de edad
Residentes locales de Nueva York	65%	18-55
Audiencia nacional	35%	25-65

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: Estructura de costos

Mantenimiento y operaciones del lugar

Costos anuales de mantenimiento del lugar para Madison Square Garden: $ 35.4 millones en el año fiscal 2023. Los gastos operativos para los lugares de MSG incluyen:

Categoría de costos	Gasto anual
Reparaciones de instalaciones	$ 12.6 millones
Gastos de servicios públicos	$ 8.9 millones
Infraestructura de seguridad	$ 6.5 millones
Personal de limpieza y mantenimiento	$ 7.4 millones

Tarifas de talento e intérprete

Costos de adquisición total de artistas y talentos para el año fiscal 2023: $ 94.7 millones.

• Tarifas de los artistas de conciertos: $ 52.3 millones
• Talento de entretenimiento deportivo: $ 28.6 millones
• Residencia y artistas de eventos especiales: $ 13.8 millones

Gastos de marketing y promoción

Presupuesto de marketing para MSGE en 2023: $ 41.2 millones

Canal de marketing	Gastos
Marketing digital	$ 15.6 millones
Publicidad de medios tradicional	$ 12.4 millones
Promoción de eventos	$ 8.7 millones
Campañas de redes sociales	$ 4.5 millones

Infraestructura tecnológica

Inversión tecnológica total en 2023: $ 22.8 millones

• Mantenimiento de sistemas de TI: $ 9.3 millones
• Equipo audiovisual: $ 7.5 millones
• Transmisión y plataformas digitales: $ 4.6 millones
• Ciberseguridad: $ 1.4 millones

Salarios y beneficios de los empleados

Compensación total de empleados para el año fiscal 2023: $ 178.6 millones

Categoría de empleado	Compensación anual
Compensación ejecutiva	$ 42.3 millones
Salarios de personal a tiempo completo	$ 98.7 millones
Personal a tiempo parcial y de eventos	$ 23.6 millones
Beneficios y seguro	$ 14 millones

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negocios: flujos de ingresos

Venta de entradas para eventos

En el año fiscal 2023, Madison Square Garden Entertainment Corp. generó $ 593.1 millones en ingresos por ventas de boletos. El desglose de la venta de entradas incluye:

Categoría de eventos	Ingresos por boletos
Eventos deportivos	$ 234.5 millones
Entretenimiento en vivo	$ 268.7 millones
Espectáculos de residencia	$ 89.9 millones

Patrocinio y publicidad

Los ingresos por patrocinio y publicidad para MSGE en el año fiscal 2023 totalizaron $ 127.4 millones. Las categorías de patrocinio clave incluyen:

• Derechos de nombres de la arena
• Patrocinios corporativos
• Publicidad en el horario
• Publicidad de plataforma digital

Derechos de transmisión de medios

Los derechos de transmisión de medios generaron $ 215.6 millones en ingresos para MSGE en el año fiscal 2023. La distribución incluye:

Categoría de transmisión	Ganancia
Transmisión deportiva	$ 142.3 millones
Transmisión de entretenimiento	$ 73.3 millones

Venta de mercancías

Las ventas de mercancías para MSGE en el año fiscal 2023 ascendieron a $ 86.2 millones. Las categorías de productos incluyen:

• Mercancía de equipo
• Mercancía específica del evento
• Ventas minoristas en línea
• Tiendas de mercancías

Hospitalidad y paquetes de asientos premium

Los paquetes de hospitalidad y asientos premium generaron $ 178.5 millones en ingresos para MSGE en el año fiscal 2023. El desglose incluye:

Categoría de hospitalidad	Ganancia
Suites de lujo	$ 98.7 millones
Asientos a nivel de club	$ 53.6 millones
Paquetes de hospitalidad premium	$ 26.2 millones

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.