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Las Vegas Sphere reports $98.4M loss; CFO quits

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Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#91

Post by ToucanLoucan »

rdelpret wrote: post #84
ToucanLoucan wrote: post #78

Earlier quoted context omitted.

Not only is it brand new, any prospective performance looking to book there is going to have to essentially create a bespoke show for that single venue only, that will not be able to be played anywhere else what with the big ass spherical screen being the primary differentiator. In my mind this is like if you were to build the first IMAX theater if IMAX wasn't already a thing. You'd basically be asking Hollywood to c…

While your team would still need to be involved creatively, I would hope the sphere has an in house team to create content as well?

I would assume so but that means the venue itself is then subsidizing the cost of the performance, which means the tickets/refreshments/etc have to be more expensive.

And like, I want to emphasize: this thing is extremely cool. I love shit like this. I wish we could have more really cool things like this. But when your entire thrust is to make money... I mean I wish them all the success in the world but you'll have to put me down as a skeptic if they'll be able to, especially given how razor thin margins tend to be in the entertainment sector when the venue can just host regular ass shows that any venue can.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#92

Post by magicalhippo »

schaefer wrote: post #11

I'm local, and curious. If I go to the official website[1] to view all shows, they redirect me to the hellscape that is ticketmaster. That is literally only friction it takes before I'm out. The scalpers are squatting your 2 billion dollar venue. [1]: https://www.thespherevegas.com/shows

I'm from (and live in) Norway. Ticketmaster is used for a lot of shows here too, especially the larger venues.

While I wouldn't call them the best thing since sliced bread, overall my experience over the years is that they take my money and give me my tickets.

Today I bought some tickets. I vent to the venue, saw there was a show, clicked on Buy tickets, took me to Ticketmaster, logged on, found ticket, paid via local payment provider[1] (verified on phone, super simple), and I got my tickets on email. All was just a few clicks and over in a couple of minutes.

This is my typical experience. Is US Ticketmaster particularly worse, or am I living in an alternate reality?

Or are there some other aspects that I'm missing?

[1]: https://www.vipps.no/

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#93

Post by ljf »

bluedevil2k wrote: post #88
djaychela wrote: post #80

Earlier quoted context omitted.

That's nearly Ibiza prices.... which is OK if everyone is doing the same thing (well, I say OK, you know what I mean). But if there's any other option, no-one's going there. I've only been once to Vegas, but I don't remember it being pricy.

> I don't remember it being pricy You clearly haven’t been there in the last few years. $16 for a beer is the norm at clubs and bars if you’re not gambling.

I last went to Vegas in 2014, and in the hotel pool bar it was $16 for a small bottle of Budweiser. I had a rather dry trip at those prices.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#94

Post by djaychela »

bluedevil2k wrote: post #88
djaychela wrote: post #80

Earlier quoted context omitted.

That's nearly Ibiza prices.... which is OK if everyone is doing the same thing (well, I say OK, you know what I mean). But if there's any other option, no-one's going there. I've only been once to Vegas, but I don't remember it being pricy.

> I don't remember it being pricy You clearly haven’t been there in the last few years. $16 for a beer is the norm at clubs and bars if you’re not gambling.

No, it was a long time ago (late 90s?). The hotel was cheap (Excalibur!), and other than seeing the Blue Man Group, everything else was very cheap. All you can eat breakfast was $10 and I ate so much I didn't eat again for 24 hours.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#95

Post by hluska »

djaychela wrote: post #80
tw04 wrote: post #72

Earlier quoted context omitted.

They're also basically killing any locals going with the cost of concessions and probably driving a lot of people to just not spend any money there. At $40 for a double shot and $20 for a beer, I'd be drinking before I got to the venue if that were my thing. https://www.outkick.com/drink-prices-vegas-sphere-beer-liquo...

That's nearly Ibiza prices.... which is OK if everyone is doing the same thing (well, I say OK, you know what I mean). But if there's any other option, no-one's going there. I've only been once to Vegas, but I don't remember it being pricy.

The strip itself is roughly Palo Alto prices at small town truck stop quality. Small town truck stops are consistent and that’s a great thing, but McDonalds restaurants are always consistent too. You can find a very expensive smoky old fashioned (or whatever the fashionable cocktail is) pretty well everywhere and you won’t always be able to tell where you are.

Off strip is a lot more attractive both in terms of price and quality. But it’s harder to access unless you have trusted friends who live in Vegas. Locals seem to avoid the strip and seem to try to keep the strip away from their trusted spots!

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#96

Post by 4death4 »

AnimalMuppet wrote: post #71
mmanfrin wrote: post #28

It was open for 2 days of the fiscal quarter. The CFO quit after being yelled at by the notoriously combative CEO. The news has been running with this headline because it's drawing clicks but it's not really painting an accurate picture.

If the CFO would rather leave than have to deal with the CEO, I would say that is in fact painting an accurate picture.

The picture painted by the headline seems to indicate the CFO’s departure is related to the fiscal loss. That’s not accurate.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#97

Post by lvspiff »

extraduder_ire wrote: post #14
vidanay wrote: post #7

Earlier quoted context omitted.

> Hopefully they don't shut it down. It will probably be disassembled and moved to Dubai. /s

I'm sure the Dubaites would prefer to build their own, but even larger.

build 2 - right at the base of the Burj Khalifa

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#98

Post by gadders »

t3rabytes wrote: post #3

I gotta be honest, I'm not sure what was expected? They spent $2b building this thing, it's brand new tech, it didn't host many shows last quarter (it was open for 1? full month of the quarter). I still think The Sphere is super damn cool and I can't wait to go to an event there.

This seems to be a pattern for expensive infra projects:

- Original company builds expensive piece of infrastructure

- Original company fails to make money on expensive piece of infrastructure

- Original company goes bust

- New company buys infrastructure cheap

- New company manages to run a profitable business

See Eurotunnel, Iridium, probably others I've forgotten.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#99

Post by tomatocracy »

Retric wrote: post #41
falcolas wrote: post #26

Meta: Someone please correct me. The outside of the Sphere is pretty damned awesome, with its interactive elements and novelty. I'd visit Vegas just to watch it, not that they'd make any money off me for that. The inside looks like an IMAX theater combined with a few planetarium features (lazors?). And, well, I have a really nice IMAX theater only an hour away from me. Why would I pay a premium to see the one in Vega…

People go to Vegas for other things. The question is if you would go there when you’re already in Vegas.

The Sphere has generated a lot of interest beyond people who are already visiting Vegas anyway, at least so far - for example, a colleague of mine in London visited Vegas last month just to go to the U2 show.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#100

Post by enragedcacti »

rdelpret wrote: post #84
ToucanLoucan wrote: post #78

Earlier quoted context omitted.

Not only is it brand new, any prospective performance looking to book there is going to have to essentially create a bespoke show for that single venue only, that will not be able to be played anywhere else what with the big ass spherical screen being the primary differentiator. In my mind this is like if you were to build the first IMAX theater if IMAX wasn't already a thing. You'd basically be asking Hollywood to c…

While your team would still need to be involved creatively, I would hope the sphere has an in house team to create content as well?

yep, they have a team and a studio in Burbank, including a functional (internal) miniature of the sphere and an in-house camera system:

https://www.reviewjournal.com/business/tourism/sphere-techno...

https://www.google.com/maps/place/5MV2%2B4M,+Burbank,+CA

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