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

Madison Square Garden Sports Corp. (MSGS) est une puissance dans le divertissement sportif, transformant le modèle traditionnel de franchise sportive en un écosystème commercial dynamique et multidimensionnel. En tirant stratégiquement des équipes emblématiques comme les New York Knicks et les New York Rangers, MSGS a conçu une proposition de valeur unique qui transcende la simple compétition sportive, mélangeant des expériences en direct haut Les parties prenantes des entreprises.

Madison Square Garden Sports Corp. (MSGS) - Modèle commercial: partenariats clés

Réseaux de divertissement sportif en direct

MSG Sports a des partenariats stratégiques avec:

Réseau	Valeur du contrat	Durée
ESPN	200 millions de dollars par an	2022-2026
Tnt	180 millions de dollars par an	2023-2027

Propriété de l'équipe NBA

Détails de propriété clé et de partenariat:

• New York Knicks - 100% de propriété
• Évalué à 6,1 milliards de dollars en 2024
• Revenu annuel: 474 millions de dollars

Plates-formes de billetterie et distribution numérique

Partenaire	Portée numérique	Part des revenus
Ticketmaster	35 millions d'utilisateurs mensuels	15% de commission
Stubhub	22 millions d'utilisateurs mensuels	Commission 12%

Parrainage et publicité d'entreprise

Partenariats d'entreprise majeurs:

• Nike: 25 millions de dollars de parrainage annuel
• Chase Bank: 18 millions de dollars droits de marque annuels
• Anheuser-Busch: 15 millions de dollars de partenariat annuel

Droits des médias et diffusion

Diffuseur	Valeur du contrat	Années
Réseau MSG	350 millions de dollars	2022-2028
Oui réseau	300 millions de dollars	2023-2029

Madison Square Garden Sports Corp. (MSGS) - Modèle d'entreprise: Activités clés

Gestion de l'équipe sportive professionnelle

MSGS possède et exploite deux équipes sportives professionnelles:

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

Équipe	Ligue	Revenus annuels (2023)	Évaluation de l'équipe
Knicks de New York	NBA	474 millions de dollars	6,1 milliards de dollars
Rangers de New York	Dans la LNH	295 millions de dollars	2,2 milliards de dollars

Production d'événements en direct et divertissement

Productions annuelles d'événements en direct au Madison Square Garden et à d'autres lieux:

Type d'événement	Événements annuels	Fréquentation moyenne
Matchs de basket-ball	41 matchs à domicile	19 812 par match
Matchs de hockey	41 matchs à domicile	18 006 par match

Création et distribution de contenu des médias

Plates-formes et portée des médias:

• L'avisage du réseau MSG: 3,5 millions de ménages
• Plateformes de médias numériques: 12,4 millions de followers de médias sociaux
• Revenus annuels des droits des médias: 342 millions de dollars

Développement et marketing de marque

Métriques de marketing et de parrainage:

Catégorie marketing	Investissement annuel	Revenus de parrainage
Dépenses de marketing	87 millions de dollars	N / A
Offres de parrainage	N / A	156 millions de dollars

Opérations du stade et de l'arène

Détails opérationnels du lieu:

• Madison Square Garden Capacité: 19 812 (basket-ball)
• Budget annuel de maintenance du lieu: 42 millions de dollars
• Total du lieu en pieds carrés: 985 000 pieds carrés

Madison Square Garden Sports Corp. (MSGS) - Modèle d'entreprise: Ressources clés

Madison Square Garden

Situé au 4 Pennsylvania Plaza, New York, NY 10001. Capacité de sièges: 19 812 pour le basket-ball, 18 006 pour le hockey. Valeur du lieu estimé à 2,3 milliards de dollars en 2023.

Franchises sportives professionnelles

Équipe	Ligue	Évaluation (2023)
Knicks de New York	NBA	5,8 milliards de dollars
Rangers de New York	Dans la LNH	2,2 milliards de dollars

Capacités de production médiatique

• Revenus de réseaux MSG: 866,1 millions de dollars (2022 Exercice)
• Droits de diffusion pour les jeux Knicks et Rangers
• Studio de production interne avec équipement de diffusion avancée

Listes d'athlètes et de joueurs talentueux

Valeurs du lecteur clé:

Équipe	Joueur de haut niveau	Valeur du joueur
Knicks de New York	Jalen Brunson	45,5 millions de dollars (contrat 2023-2024)
Rangers de New York	Artemi Panarin	11,64 millions de dollars salariaux annuels

Solide réputation de marque et base de fans

Total des métriques d'engagement des fans:

• Knicks Association moyenne: 19 812 par match (saison 2022-2023)
• Rangers Association moyenne: 18 006 par match (saison 2022-2023)
• Abonnés des médias sociaux: 5,3 millions combinés sur toutes les plateformes

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

Expérience de divertissement sportif en direct premium

MSGS a déclaré un chiffre d'affaires total de 595 millions de dollars pour l'exercice 2023, avec des mesures de performance clés, notamment:

Métrique	Valeur
New York Knicks Home présence à domicile	19 812 par match
New York Rangers Home présence à domicile	18 006 par match
Prix ​​moyen des billets (basket-ball)	$156.37
Prix ​​moyen des billets (hockey)	$172.64

Concours de basket-ball et de hockey de haute qualité

Métriques de performance compétitives pour 2023:

• Knicks de New York: 47 victoires, 35 défaites
• New York Rangers: 55 victoires, 24 défaites
• Revenus en séries éliminatoires combinés: 42,3 millions de dollars

Lieu emblématique avec une signification historique

Madison Square Garden Key LIE STATISTIQUES:

Caractéristique du lieu	Spécification
Capacité de sièges	20 789 (configuration de basket-ball)
Hébergement annuel d'événement	Plus de 350 événements par an
Âge du lieu	53 ans (emplacement actuel)

Engager les expériences des fans et le contenu multimédia

Métriques d'engagement numérique pour 2023:

• Abonnés des médias sociaux: 8,7 millions
• Abonnés du réseau MSG: 1,2 million
• Heures de streaming de contenu numérique: 3,6 millions

Positionnement unique de marque sportive et de divertissement

Données d'évaluation de la marque et de positionnement du marché:

Métrique de la marque	Valeur
Valeur de la marque d'équipe (Knicks)	5,8 milliards de dollars
Valeur de la marque d'équipe (Rangers)	1,7 milliard de dollars
Capitalisation boursière (MSG)	6,2 milliards de dollars

Madison Square Garden Sports Corp. (MSGS) - Modèle d'entreprise: relations avec les clients

Programmes de détenteur de billets de saison

MSG Sports propose des forfaits billets à plusieurs niveaux pour les Knicks de New York et les Rangers de New York avec la structure suivante:

Type de package	Fourchette	Avantages
Saison complète	$3,500 - $25,000	Tous les jeux à domicile, accès prioritaire
Mi-saison	$1,800 - $12,500	Jeux à domicile sélectionnés, réductions sur les marchandises

Plates-formes de fiançailles des ventilateurs numériques

MSG Sports utilise plusieurs canaux de fiançailles numériques:

• Application MSG Network avec 450 000 utilisateurs mensuels actifs
• Médias sociaux Suivant: 4,2 millions d'abonnés combinés
• Plateforme de billetterie mobile avec adoption de billets numériques à 92%

Marketing et communication personnalisés

Les stratégies de segmentation des clients comprennent:

• Marketing par e-mail ciblé dans la base de données de 1,1 million de abonnés
• Recommandations de contenu personnalisées basées sur les préférences des fans
• Communication de la journée de jeu en temps réel via des plateformes mobiles

Présence interactive des médias sociaux

Plate-forme	Abonnés	Taux d'engagement
Instagram	2,1 millions	3.8%
Gazouillement	1,5 million	2.9%

Programmes d'incitation de fidélité et d'adhésion

Caractéristiques du programme de fidélité:

• Programme d'initié MSG avec 250 000 membres actifs
• Système de récompense basé sur des points offrant des marchandises, des mises à niveau des billets
• Valeur d'adhésion annuelle estimée à 150 $ à 500 $ par membre

Madison Square Garden Sports Corp. (MSGS) - Modèle d'entreprise: canaux

Associé au jeu en direct au Madison Square Garden

Madison Square Garden Capacité: 19 812 sièges pour les matchs de basket-ball

Lieu	Fréquentation moyenne	Gamme de prix des billets
Jardin carré de Madison	18 006 par match	$50 - $2,500

Réseaux de diffusion de télévision

Partenaires de diffusion primaire pour New York Knicks et New York Rangers

• Réseau MSG
• ESPN
• NBC Sports New York

Plateformes de streaming numérique

Plate-forme	Abonnés	Coût d'abonnement mensuel
Pass de ligue NBA	1,5 million	$14.99
NHL.TV	1,2 million	$19.99

Applications mobiles et Web

Plates-formes numériques pour l'engagement des fans

• Application officielle de sports MSG
• Application mobile de New York Knicks
• Application mobile de New York Rangers

Canaux d'engagement des médias sociaux

Plate-forme	Abonnés
Instagram (Knicks)	9,2 millions
Twitter (Knicks)	2,7 millions
Instagram (Rangers)	1,5 million
Twitter (Rangers)	1,1 million

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

Fans sportifs de la région métropolitaine de New York

Base de fans de New York Knicks: 2,8 millions de supporters locaux

Démographique	Pourcentage	Prix ​​moyen des billets
Résidents locaux de New York	68%	$189
Fans de la région de Tri-State	22%	$165

Antariens nationaux et internationaux de basket-ball

Les abonnés de la NBA League Pass: 1,2 million à l'échelle nationale

• Base de fans internationaux: 450 000 téléspectateurs mondiaux
• Abonnés des médias sociaux: 3,5 millions sur toutes les plateformes

Clients de divertissement d'entreprise

Revenu annuel des événements d'entreprise: 42,3 millions de dollars

Segment de l'entreprise	Dépenses annuelles	Forfaits d'accueil
Services financiers	15,6 millions de dollars	42 packages
Entreprises technologiques	11,2 millions de dollars	29 forfaits

Consommateurs sportifs pour les jeunes et les milléniaux

Age cible démographique: 18-35 ans

• Engagement numérique: 62% de la base de fans
• Téléchargements d'applications mobiles: 275 000
• Visionneurs de contenu eSports et numériques: 180 000

Chercheurs de divertissements sportifs premium

Revenus de sièges premium: 87,4 millions de dollars par an

Segment premium	Dépenses moyennes	Taux de renouvellement
Sièges sur le terrain	5 200 $ par match	89%
Suites de luxe	3 800 $ par événement	76%

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

Salaires des joueurs et contrats d'athlète

Depuis la saison 2023-2024, la masse salariale de New York Knicks était d'environ 141,5 millions de dollars. La masse salariale des joueurs de New York était d'environ 88,5 millions de dollars.

Équipe	Total des dépenses de salaire des joueurs
Knicks de New York	141,5 millions de dollars
Rangers de New York	88,5 millions de dollars

Entretien et opérations du lieu

Les coûts d'exploitation et d'entretien annuels de Madison Square Garden étaient estimés à 110 millions de dollars pour l'exercice 2023.

• Coûts de services publics annuels: 22,3 millions de dollars
• Entretien des installations: 35,6 millions de dollars
• Sécurité et dotation: 26,7 millions de dollars

Dépenses de production et de diffusion médiatiques

Les dépenses de production et de diffusion de MSG Networks étaient d'environ 75,2 millions de dollars en 2023.

Catégorie de dépenses	Coût annuel
Production technique	38,6 millions de dollars
Droits de diffusion	36,6 millions de dollars

Coûts de marketing et de développement de la marque

Les MSG ont alloué environ 45,3 millions de dollars pour le marketing et le développement de la marque au cours de l'exercice 2023.

• Marketing numérique: 12,5 millions de dollars
• Publicité traditionnelle: 18,7 millions de dollars
• Programmes d'engagement des fans: 14,1 millions de dollars

Administrative et au-dessus de la direction

Les dépenses administratives des MSG étaient de 62,4 millions de dollars au cours de l'exercice 2023.

Catégorie de dépenses administratives	Coût annuel
Rémunération des dirigeants	24,6 millions de dollars
Salaires du personnel d'entreprise	37,8 millions de dollars

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

Ventes de billets pour les événements sportifs en direct

Pour l'exercice 2023, Madison Square Garden Sports Corp. a rapporté des revenus de billets de 182 millions de dollars auprès de New York Knicks et de New York Rangers Games.

Équipe	Prix ​​moyen des billets	Total des matchs à domicile	Revenu total des billets
Knicks de New York	$185	41	91 millions de dollars
Rangers de New York	$210	41	91 millions de dollars

Contrats de droits des médias et de diffusion

En 2023, MSGS a généré 456 millions de dollars à partir des accords de droits des médias et des accords de radiodiffusion.

• Contrat de droits des médias NBA: 320 millions de dollars
• Contrat de radiodiffusion dans la LNH: 136 millions de dollars

Parrainage et publicité d'entreprise

Les revenus de parrainage des entreprises pour 2023 ont totalisé 214 millions de dollars.

Catégorie de sponsor	Revenu
Droits de dénomination de l'arène	42 millions de dollars
Parrainages d'équipe	86 millions de dollars
Publicité dans le jeu	86 millions de dollars

Marchandises et ventes de détail

Les revenus de marchandises pour 2023 ont atteint 97 millions de dollars.

• Ventes de marchandises en ligne: 52 millions de dollars
• Ventes de vente au détail dans Arena: 45 millions de dollars

Contenu numérique et revenus de streaming

Les revenus de contenu numérique en 2023 étaient de 63 millions de dollars.

Plate-forme numérique	Revenu
Streaming de réseaux MSG	38 millions de dollars
Abonnements de contenu numérique	25 millions de dollars

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.