Madison Square Garden Entertainment Corp. (MSGE): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo dinâmico da Madison Square Garden Entertainment Corp. (MSGE), onde locais icônicos, performances eletrizantes e entretenimento de ponta convergem para criar uma experiência sem paralelo. Do lendário Madison Square Garden ao Radio City Music Hall, a MSGE criou magistralmente um modelo de negócios que transforma o entretenimento ao vivo em uma forma de arte, misturando esportes, concertos e shows espetaculares em uma potência de entretenimento multidimensional que cative milhões de fãs em todo o mundo.

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: Parcerias -chave

Parceria de entretenimento da Live Nation

A partir de 2024, o Live Nation Entertainment serve como um parceiro crítico de concertos e reservas de eventos da MSGE. Em 2023, a Live Nation gerou US $ 17,1 bilhões em receita, facilitando mais de 50.000 eventos em todo o mundo.

Parcerias da liga esportiva

Liga	Detalhes da parceria	Valor anual
NBA (New York Knicks)	Direitos de hospedagem de local exclusivo	US $ 150 milhões
NHL (New York Rangers)	Gerenciamento de arena exclusivo	US $ 125 milhões

Colaboração da plataforma de ingressos

A Ticketmaster lida com as operações principais de bilhetes da MSGE. Em 2023, a Ticketmaster processou mais de 500 milhões de ingressos em todo o mundo, com os locais da MSGE representando aproximadamente 3-4% do volume total.

Rede de patrocínio corporativo

• Coca-Cola: Parceria Exclusiva de Bebidas
• Chase Bank: Direitos de Nomeação e Serviços Financeiros da Arena
• Nike: parceria oficial de mercadoria e vestuário

Parcerias de transmissão de mídia

A MSG Networks (agora parte do MSG Entertainment) gera aproximadamente US $ 750 milhões anualmente a partir de direitos de transmissão para jogos de Knicks e Rangers.

Rede	Direitos de transmissão	Duração do contrato
ESPN	Jogos da NBA selecionados	2022-2026
Tnt	NBA Game Broadcasts	2022-2025

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: Atividades -chave

Gerenciamento e operações do local

MSGE opera múltiplosprofile locais de entretenimento, incluindo:

Local	Capacidade	Eventos anuais
Madison Square Garden	20.789 assentos	350 mais de eventos anualmente
Radio City Music Hall	6.015 assentos	Mais de 200 eventos anualmente
Teatro Beacon	2.844 assentos	Mais de 150 eventos anualmente

Produção de entretenimento ao vivo

O MSGE produz e gerencia várias propriedades de entretenimento:

• Natal espetacular estrelado pelos Rockettes (37 apresentações anuais)
• Plataforma de tecnologia de entretenimento msg sphere
• MSG PRODUTAÇÕES DE TOURAÇÃO DE ENTREVENING

Propriedade e gerenciamento da equipe de esportes

MSGE gerencia equipes esportivas profissionais:

Equipe	Liga	Receita anual (estimada)
New York Knicks	NBA	US $ 482 milhões
New York Rangers	NHL	US $ 272 milhões

Reserva e promoção de eventos

Estatísticas de reserva -chave:

• Reservas anuais de concertos: mais de 250 concertos
• Shows de comédia: mais de 100 performances
• Eventos corporativos: mais de 150 reservas corporativas

Criação de conteúdo e distribuição de mídia

Métricas de produção de mídia e conteúdo:

Tipo de conteúdo	Produção anual	Canais de distribuição
Transmissões de eventos ao vivo	500 ou mais horas	Redes de msg, plataformas de streaming
Conteúdo original de entretenimento	75 mais de horas	Plataformas digitais, canais de msg

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: Recursos -chave

Locais icônicos

A Madison Square Garden Entertainment Corp. possui e opera vários locais icônicos:

Local	Capacidade	Localização
Madison Square Garden	20,789	Nova York
Radio City Music Hall	6,000	Nova York
Teatro Beacon	2,800	Nova York

Entretenimento talento e redes de artistas

Métricas de rede de artistas:

• Reservas médias anuais de artistas: 500+
• Apresentações anuais de concertos/eventos: 750-850
• Lista de talentos diversos que abrangem música, comédia, esportes

Tecnologia audiovisual avançada

Investimentos de infraestrutura de tecnologia:

Categoria de tecnologia	Investimento anual
Sistemas de áudio	US $ 3,2 milhões
Tecnologias de exibição visual	US $ 4,5 milhões
Plataformas de streaming/digital	US $ 2,8 milhões

Forte reconhecimento de marca

• Valor da marca estimado em US $ 750 milhões
• Reconhecimento global da marca no setor de entretenimento
• Mais de 70 anos de história operacional

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência
CEO	Mais de 25 anos
Diretor Financeiro	Mais de 18 anos
Diretor de operações	Mais de 22 anos

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: proposições de valor

Experiências de entretenimento ao vivo de classe mundial

O MSG Entertainment gera US $ 1,4 bilhão em receita anual de experiências de entretenimento ao vivo. A empresa hospeda aproximadamente 1.000 eventos anualmente em seus locais.

Local	Eventos anuais	Capacidade
Madison Square Garden	350	20,789
Radio City Music Hall	200	6,000
Teatro Beacon	180	2,800

Portfólio diversificado de entretenimento

O portfólio de entretenimento da MSGE inclui:

• New York Knicks da NBA
• Rangers de Nova York da NHL
• Produções de concertos ao vivo
• Performances teatrais
• Shows de comédia

Comodidades e hospitalidade do local premium

A empresa investe US $ 50 milhões anualmente em atualizações de local e serviços de hospitalidade. Os assentos premium gera aproximadamente US $ 180 milhões em receita anual.

Entretenimento de alta qualidade em várias plataformas

A MSGE opera várias plataformas de entretenimento com US $ 350 milhões em receita digital e de streaming. A empresa atinge aproximadamente 15 milhões de participantes do evento ao vivo anualmente.

Experiências de audiência únicas e memoráveis

A MSGE gera um preço médio de US $ 125 em seus locais. As classificações de satisfação do cliente excedem consistentemente 85% para experiências de entretenimento ao vivo.

Segmento de entretenimento	Receita anual	Quota de mercado
Esportes	US $ 600 milhões	42%
Shows	US $ 450 milhões	31%
Produções teatrais	US $ 250 milhões	17%
Outro entretenimento	US $ 100 milhões	10%

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de Negócios: Relacionamentos do Cliente

Programas personalizados de ingressos e associados

A Madison Square Garden Entertainment oferece programas de associação de várias camadas com a seguinte estrutura:

Nível de associação	Custo anual	Principais benefícios
MSG Insider	$199	Acesso de ingressos prioritários, eventos exclusivos
MSG VIP Club	$499	Assentos premium, vantagens de hospitalidade
Associação executiva	$999	Acesso ao local completo, oportunidades de meet-and-greet

Engajamento digital através de aplicativos móveis

Os recursos do aplicativo móvel da MSGE incluem:

• Compra de ingressos em tempo real
• Mapas interativos do local
• Recursos de ingressos para celular
• Streaming de eventos ao vivo

Lealdade dos fãs e construção comunitária

O MSGE mantém um programa de fidelidade com as seguintes métricas:

• Membros do Programa de Fidelidade Total: 275.000
• Taxa média de envolvimento: 42%
• Repita taxa de compra: 36%

Interação direta do cliente via mídia social

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	1,2 milhão	4.3%
Twitter	850,000	3.7%
Facebook	1,5 milhão	3.9%

Pacotes de entretenimento personalizados

O MSGE oferece experiências de entretenimento personalizado:

• Pacotes de eventos corporativos
• Aluguel de local privado
• Concertos personalizados e experiências esportivas
• Opções de bilheteria em grupo

Investimento de relacionamento com o cliente: US $ 12,3 milhões anualmente

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: canais

Plataformas de bilhetes on -line

A Madison Square Garden Entertainment Corp. usa a Ticketmaster como sua principal plataforma de bilhetes on -line. Em 2023, a empresa processou aproximadamente 3,5 milhões de ingressos através de canais digitais. A plataforma on -line gera cerca de US $ 85 milhões em receita anual de vendas de ingressos.

Plataforma	Volume anual de ingressos	Receita digital
Ticketmaster	3,5 milhões de ingressos	US $ 85 milhões

Aplicativos móveis

O aplicativo móvel da MSGE suporta compras de ingressos em tempo real e informações de evento. Em 2024, o aplicativo foi baixado 1,2 milhão de vezes em plataformas iOS e Android.

• Contagem de download de aplicativos: 1,2 milhão
• Vendas móveis de ingressos: 42% do total de transações de ingressos digitais
• Sessão média do usuário móvel: 7,5 minutos

Ofertas de caixas físicas

Apesar da transformação digital, o MSGE mantém escritórios físicos no Madison Square Garden, Radio City Music Hall e The Beacon Theatre. Esses locais processam aproximadamente 650.000 transações de ingressos pessoais anualmente.

Local	Transações anuais de ingressos pessoais
Madison Square Garden	350,000
Radio City Music Hall	200,000
The Beacon Theatre	100,000

Equipes de vendas corporativas

A MSGE emprega 45 representantes de vendas corporativas dedicadas que gerenciam vendas em grupo, eventos corporativos e pacotes de ingressos premium. Em 2023, as vendas corporativas geraram US $ 42,3 milhões em receita.

• Tamanho da equipe de vendas corporativas: 45 representantes
• Receita anual de vendas corporativas: US $ 42,3 milhões
• Valor médio do pacote corporativo: US $ 15.600

Mídia social e marketing digital

A empresa aproveita as plataformas de mídia social para impulsionar as vendas e o engajamento de ingressos. A partir de 2024, os canais de marketing digital da MSGE atingem 3,8 milhões de seguidores entre plataformas.

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	1,5 milhão	4.2%
Twitter	850,000	3.7%
Facebook	1,45 milhão	3.5%

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

Fãs de esportes

A Madison Square Garden hospeda várias equipes e eventos esportivos, visando dados demográficos específicos dos fãs:

Equipe/esporte	Participação média	Faixa de preço do ingresso
New York Knicks (NBA)	19.812 por jogo	$75 - $2,500
New York Rangers (NHL)	18.006 por jogo	$65 - $1,800

Entusiastas de concerto e eventos ao vivo

MSGE atrai diversas músicas e performance público:

• Capacidade anual de concertos: mais de 400 eventos
• Preço médio do bilhete: US $ 125 - $ 350
• Diversidade de gêneros: pop, rock, hip-hop, clássico

Planejadores de eventos corporativos

Aparelhamento do segmento corporativo:

Tipo de evento	Volume anual	Receita média por evento
Conferências	125	$75,000
Lançamentos de produtos	75	$150,000

Turistas de entretenimento

Insights demográficos turísticos:

• Visitantes de turistas anuais: 350.000
• Turistas internacionais: 40% do total
• Gastos médios por visitante: $ 250

Demografia da audiência local e nacional

Dados de segmentação do público:

Categoria demográfica	Percentagem	Faixa etária
Residentes locais de Nova York	65%	18-55
Público nacional	35%	25-65

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: estrutura de custos

Manutenção e operações do local

Custos anuais de manutenção do local para Madison Square Garden: US $ 35,4 milhões no ano fiscal de 2023. As despesas operacionais para locais de MSG incluem:

Categoria de custo	Despesa anual
Reparos de instalações	US $ 12,6 milhões
Despesas de utilidade	US $ 8,9 milhões
Infraestrutura de segurança	US $ 6,5 milhões
Equipe de limpeza e manutenção	US $ 7,4 milhões

Taxas de talento e artista

Custos totais de aquisição de artistas e talentos para o ano fiscal de 2023: US $ 94,7 milhões.

• Taxas de artistas de concertos: US $ 52,3 milhões
• Talento de entretenimento esportivo: US $ 28,6 milhões
• Residência e artistas de eventos especiais: US $ 13,8 milhões

Despesas de marketing e promocionais

Orçamento de marketing para MSGE em 2023: US $ 41,2 milhões

Canal de marketing	Despesa
Marketing digital	US $ 15,6 milhões
Publicidade tradicional da mídia	US $ 12,4 milhões
Promoção de eventos	US $ 8,7 milhões
Campanhas de mídia social	US $ 4,5 milhões

Infraestrutura de tecnologia

Investimento de tecnologia total em 2023: US $ 22,8 milhões

• Manutenção de sistemas de TI: US $ 9,3 milhões
• Equipamento audiovisual: US $ 7,5 milhões
• Plataformas de streaming e digital: US $ 4,6 milhões
• Segurança Cibernética: US $ 1,4 milhão

Salários e benefícios dos funcionários

Compensação total dos funcionários para o ano fiscal de 2023: US $ 178,6 milhões

Categoria de funcionários	Remuneração anual
Compensação executiva	US $ 42,3 milhões
Salários de equipe em tempo integral	US $ 98,7 milhões
Equipe de meio período e eventos	US $ 23,6 milhões
Benefícios e seguro	US $ 14 milhões

Madison Square Garden Entertainment Corp. (MSGE) - Modelo de negócios: fluxos de receita

Vendas de ingressos para eventos

No ano fiscal de 2023, a Madison Square Garden Entertainment Corp. gerou US $ 593,1 milhões em receita de vendas de ingressos. A quebra das vendas de ingressos inclui:

Categoria de evento	Receita de ingressos
Eventos esportivos	US $ 234,5 milhões
Entretenimento ao vivo	US $ 268,7 milhões
Mostra de residência	US $ 89,9 milhões

Patrocínio e publicidade

Receita de patrocínio e publicidade para a MSGE no ano fiscal de 2023 totalizou US $ 127,4 milhões. As principais categorias de patrocínio incluem:

• Direitos de nomeação da arena
• Patrocínio corporativo
• Publicidade na localização
• Publicidade da plataforma digital

Direitos de transmissão da mídia

Os direitos de transmissão de mídia geraram US $ 215,6 milhões em receita para a MSGE no ano fiscal de 2023. A distribuição inclui:

Categoria de transmissão	Receita
Transmissão esportiva	US $ 142,3 milhões
Transmissão de entretenimento	US $ 73,3 milhões

Vendas de mercadorias

As vendas de mercadorias para a MSGE no ano fiscal de 2023 totalizaram US $ 86,2 milhões. As categorias de produtos incluem:

• Mercadoria da equipe
• Mercadoria específica do evento
• Vendas de varejo on -line
• Lojas de mercadorias na localização

Hospitalidade e pacotes de assentos premium

Pacotes de hospitalidade e assentos premium geraram US $ 178,5 milhões em receita para a MSGE no ano fiscal de 2023. O detalhamento inclui:

Categoria de hospitalidade	Receita
Suítes de luxo	US $ 98,7 milhões
Assentos no nível do clube	US $ 53,6 milhões
Pacotes de hospitalidade premium	US $ 26,2 milhões

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.