Madison Square Garden Entertainment Corp. (MSGE): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde dynamique de Madison Square Garden Entertainment Corp. (MSGE), où des lieux emblématiques, des performances électrisantes et des divertissements de pointe convergent pour créer une expérience d'audience inégalée. Du légendaire Madison Square Garden à Radio City Music Hall, MSGE a magistralement conçu un modèle commercial qui transforme les divertissements en direct en forme d'art, mélangeant des sports, des concerts et des spectacles spectaculaires en une puissance de divertissement multidimensionnelle qui captive des millions de fans dans le monde.

Madison Square Garden Entertainment Corp. (MSGE) - Modèle commercial: partenariats clés

Partenariat de divertissement en direct en direct

En 2024, Live Nation Entertainment sert de partenaire de réservation de concert et d'événements essentiel pour MSGE. En 2023, Live Nation a généré 17,1 milliards de dollars de revenus, facilitant plus de 50 000 événements dans le monde.

Partenariats de la Ligue sportive

Ligue	Détails du partenariat	Valeur annuelle
NBA (New York Knicks)	Droits d'hébergement de lieu exclusifs	150 millions de dollars
La LNH (New York Rangers)	Gestion exclusive des arènes	125 millions de dollars

Collaboration de plate-forme de billetterie

Ticketmaster gère les opérations de billetterie principales de MSGE. En 2023, Ticketmaster a traité plus de 500 millions de billets dans le monde, les sites MSGE représentant environ 3 à 4% du volume total.

Réseau de parrainage d'entreprise

• Coca-Cola: partenariat exclusif de boissons
• Chase Bank: Droits de dénomination de l'arène et services financiers
• Nike: Partenariat officiel des marchandises et des vêtements

Partenariats de diffusion des médias

MSG Networks (qui fait maintenant partie de MSG Entertainment) génère environ 750 millions de dollars par an des droits de diffusion pour les jeux Knicks et Rangers.

Réseau	Droits de diffusion	Durée du contrat
ESPN	Jeux NBA sélectionnés	2022-2026
Tnt	Diffusion du jeu NBA	2022-2025

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Activités clés

Gestion et opérations du lieu

MSGE exploite plusieurs hautsprofile LIEUX DE DIVERTISSEMENT, y compris:

Lieu	Capacité	Événements annuels
Jardin carré de Madison	20 789 sièges	350+ événements par an
Radio City Music Hall	6 015 sièges	Plus de 200 événements par an
Thermat de la balise	2 844 sièges	150+ événements par an

Production de divertissement en direct

MSGE produit et gère plusieurs propriétés de divertissement:

• Noël spectaculaire avec les Rockettes (37 performances annuelles)
• Plateforme de technologie de divertissement MSG Sphere
• MSG Entertainment Touring Productions

Propriété et gestion de l'équipe sportive

MSGE gère des équipes sportives professionnelles:

Équipe	Ligue	Revenus annuels (estimés)
Knicks de New York	NBA	482 millions de dollars
Rangers de New York	Dans la LNH	272 millions de dollars

Réservation d'événements et promotion

Statistiques de réservation clés:

• Réservations de concerts annuels: 250+ concerts
• Spectacles de comédie: 100+ performances
• Événements d'entreprise: 150+ réservations d'entreprise

Création de contenu et distribution des médias

Métriques de production des médias et du contenu:

Type de contenu	Production annuelle	Canaux de distribution
Difficultés d'événements en direct	Plus de 500 heures	Réseaux MSG, plates-formes de streaming
Contenu de divertissement original	75+ heures	Plates-formes numériques, canaux MSG

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Ressources clés

Lieux emblématiques

Madison Square Garden Entertainment Corp. possède et exploite plusieurs sites emblématiques:

Lieu	Capacité	Emplacement
Jardin carré de Madison	20,789	New York
Radio City Music Hall	6,000	New York
Thermat de la balise	2,800	New York

Talent de divertissement et réseaux d'interprète

Métriques du réseau de l'interprète:

• Réservations annuelles moyennes de l'interprète: 500+
• Performances annuelles de concert / événement: 750-850
• Divers liste de talents couvrant de la musique, de la comédie, des sports

Technologie audio-visuelle avancée

Investissements infrastructures technologiques:

Catégorie de technologie	Investissement annuel
Systèmes audio	3,2 millions de dollars
Technologies d'affichage visuel	4,5 millions de dollars
Plateformes de streaming / numérique	2,8 millions de dollars

Solide reconnaissance de la marque

• Valeur de la marque estimée à 750 millions de dollars
• Reconnaissance mondiale de la marque dans le secteur du divertissement
• Plus de 70 ans d'histoire opérationnelle

Équipe de gestion expérimentée

Poste de direction	Années d'expérience
PDG	25 ans et plus
Directeur financier	18 ans et plus
Chef de l'exploitation	22 ans et plus

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: propositions de valeur

Expériences de divertissement en direct de classe mondiale

MSG Entertainment génère 1,4 milliard de dollars de revenus annuels des expériences de divertissement en direct. La société organise environ 1 000 événements par an dans ses sites.

Lieu	Événements annuels	Capacité
Jardin carré de Madison	350	20,789
Radio City Music Hall	200	6,000
Thermat de la balise	180	2,800

Portfolio de divertissement diversifié

Le portefeuille de divertissement de MSGE comprend:

• Knicks de New York de la NBA
• Les Rangers de New York de la LNH
• Productions de concerts en direct
• Performances théâtrales
• Spectacles de comédie

Équipements et hospitalité de lieu premium

La société investit 50 millions de dollars par an dans des améliorations de sites et des services hôteliers. Les sièges premium génèrent environ 180 millions de dollars de revenus annuels.

Divertissement de haute qualité sur plusieurs plateformes

MSGE exploite plusieurs plateformes de divertissement avec 350 millions de dollars de revenus numériques et de streaming. La société atteint environ 15 millions de participants à l'événement en direct par an.

Expériences de public unique et mémorable

MSGE génère un prix moyen des billets de 125 $ dans ses sites. Les cotes de satisfaction des clients dépassent constamment 85% pour les expériences de divertissement en direct.

Segment de divertissement	Revenus annuels	Part de marché
Sportif	600 millions de dollars	42%
Concerts	450 millions de dollars	31%
Productions théâtrales	250 millions de dollars	17%
Autres divertissements	100 millions de dollars	10%

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Relations clients

Programmes de billets et d'adhésion personnalisés

Madison Square Garden Entertainment propose des programmes d'adhésion à plusieurs niveaux avec la structure suivante:

Niveau d'adhésion	Coût annuel	Avantages clés
MSG INSIDER	$199	Accès aux billets prioritaires, événements exclusifs
MSG VIP Club	$499	Sièges premium, avantages de l'hospitalité
Adhésion exécutive	$999	Accès complet au lieu, opportunités de rencontre

Engagement numérique via les applications mobiles

Les fonctionnalités de l'application mobile de MSGE comprennent:

• Achats de billets en temps réel
• Cartes de lieu interactifs
• Capacités de billetterie mobile
• Streaming d'événements en direct

Fidélité des fans et renforcement de la communauté

MSGE gère un programme de fidélité avec les mesures suivantes:

• Membres du programme de fidélité totale: 275 000
• Taux d'engagement moyen: 42%
• Taux d'achat répété: 36%

Interaction directe du client via les médias sociaux

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	1,2 million	4.3%
Gazouillement	850,000	3.7%
Facebook	1,5 million	3.9%

Packages de divertissement personnalisés

MSGE propose des expériences de divertissement sur mesure:

• Packages d'événements d'entreprise
• Location de sites privés
• Concerts personnalisés et expériences sportives
• Options de billetterie de groupe

Investissement de la relation client: 12,3 millions de dollars par an

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Channeaux

Plateformes de billetterie en ligne

Madison Square Garden Entertainment Corp. utilise Ticketmaster comme principale plateforme de billetterie en ligne. En 2023, la société a traité environ 3,5 millions de billets via des canaux numériques. La plate-forme en ligne génère environ 85 millions de dollars de revenus annuels de vente de billets.

Plate-forme	Volume annuel des billets	Revenus numériques
Ticketmaster	3,5 millions de billets	85 millions de dollars

Applications mobiles

L'application mobile de MSGE prend en charge les achats de billets en temps réel et les informations sur les événements. En 2024, l'application a été téléchargée 1,2 million de fois sur les plates-formes iOS et Android.

• Compte de téléchargement d'applications: 1,2 million
• Ventes de billets mobiles: 42% du total des transactions de billets numériques
• Session moyenne des utilisateurs mobiles: 7,5 minutes

Bureaux de boîte physique

Malgré la transformation numérique, MSGE maintient les bureaux de box physiques au Madison Square Garden, à Radio City Music Hall et au Beacon Theatre. Ces emplacements traitent environ 650 000 transactions de billets en personne chaque année.

Lieu	Transactions annuelles de billets en personne
Jardin carré de Madison	350,000
Radio City Music Hall	200,000
Le Beacon Theatre	100,000

Équipes commerciales

MSGE emploie 45 représentants des ventes d'entreprises dédiées qui gèrent les ventes de groupes, les événements d'entreprise et les forfaits de billets premium. En 2023, les ventes d'entreprises ont généré 42,3 millions de dollars de revenus.

• Taille de l'équipe de vente d'entreprise: 45 représentants
• Revenus de ventes annuelles des entreprises: 42,3 millions de dollars
• Valeur moyenne du package d'entreprise: 15 600 $

Médias sociaux et marketing numérique

L'entreprise tire parti des plateformes de médias sociaux pour stimuler les ventes de billets et l'engagement. En 2024, les canaux de marketing numériques de MSGE atteignent 3,8 millions de followers sur les plateformes.

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	1,5 million	4.2%
Gazouillement	850,000	3.7%
Facebook	1,45 million	3.5%

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: segments de clients

Fans de sport

Madison Square Garden accueille plusieurs équipes et événements sportifs, ciblant des données démographiques spécifiques des fans:

Équipe / sport	Fréquentation moyenne	Gamme de prix des billets
New York Knicks (NBA)	19 812 par match	$75 - $2,500
New York Rangers (LNH)	18 006 par match	$65 - $1,800

Antoosiases concernant les concerts et les événements en direct

MSGE attire divers publics de musique et de performance:

• Capacité de concert annuelle: 400+ événements
• Prix ​​moyen du billet: 125 $ - 350 $
• Diversité de genre: pop, rock, hip-hop, classique

Planificateurs d'événements d'entreprise

Répartition des segments d'entreprise:

Type d'événement	Volume annuel	Revenu moyen par événement
Conférences	125	$75,000
Lancements de produits	75	$150,000

Tourristes de divertissement

Informations démographiques touristiques:

• Visiteurs touristiques annuels: 350 000
• Touristes internationaux: 40% du total
• Dépenses moyennes par visiteur: 250 $

Demographies du public local et national

Données de segmentation de l'audience:

Catégorie démographique	Pourcentage	Tranche d'âge
Résidents locaux de New York	65%	18-55
Public national	35%	25-65

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Structure des coûts

Entretien et opérations du lieu

Coûts de maintenance annuelle du lieu pour Madison Square Garden: 35,4 millions de dollars au cours de l'exercice 2023. Les dépenses opérationnelles des sites MSG comprennent:

Catégorie de coûts	Dépenses annuelles
Réparations des installations	12,6 millions de dollars
Dépenses des services publics	8,9 millions de dollars
Infrastructure de sécurité	6,5 millions de dollars
Personnel de nettoyage et d'entretien	7,4 millions de dollars

Frais de talent et d'interprète

Les frais d'acquisition totale de l'interprète et des talents pour l'exercice 2023: 94,7 millions de dollars.

• Frais d'interprète de concert: 52,3 millions de dollars
• Talent de divertissement sportif: 28,6 millions de dollars
• Résidence et interprètes d'événements spéciaux: 13,8 millions de dollars

Dépenses marketing et promotionnelles

Budget marketing pour MSGE en 2023: 41,2 millions de dollars

Canal de marketing	Frais
Marketing numérique	15,6 millions de dollars
Publicité médiatique traditionnelle	12,4 millions de dollars
Promotion d'événements	8,7 millions de dollars
Campagnes de médias sociaux	4,5 millions de dollars

Infrastructure technologique

Investissement total technologique en 2023: 22,8 millions de dollars

• Maintenance des systèmes informatiques: 9,3 millions de dollars
• Équipement audiovisuel: 7,5 millions de dollars
• Streaming et plateformes numériques: 4,6 millions de dollars
• Cybersécurité: 1,4 million de dollars

Salaires et avantages sociaux des employés

Compensation totale des employés pour l'exercice 2023: 178,6 millions de dollars

Catégorie des employés	Compensation annuelle
Rémunération des dirigeants	42,3 millions de dollars
Salaires du personnel à temps plein	98,7 millions de dollars
Personnel à temps partiel et à l'événement	23,6 millions de dollars
Avantages et assurance	14 millions de dollars

Madison Square Garden Entertainment Corp. (MSGE) - Modèle d'entreprise: Strots de revenus

Ventes de billets pour les événements

Au cours de l'exercice 2023, Madison Square Garden Entertainment Corp. a généré 593,1 millions de dollars de revenus de vente de billets. La ventilation des ventes de billets comprend:

Catégorie d'événements	Revenus de billets
Événements sportifs	234,5 millions de dollars
Divertissement en direct	268,7 millions de dollars
Montre la résidence	89,9 millions de dollars

Parrainage et publicité

Le parrainage et les revenus publicitaires de MSGE au cours de l'exercice 2023 ont totalisé 127,4 millions de dollars. Les catégories clés du parrainage comprennent:

• Droits de dénomination de l'arène
• Commanditaires d'entreprise
• Publicité dans les ventes
• Publicité de la plate-forme numérique

Droits de diffusion des médias

Les droits de radiodiffusion des médias ont généré 215,6 millions de dollars de revenus pour MSGE au cours de l'exercice 2023. La distribution comprend:

Catégorie de diffusion	Revenu
Diffusion sportive	142,3 millions de dollars
Difficulté de divertissement	73,3 millions de dollars

Ventes de marchandises

Les ventes de marchandises de MSGE au cours de l'exercice 2023 se sont élevées à 86,2 millions de dollars. Les catégories de produits comprennent:

• Marchandises d'équipe
• Marchandises spécifiques à l'événement
• Ventes de détail en ligne
• Magasins de marchandises dans les ventes

Hospitalité et packages de sièges premium

Les forfaits d'accueil et de sièges premium ont généré 178,5 millions de dollars de revenus pour MSGE au cours de l'exercice 2023. La répartition comprend:

Catégorie d'hospitalité	Revenu
Suites de luxe	98,7 millions de dollars
Sièges au niveau du club	53,6 millions de dollars
Packages d'accueil premium	26,2 millions de dollars

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.