Madison Square Garden Sports Corp. (MSGS): Business Model Canvas

Madison Square Garden Sports Corp. (MSGS) gilt als führendes Unternehmen im Bereich Sportunterhaltung und verwandelt das traditionelle Sport-Franchise-Modell in ein dynamisches, mehrdimensionales Geschäftsökosystem. Durch die strategische Nutzung berühmter Teams wie den New York Knicks und New York Rangers hat MSGS ein einzigartiges Wertversprechen geschaffen, das über bloße sportliche Wettkämpfe hinausgeht und erstklassige Live-Erlebnisse, Medieninhalte und Fan-Engagement in einer überzeugenden Unternehmensgeschichte vereint, die bei Sportbegeisterten und Unternehmensinteressenvertretern gleichermaßen Anklang findet.

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Wichtige Partnerschaften

Live-Sport-Unterhaltungsnetzwerke

MSG Sports unterhält strategische Partnerschaften mit:

Netzwerk	Vertragswert	Dauer
ESPN	200 Millionen US-Dollar jährlich	2022-2026
TNT	180 Millionen US-Dollar pro Jahr	2023-2027

NBA-Teambesitz

Wichtige Eigentums- und Partnerschaftsdetails:

• New York Knicks – 100 % Eigentum
• Im Jahr 2024 wird der Wert auf 6,1 Milliarden US-Dollar geschätzt
• Jahresumsatz: 474 Millionen US-Dollar

Ticketing-Plattformen und digitaler Vertrieb

Partner	Digitale Reichweite	Umsatzbeteiligung
Ticketmaster	35 Millionen monatliche Nutzer	15 % Provision
StubHub	22 Millionen monatliche Nutzer	12 % Provision

Unternehmenssponsoring und Werbung

Wichtige Unternehmenspartnerschaften:

• Nike: 25 Millionen US-Dollar jährliches Sponsoring
• Chase Bank: 18 Millionen US-Dollar jährliche Markenrechte
• Anheuser-Busch: 15 Millionen US-Dollar jährliche Partnerschaft

Medienrechte und Rundfunk

Sender	Vertragswert	Jahre
MSG-Netzwerk	350 Millionen Dollar	2022-2028
JA Netzwerk	300 Millionen Dollar	2023-2029

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Hauptaktivitäten

Professionelles Sportmannschaftsmanagement

MSGS besitzt und betreibt zwei professionelle Sportteams:

• New York Knicks (NBA)
• New York Rangers (NHL)

Team	Liga	Jahresumsatz (2023)	Teambewertung
New York Knicks	NBA	474 Millionen US-Dollar	6,1 Milliarden US-Dollar
New York Rangers	NHL	295 Millionen Dollar	2,2 Milliarden US-Dollar

Live-Event-Produktion und Unterhaltung

Jährliche Live-Event-Produktionen im Madison Square Garden und an anderen Veranstaltungsorten:

Ereignistyp	Jährliche Veranstaltungen	Durchschnittliche Anwesenheit
Basketballspiele	41 Heimspiele	19.812 pro Spiel
Hockeyspiele	41 Heimspiele	18.006 pro Spiel

Erstellung und Verbreitung von Medieninhalten

Medienplattformen und Reichweite:

• Zuschauerzahl des MSG Network: 3,5 Millionen Haushalte
• Digitale Medienplattformen: 12,4 Millionen Social-Media-Follower
• Jährlicher Umsatz mit Medienrechten: 342 Millionen US-Dollar

Markenentwicklung und Marketing

Marketing- und Sponsoring-Kennzahlen:

Kategorie „Marketing“.	Jährliche Investition	Sponsoringeinnahmen
Marketingausgaben	87 Millionen Dollar	N/A
Sponsoring-Angebote	N/A	156 Millionen Dollar

Stadion- und Arenabetrieb

Betriebsdetails des Veranstaltungsortes:

• Kapazität im Madison Square Garden: 19.812 (Basketball)
• Jährliches Budget für die Instandhaltung des Veranstaltungsortes: 42 Millionen US-Dollar
• Gesamtfläche des Veranstaltungsortes: 985.000 Quadratfuß

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Schlüsselressourcen

Veranstaltungsort Madison Square Garden

Befindet sich in 4 Pennsylvania Plaza, New York, NY 10001. Sitzplatzkapazität: 19.812 für Basketball, 18.006 für Hockey. Der Wert des Veranstaltungsortes wird ab 2023 auf 2,3 Milliarden US-Dollar geschätzt.

Professionelle Sport-Franchises

Team	Liga	Bewertung (2023)
New York Knicks	NBA	5,8 Milliarden US-Dollar
New York Rangers	NHL	2,2 Milliarden US-Dollar

Möglichkeiten zur Medienproduktion

• Umsatz von MSG Networks: 866,1 Millionen US-Dollar (Geschäftsjahr 2022)
• Übertragungsrechte für Spiele der Knicks und Rangers
• Eigenes Produktionsstudio mit modernster Sendeausrüstung

Talentierte Athleten- und Spielerlisten

Wichtige Spielerwerte:

Team	Top-Spieler	Spielerwert
New York Knicks	Jalen Brunson	45,5 Millionen US-Dollar (Vertrag 2023–2024)
New York Rangers	Artemi Panarin	11,64 Millionen US-Dollar Jahresgehalt

Starker Markenruf und starke Fangemeinde

Kennzahlen zum gesamten Fan-Engagement:

• Durchschnittliche Zuschauerzahl der Knicks: 19.812 pro Spiel (Saison 2022–2023)
• Durchschnittliche Zuschauerzahl der Rangers: 18.006 pro Spiel (Saison 2022–2023)
• Social-Media-Follower: 5,3 Millionen plattformübergreifend

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Wertversprechen

Erstklassiges Live-Sportunterhaltungserlebnis

MSGS meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 595 Millionen US-Dollar. Zu den wichtigsten Leistungskennzahlen zählen:

Metrisch	Wert
Durchschnittliche Heimbesuchsquote der New York Knicks	19.812 pro Spiel
Durchschnittliche Heimbesuchsquote der New York Rangers	18.006 pro Spiel
Durchschnittlicher Ticketpreis (Basketball)	$156.37
Durchschnittlicher Ticketpreis (Hockey)	$172.64

Hochwertige Basketball- und Hockeywettbewerbe

Wettbewerbsleistungskennzahlen für 2023:

• New York Knicks: 47 Siege, 35 Niederlagen
• New York Rangers: 55 Siege, 24 Niederlagen
• Kombinierter Playoff-Umsatz: 42,3 Millionen US-Dollar

Ikonischer Veranstaltungsort mit historischer Bedeutung

Statistiken zu den wichtigsten Veranstaltungsorten im Madison Square Garden:

Charakteristik des Veranstaltungsortes	Spezifikation
Sitzplatzkapazität	20.789 (Basketballkonfiguration)
Jährliche Veranstaltungsveranstalter	Über 350 Veranstaltungen pro Jahr
Alter des Veranstaltungsortes	53 Jahre (aktueller Standort)

Fesselnde Fan-Erlebnisse und Multimedia-Inhalte

Kennzahlen zum digitalen Engagement für 2023:

• Social-Media-Follower: 8,7 Millionen
• Abonnenten des MSG-Netzwerks: 1,2 Millionen
• Streaming-Stunden für digitale Inhalte: 3,6 Millionen

Einzigartige Markenpositionierung im Sport- und Unterhaltungsbereich

Daten zur Markenbewertung und Marktpositionierung:

Markenmetrik	Wert
Team-Markenwert (Knicks)	5,8 Milliarden US-Dollar
Team-Markenwert (Rangers)	1,7 Milliarden US-Dollar
Marktkapitalisierung (MSGS)	6,2 Milliarden US-Dollar

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Kundenbeziehungen

Programme für Dauerkarteninhaber

MSG Sports bietet gestaffelte Dauerkartenpakete für die New York Knicks und New York Rangers mit folgender Struktur an:

Pakettyp	Preisspanne	Vorteile
Volle Saison	$3,500 - $25,000	Alle Heimspiele, bevorzugter Zugang
Halbe Saison	$1,800 - $12,500	Ausgewählte Heimspiele, Merchandise-Rabatte

Digitale Fan-Engagement-Plattformen

MSG Sports nutzt mehrere digitale Interaktionskanäle:

• MSG Network-App mit 450.000 aktiven monatlichen Nutzern
• Follower in den sozialen Medien: 4,2 Millionen Follower zusammen
• Mobile Ticketing-Plattform mit 92 % digitaler Ticketakzeptanz

Personalisiertes Marketing und Kommunikation

Zu den Kundensegmentierungsstrategien gehören:

• Gezieltes E-Mail-Marketing für eine Datenbank mit 1,1 Millionen Abonnenten
• Personalisierte Inhaltsempfehlungen basierend auf Fanpräferenzen
• Echtzeit-Spieltagskommunikation über mobile Plattformen

Interaktive Social-Media-Präsenz

Plattform	Anhänger	Engagement-Rate
Instagram	2,1 Millionen	3.8%
Twitter	1,5 Millionen	2.9%

Treue- und Mitgliedschaftsanreizprogramme

Funktionen des Treueprogramms:

• MSG Insider-Programm mit 250.000 aktiven Mitgliedern
• Punktebasiertes Belohnungssystem mit Waren und Ticket-Upgrades
• Der jährliche Mitgliedswert wird auf 150–500 US-Dollar pro Mitglied geschätzt

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Kanäle

Live-Spielbesuch im Madison Square Garden

Kapazität des Madison Square Garden: 19.812 Sitzplätze für Basketballspiele

Veranstaltungsort	Durchschnittliche Anwesenheit	Ticketpreisspanne
Madison Square Garden	18.006 pro Spiel	$50 - $2,500

Fernsehsender

Hauptübertragungspartner der New York Knicks und New York Rangers

• MSG-Netzwerk
• ESPN
• NBC Sports New York

Digitale Streaming-Plattformen

Plattform	Abonnenten	Monatliche Abonnementkosten
NBA-League-Pass	1,5 Millionen	$14.99
NHL.tv	1,2 Millionen	$19.99

Mobile und webbasierte Anwendungen

Digitale Plattformen für Fan-Engagement

• Offizielle MSG Sports-App
• Mobile App der New York Knicks
• Mobile App der New York Rangers

Social-Media-Engagement-Kanäle

Plattform	Anhänger
Instagram (Knicks)	9,2 Millionen
Twitter (Knicks)	2,7 Millionen
Instagram (Rangers)	1,5 Millionen
Twitter (Rangers)	1,1 Millionen

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Kundensegmente

Sportfans im Großraum New York

Fangemeinde der New York Knicks: 2,8 Millionen lokale Fans

Demographisch	Prozentsatz	Durchschnittlicher Ticketpreis
Einheimische Einwohner von New York	68%	$189
Tri-State-Area-Fans	22%	$165

Nationale und internationale Basketball-Enthusiasten

Abonnenten des NBA League Pass: 1,2 Millionen landesweit

• Internationale Fangemeinde: 450.000 weltweite Zuschauer
• Social-Media-Follower: 3,5 Millionen auf allen Plattformen

Corporate-Entertainment-Kunden

Jährlicher Umsatz mit Firmenveranstaltungen: 42,3 Millionen US-Dollar

Unternehmenssegment	Jährliche Ausgaben	Hospitality-Pakete
Finanzdienstleistungen	15,6 Millionen US-Dollar	42 Pakete
Technologieunternehmen	11,2 Millionen US-Dollar	29 Pakete

Jugend- und Millennial-Sportkonsumenten

Zielgruppe: 18–35 Jahre

• Digitales Engagement: 62 % der Fangemeinde
• Downloads mobiler Apps: 275.000
• Zuschauer von Esports und digitalen Inhalten: 180.000

Premium-Sportunterhaltungssuchende

Einnahmen aus Premium-Sitzplätzen: 87,4 Millionen US-Dollar pro Jahr

Premium-Segment	Durchschnittliche Ausgaben	Erneuerungsrate
Sitzplätze am Spielfeldrand	5.200 $ pro Spiel	89%
Luxus-Suiten	3.800 $ pro Veranstaltung	76%

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Kostenstruktur

Spielergehälter und Athletenverträge

In der Saison 2023–2024 betrug die Gehaltssumme der New York Knicks-Spieler etwa 141,5 Millionen US-Dollar. Die Gehaltssumme der New York Rangers-Spieler belief sich auf rund 88,5 Millionen US-Dollar.

Team	Gesamte Gehaltskosten der Spieler
New York Knicks	141,5 Millionen US-Dollar
New York Rangers	88,5 Millionen US-Dollar

Wartung und Betrieb des Veranstaltungsortes

Die jährlichen Betriebs- und Wartungskosten des Madison Square Garden wurden für das Geschäftsjahr 2023 auf 110 Millionen US-Dollar geschätzt.

• Jährliche Betriebskosten: 22,3 Millionen US-Dollar
• Wartung der Anlage: 35,6 Millionen US-Dollar
• Sicherheit und Personal: 26,7 Millionen US-Dollar

Kosten für Medienproduktion und Rundfunk

Die Produktions- und Sendekosten von MSG Networks beliefen sich im Jahr 2023 auf etwa 75,2 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten
Technische Produktion	38,6 Millionen US-Dollar
Übertragungsrechte	36,6 Millionen US-Dollar

Kosten für Marketing und Markenentwicklung

MSGS hat im Geschäftsjahr 2023 etwa 45,3 Millionen US-Dollar für Marketing und Markenentwicklung bereitgestellt.

• Digitales Marketing: 12,5 Millionen US-Dollar
• Traditionelle Werbung: 18,7 Millionen US-Dollar
• Fan-Engagement-Programme: 14,1 Millionen US-Dollar

Verwaltungs- und Verwaltungsaufwand

Die Verwaltungskosten für MSGS beliefen sich im Geschäftsjahr 2023 auf 62,4 Millionen US-Dollar.

Kategorie „Verwaltungsausgaben“.	Jährliche Kosten
Vergütung von Führungskräften	24,6 Millionen US-Dollar
Gehälter für Unternehmensmitarbeiter	37,8 Millionen US-Dollar

Madison Square Garden Sports Corp. (MSGS) – Geschäftsmodell: Einnahmequellen

Ticketverkauf für Live-Sportveranstaltungen

Für das Geschäftsjahr 2023 meldete Madison Square Garden Sports Corp. einen Ticketumsatz von 182 Millionen US-Dollar aus Spielen der New York Knicks und New York Rangers.

Team	Durchschnittlicher Ticketpreis	Heimspiele insgesamt	Gesamter Ticketumsatz
New York Knicks	$185	41	91 Millionen Dollar
New York Rangers	$210	41	91 Millionen Dollar

Medienrechte und Rundfunkverträge

Im Jahr 2023 erwirtschaftete MSGS 456 Millionen US-Dollar aus Medienrechten und Rundfunkverträgen.

• NBA-Medienrechtsvertrag: 320 Millionen US-Dollar
• NHL-Rundfunkvertrag: 136 Millionen US-Dollar

Unternehmenssponsoring und Werbung

Die Einnahmen aus Unternehmenssponsoring beliefen sich im Jahr 2023 auf insgesamt 214 Millionen US-Dollar.

Sponsorkategorie	Einnahmen
Arena-Namensrechte	42 Millionen Dollar
Team-Sponsoring	86 Millionen Dollar
In-Game-Werbung	86 Millionen Dollar

Waren- und Einzelhandelsverkauf

Der Merchandise-Umsatz für 2023 erreichte 97 Millionen US-Dollar.

• Online-Warenverkäufe: 52 Millionen US-Dollar
• Einzelhandelsumsätze in der Arena: 45 Millionen US-Dollar

Einnahmen aus digitalen Inhalten und Streaming

Der Umsatz mit digitalen Inhalten betrug im Jahr 2023 63 Millionen US-Dollar.

Digitale Plattform	Einnahmen
MSG Networks-Streaming	38 Millionen Dollar
Abonnements für digitale Inhalte	25 Millionen Dollar

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Value Propositions

You're looking at the core reason Madison Square Garden Sports Corp. (MSGS) commands the valuation it does. The value proposition isn't just about putting on a game; it's about owning irreplaceable, high-demand assets in the world's premier media market. This is the foundation of their pricing power.

The most concrete value is the exclusive ownership of two marquee franchises in New York City. These aren't just any teams; they are the New York Knicks of the NBA and the New York Rangers of the NHL, one of the league's Original Six franchises. This dual-franchise ownership in the New York market creates a unique, year-round sports entertainment platform that few competitors can match.

Franchise Asset	League	Fiscal 2025 Total Revenue Contribution Context	Key 2025-2026 Season Highlight
New York Knicks	NBA	Contributed to $1,039.2 million total revenue for FY2025	Knicks' run to the Eastern Conference Finals in the 2025 playoffs
New York Rangers	NHL	Contributed to $1,039.2 million total revenue for FY2025	Began a year-long campaign celebrating the team's 100th anniversary season

This ownership translates directly into providing a premium, high-demand live sports experience. The demand for this experience is evident in the per-game revenue metrics. For instance, during the fiscal 2025 second quarter, average per-game revenues across tickets, suites, sponsorship, and merchandise exceeded results from the prior year period. This pricing power is what helps offset the high fixed costs of running these operations.

That premium demand is reinforced by sustained fan loyalty. You see this clearly in the renewal figures for the upcoming season. The combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-2026 seasons. That number is defintely a strong signal of inelastic demand from the core season ticket holder base.

Also critical to the model are the high-value corporate sponsorship opportunities via iconic team brands. Corporate demand remains robust, helping drive revenue growth even as other segments face headwinds. For example, during the fiscal 2025 second quarter, sponsorship and signage revenues increased by $3.1 million compared to the prior year period, driven by higher net sales of existing inventory. Furthermore, the Rangers announced a new multi-year marketing partnership with GAME 7, naming them the first-ever jersey patch partner of the Rangers, which is a prime example of monetizing the team's brand equity.

Here are some of the specific premium inventory components that drive this value:

• Premium hospitality, specifically suite revenues, saw increases in fiscal 2025.
• Sponsorship and signage revenues showed growth in fiscal 2025.
• The Knicks' appeal to youth and lifestyle audiences makes them a hot property for sponsors in 2025.
• The Rangers' affluent, passionate fan base targets finance, spirits, and luxury brands.

Finance: draft the Q2 FY2026 per-game revenue breakdown by category by next Tuesday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Customer Relationships

You're looking at how Madison Square Garden Sports Corp. (MSGS) manages its connection with the people who buy tickets and suites for the Knicks and Rangers. It's not one-size-fits-all; the relationship changes based on how much you spend.

Dedicated account management for high-value suite and season ticket holders

For the most committed fans, the relationship is clearly high-touch. The combined average season ticket renewal rate for the New York Knicks and New York Rangers for the 2025-2026 seasons stood at approximately 94%. This high retention suggests a strong, managed relationship, likely involving dedicated support to secure those renewals. Furthermore, suite revenues increased by $7.0 million in the fiscal 2025 second quarter compared to the prior year period, indicating that high-value corporate and premium clients receive tailored service to maintain that spend.

Here's a look at the revenue drivers that necessitate this dedicated approach:

Revenue Category (FY2025 Q2)	Change vs. Prior Year	Implied Relationship Focus
Suite Revenues	Increased by $7.0 million	Dedicated Account Management
Average Regular Season Per-Game Revenues (Tickets, Suites, Sponsorship)	Exceeded prior year period	Relationship Retention/Upsell

Transactional relationship for single-game ticket and merchandise sales

For the typical single-game buyer or merchandise purchaser, the relationship is more about the immediate transaction. The overall business still relies on high volume, as evidenced by the total fiscal 2025 revenues reaching $1,039.2 million, a 1% increase over the previous year. Even in the fiscal fourth quarter, average regular season per-game revenues for tickets and merchandise saw increases, showing consistent transactional demand.

The transactional side is volume-driven, but still profitable on a per-event basis:

• Pre/regular season food, beverage and merchandise sales increased by $2.1 million in fiscal Q2 2025.
• The Knicks' playoff run, which included nine home playoff games in Q4 FY2025, drove significant single-transaction revenue spikes.

Investment in future AI-driven fan personalization tools

Madison Square Garden Sports Corp. operates within an industry where technology is rapidly changing fan interaction. While direct MSGS AI investment figures aren't explicitly detailed, the broader ecosystem shows a clear trend toward technology integration. For instance, the general industry trend suggests that hyper-personalization can lead to a 20% revenue boost with personalized marketing strategies. Furthermore, the venue itself is seeing technology upgrades; Madison Square Garden Entertainment announced a multi-year partnership with Cisco in December 2025 to power scalable, future-ready experiences for fans using Cisco's networking hardware. This infrastructure investment directly supports the ability to deploy advanced, personalized digital experiences for fans of the teams.

Maintaining high fan engagement through team performance and brand building

Fan engagement is fundamentally tied to the on-ice and on-court product. The Knicks' appearance in the Eastern Conference Finals in fiscal 2025 is a prime example of performance driving engagement and revenue. The company's total revenue for fiscal year 2025 was $1,039.2 million. However, this is balanced against strategic shifts, such as amendments to local media rights agreements where the Knicks saw a 28% cut in annual rights fees and the Rangers an 18% cut. This financial pressure underscores the need for high fan engagement to drive direct revenue streams like ticket sales, which remain robust with the 94% season ticket renewal rate.

Key engagement metrics and financial context for fiscal year 2025:

• FY 2025 Total Revenue: $1,039.2 million.
• Knicks/Rangers Season Ticket Renewal Rate (2025-2026): Approx. 94%.
• Knicks Playoff Home Games (Q4 FY2025): Nine.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Channels

You're looking at the distribution methods Madison Square Garden Sports Corp. (MSGS) uses to get its value proposition-the New York Knicks and New York Rangers experiences-to the customer as of late 2025. The channels are a mix of traditional venue access and modern media distribution, heavily influenced by recent media rights restructuring.

Live events at Madison Square Garden Arena (The Garden)

This is the core physical channel, driven by ticket sales, premium seating, and in-arena spending. Demand remains robust for the marquee assets. For the fiscal 2025 third quarter, ticket-related revenues saw an increase of $0.5 million compared to the prior year period, driven by higher average Knicks and Rangers per-game revenue, even though the teams played a combined two fewer regular season games at The Garden. Suite revenues also increased by $3.4 million in that quarter due to higher net sales of suite products. The Knicks' run to the Eastern Conference Finals in the fiscal 2025 fourth quarter was a major highlight, including nine home playoff games, which generated the highest per-game gate revenues in team history for that run.

Local media broadcasts via MSG Networks

This channel involves the local television rights for the Knicks and Rangers through the agreement with MSG Networks. This channel faced headwinds in fiscal 2025 due to structural changes. Local media rights fees decreased by $18.6 million in the fiscal 2025 third quarter compared to the prior year period, primarily due to proposed amendments to the local media rights agreements. These amendments, announced in April 2025, included a 28% reduction in annual rights fees payable to the Knicks and an 18% reduction for the Rangers, both effective January 1, 2025.

National media broadcasts via NBA and NHL league agreements

This channel flows through the league-level agreements, which distribute national media rights revenue to Madison Square Garden Sports Corp. Revenues from league distributions increased by $2.4 million in the fiscal 2025 third quarter, primarily due to higher national media rights fees. However, the fourth quarter saw revenues from league distributions decrease by $6.8 million compared to the prior year quarter, largely due to the absence of a non-recurring territorial fee from the NHL of approximately $7 million recognized in the prior year quarter. All NBA teams share equally in national media rights fees, and the NBA is set to see a step up in the average annual value for its national media rights starting the upcoming season.

Direct-to-consumer channels for ticketing and online merchandise sales

This covers direct sales to the end-user, which includes online ticketing platforms and e-commerce for team merchandise. The 2025-26 Knicks and Rangers season ticket renewal initiative, launched in March 2025, saw strong demand. In the second quarter context, the combined season ticket renewal rate for both teams was 97%. Merchandise sales, part of the broader in-arena/event revenue, saw a decrease of $2.5 million in the third quarter compared to the prior year period, partly due to lower online sales of merchandise in the fourth quarter.

Here's a look at the revenue components that flow through these channels for the full fiscal year 2025:

Revenue Component Category	Fiscal 2025 Full-Year Amount (Millions USD)	Year-over-Year Change (FY2025 vs FY2024)
Total Revenues	$1,039.2	+$12.1 million (1% increase)
Ticket-Related Revenue Impact (Q3 Driver)	Not explicitly stated for FY2025	+$0.5 million (Q3 increase)
Local Media Rights Fees Impact (Q3 Driver)	Not explicitly stated for FY2025	-$18.6 million (Q3 decrease)
National Media Rights Fees Impact (League Distributions Q3 Driver)	Not explicitly stated for FY2025	+$2.4 million (Q3 increase)
Food, Beverage, and Merchandise Sales Impact (Q3 Driver)	Not explicitly stated for FY2025	-$2.5 million (Q3 decrease)

The overall revenue for Madison Square Garden Sports Corp. for fiscal 2025 was $1,039.2 million. Finance: review the Q1 2026 projections for local media rights revenue given the January 1, 2025, fee reductions.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Customer Segments

You're looking at the core audience for Madison Square Garden Sports Corp. (MSGS), and honestly, the numbers show a deeply committed base that keeps showing up, even with recent media rights adjustments. The most direct measure of this loyalty is the season ticket renewal rate for the upcoming 2025-2026 seasons; the combined average for the New York Knicks and New York Rangers is sitting at approximately 94%. That's a strong indicator of the passionate, loyal New York Knicks and New York Rangers fan bases you mentioned. To be fair, the pricing strategy reflected this segmentation: season ticket prices were raised for the Knicks, while they were not raised for the Rangers, who missed the playoffs in the preceding season.

Next up are the high-net-worth individuals and corporations who buy into the premium experience. These buyers are critical because their spending drives up per-game revenue even when the total number of games is lower. For instance, in the fiscal 2025 third quarter, suite revenues saw an increase of $3.4 million compared to the prior year period, driven by higher net sales of suite products. This segment is clearly resilient, supporting premium hospitality offerings across both teams.

The local, national, and global media consumers form a massive, though sometimes less direct, segment. Their value is tied up in broadcast rights and overall brand reach. You'll remember the local media rights agreements were amended, effective January 1, 2025, as part of MSG Networks' debt workout. This meant the Knicks took a 28% cut in their local rights fee, and the Rangers took an 18% reduction for the 2024-2025 season, with the escalator feature removed. Before these cuts, the broadcast rights for both teams cost MSG Networks $187 million in 2025. Still, the overall fiscal 2025 results showed total revenues of $1,039.2 million, up 1% year-over-year, showing the breadth of the other customer streams.

Finally, corporate sponsors seeking major market brand exposure are a key group, and their spending reflects confidence in the New York market. This is visible in the sponsorship and signage revenue line. In that same fiscal 2025 third quarter, sponsorship and signage revenues increased by $8.9 million compared to the prior year period, primarily due to higher net sales of existing inventory. This growth, alongside the suite revenue increase, helped offset lower local media fees during that quarter.

Here's a quick look at how these segments contributed to the top line for the most recent full fiscal year and the start of the current one:

Metric	Fiscal Year 2025 Amount	Fiscal Q1 2026 Amount
Total Revenue	$1,039.2 million	$39.5 million
Sponsorship & Signage Revenue Change (Q3 YoY)	Increased by $8.9 million	N/A
Suite Revenue Change (Q3 YoY)	Increased by $3.4 million	N/A
Knicks Local Media Rights Reduction (2024-25 Season)	28% cut	N/A
Rangers Local Media Rights Reduction (2024-25 Season)	18% cut	N/A
Knicks/Rangers Combined Season Ticket Renewal Rate (2025-26)	N/A	Approx. 94%

Finance: draft the Q2 FY2026 revenue projection breakdown by segment by next Tuesday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Madison Square Garden Sports Corp. (MSGS) as of late 2025, and honestly, the biggest chunk of change goes to keeping the teams competitive. The direct operating expenses are massive, driven heavily by the players.

High direct operating expenses, primarily team personnel costs (player salaries/rosters)

• Direct operating expenses for the fiscal 2025 fourth quarter hit $154.8 million.
• That Q4 figure represented a 44% increase, or $47.1 million, compared to the prior year quarter.
• The main reason for the Q4 jump was higher net provisions for certain team personnel transactions totaling $42.8 million.
• Team personnel compensation itself was also higher by $2.9 million in Q4 fiscal 2025 versus the prior year period.
• Looking at the third quarter of fiscal 2025, direct operating expenses were $316.3 million, up 16% (or $43.3 million) year-over-year.

League expenses and revenue sharing obligations (NBA and NHL)

• League costs are a significant factor, especially when you factor in the NBA's structure.
• In the fiscal 2025 fourth quarter, higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax added $9.8 million to expenses compared to the prior year period.
• For the fiscal 2025 third quarter, this category was a major driver, with higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax totaling $33.8 million year-over-year.

Selling, general, and administrative expenses (SG&A)

SG&A costs are the overhead to run the business outside of the direct team operations. They move, but not as dramatically as player costs.

Period Ended	SG&A Amount	Year-over-Year Change
March 31, 2025 (Q3 FY25)	$74.7 million	Decrease of $1.7 million (or 2%)
December 31, 2024 (Q2 FY25)	$67.9 million	Increase of $2.8 million (or 4%)

The Q3 decrease was mainly due to lower employee compensation and related benefits of $12.4 million, though this was partially offset by higher professional fees of $7.6 million.

Fiscal 2025 operating income was $14.8 million, a decrease of $131.2 million year-over-year

The bottom line for the full fiscal year 2025 shows the pressure from those costs, even with revenues growing slightly.

• Full-year fiscal 2025 operating income landed at $14.8 million.
• This represents a sharp year-over-year decline of $131.2 million.
• For context, total revenues for fiscal 2025 were $1,039.2 million, an increase of $12.1 million (or 1%) compared to the prior year.

Finance: draft 13-week cash view by Friday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Revenue Streams

For the fiscal year ended June 30, 2025, Madison Square Garden Sports Corp. reported total revenues of $1,039.2 million.

You see the revenue generation is a mix of fixed commitments and variable event-driven income, which is typical for this business. The impact of playoff performance and media rights changes really shows up in the quarterly figures. Here's a quick look at how the revenue components performed across the first four quarters of fiscal 2025, showing the variability you need to track.

Revenue Component	Fiscal 2025 Q1 Revenue (in millions)	Fiscal 2025 Q2 Revenue (in millions)	Fiscal 2025 Q3 Revenue (in millions)	Fiscal 2025 Q4 Revenue (in millions)
Total Reported Revenue	$39.5	$357.8	$424.2	$204.0
Ticket-related revenues (Change vs. Prior Year)	N/A	Increased by $14.3	Increased by $0.5	Reflected in overall Q4 decrease
Suite revenues (Change vs. Prior Year)	N/A	Increased by $7.0	Increased by $3.4	Reflected in overall Q4 decrease
Sponsorship and signage revenues (Change vs. Prior Year)	N/A	Increased by $3.1	Increased by $8.9	Reflected in overall Q4 decrease
Revenues from league distributions (Change vs. Prior Year)	N/A	Increased by $2.6	Increased by $2.4	Decreased by $6.8 (excluding NHL fee)

Ticket-related revenues (regular season and playoffs) and suite licenses are clearly a major driver, especially when playoff runs are deep. The New York Knicks participation in the NBA playoffs in the fourth quarter included nine home playoff games, which compares to fifteen combined home playoff games for the Knicks and New York Rangers in the prior year quarter. The suites business showed strength with strong renewals and new sales activity, including for several recently renovated Lexus-level suites at The Garden.

Sponsorship and signage revenues saw positive momentum in the earlier quarters, with Q3 seeing an increase of $8.9 million compared to the prior year period, driven by higher net sales of existing inventory. The Rangers announced a new multi-year marketing partnership with GAME 7, naming them the first-ever jersey patch partner of the Rangers.

Local and national media rights fees from league distributions are undergoing structural changes. The Knicks and Rangers amended their local media rights agreements with MSG Networks, effectively reducing annual rights fees by 28% for the Knicks and 18% for the Rangers, starting January 2025. National media rights fees did contribute to an increase in league distributions in the second quarter.

Food, beverage, and merchandise sales are tied to game attendance. In the fiscal 2025 fourth quarter, these sales decreased by $1.8 million compared to the prior year quarter, due in part to one fewer combined home game.

You should also note the strong commitment from the season ticket base moving into the next fiscal year:

• The combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-26 seasons.

Finance: draft 13-week cash view by Friday.