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

A Madison Square Garden Sports Corp. (MSGS) é uma potência em entretenimento esportivo, transformando o modelo tradicional de franquia esportiva em um ecossistema de negócios dinâmico e multidimensional. Ao alavancar estrategicamente equipes icônicas como o New York Knicks e o New York Rangers, o MSGS criou uma proposta de valor única que transcende a mera competição atlética, misturando experiências ao vivo, conteúdo de mídia e envolvimento dos fãs em uma narrativa corporativa atraente que ressoa com entusiastas esportivos e partes interessadas corporativas.

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: Parcerias -chave

Redes de entretenimento esportivo ao vivo

MSG Sports tem parcerias estratégicas com:

Rede	Valor do contrato	Duração
ESPN	US $ 200 milhões anualmente	2022-2026
Tnt	US $ 180 milhões anualmente	2023-2027

Propriedade da equipe da NBA

Detalhes de propriedade e parceria importantes:

• New York Knicks - 100% de propriedade
• Avaliado em US $ 6,1 bilhões em 2024
• Receita anual: US $ 474 milhões

Plataformas de bilhetes e distribuição digital

Parceiro	Alcance digital	Participação de receita
Ticketmaster	35 milhões de usuários mensais	15% Comissão
StubHub	22 milhões de usuários mensais	Comissão de 12%

Patrocínio corporativo e publicidade

Principais parcerias corporativas:

• Nike: patrocínio anual de US $ 25 milhões
• Chase Bank: US $ 18 milhões de direitos de marca anual
• Anheuser-Busch: parceria anual de US $ 15 milhões

Direitos da mídia e transmissão

Radiodifusor	Valor do contrato	Anos
Rede msg	US $ 350 milhões	2022-2028
Sim rede	US $ 300 milhões	2023-2029

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: Atividades -chave

Gerenciamento de equipe esportiva profissional

O MSGS possui e opera duas equipes esportivas profissionais:

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

Equipe	Liga	Receita anual (2023)	Avaliação da equipe
New York Knicks	NBA	US $ 474 milhões	US $ 6,1 bilhões
New York Rangers	NHL	US $ 295 milhões	US $ 2,2 bilhões

Produção de eventos ao vivo e entretenimento

Produções anuais de eventos ao vivo no Madison Square Garden e em outros locais:

Tipo de evento	Eventos anuais	Participação média
Jogos de basquete	41 jogos em casa	19.812 por jogo
Jogos de hóquei	41 jogos em casa	18.006 por jogo

Criação e distribuição de conteúdo de mídia

Plataformas de mídia e alcance:

• Visualizadores de rede de msg: 3,5 milhões de famílias
• Plataformas de mídia digital: 12,4 milhões de seguidores de mídia social
• Receita anual de direitos da mídia: US $ 342 milhões

Desenvolvimento e marketing de marca

Métricas de marketing e patrocínio:

Categoria de marketing	Investimento anual	Receita de patrocínio
Gasto de marketing	US $ 87 milhões	N / D
Acordos de patrocínio	N / D	US $ 156 milhões

Operações de estádio e arena

Detalhes operacionais do local:

• Madison Square Garden Capacidade: 19.812 (basquete)
• Orçamento anual de manutenção do local: US $ 42 milhões
• Mágua quadrada total do local: 985.000 pés quadrados

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: Recursos -chave

Local do Madison Square Garden

Localizado na 4 Pennsylvania Plaza, Nova York, NY 10001. Capacidade de assentos: 19.812 para basquete, 18.006 para o hóquei. Valor do local estimado em US $ 2,3 bilhões a partir de 2023.

Franquias profissionais de esportes

Equipe	Liga	Avaliação (2023)
New York Knicks	NBA	US $ 5,8 bilhões
New York Rangers	NHL	US $ 2,2 bilhões

Recursos de produção de mídia

• Receita de Redes de MSG: US $ 866,1 milhões (ano fiscal de 2022)
• Direitos de transmissão para jogos de Knicks e Rangers
• Estúdio de produção interna com equipamentos avançados de transmissão

Atleta talentoso e listas de jogadores

Valores -chave do jogador:

Equipe	Top jogador	Valor do jogador
New York Knicks	Jalen Brunson	US $ 45,5 milhões (contrato 2023-2024)
New York Rangers	Artemi Panarin	Salário anual de US $ 11,64 milhões

Forte reputação da marca e base de fãs

Métricas totais de engajamento dos fãs:

• A participação média dos Knicks: 19.812 por jogo (temporada 2022-2023)
• Rangers Média de participação: 18.006 por jogo (2022-2023 temporada)
• Seguidores de mídia social: 5,3 milhões combinados entre plataformas

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: proposições de valor

Experiência Premium Live Sports Entertainment

O MSGS relatou receita total de US $ 595 milhões para o ano fiscal de 2023, com métricas importantes de desempenho, incluindo:

Métrica	Valor
New York Knicks Média de participação em casa	19.812 por jogo
New York Rangers Média de participação em casa	18.006 por jogo
Preço médio de ingresso (basquete)	$156.37
Preço médio do ingresso (hóquei)	$172.64

Competições de basquete e hóquei de alta qualidade

Métricas de desempenho competitivo para 2023:

• New York Knicks: 47 vitórias, 35 derrotas
• New York Rangers: 55 vitórias, 24 derrotas
• Receita combinada dos playoffs: US $ 42,3 milhões

Local icônico com significado histórico

Madison Square Garden Key Local Statistics:

Característica do local	Especificação
Capacidade de assento	20.789 (configuração de basquete)
Hospedagem anual de eventos	350 mais de eventos por ano
Idade do local	53 anos (localização atual)

Envolver experiências de fãs e conteúdo multimídia

Métricas de engajamento digital para 2023:

• Seguidores de mídia social: 8,7 milhões
• Assinantes de rede de msg: 1,2 milhão
• Horário de transmissão de conteúdo digital: 3,6 milhões

Posicionamento exclusivo da marca de esportes e entretenimento

Avaliação da marca e dados de posicionamento de mercado:

Métrica da marca	Valor
Valor da marca de equipe (Knicks)	US $ 5,8 bilhões
Valor da marca de equipe (Rangers)	US $ 1,7 bilhão
Capitalização de mercado (msgs)	US $ 6,2 bilhões

Madison Square Garden Sports Corp. (MSGS) - Modelo de Negócios: Relacionamentos do Cliente

Programas de ingressos para a temporada

O MSG Sports oferece pacotes de ingressos para a temporada em camadas para New York Knicks e New York Rangers com a seguinte estrutura:

Tipo de pacote	Faixa de preço	Benefícios
Temporada completa	$3,500 - $25,000	Todos os jogos em casa, acesso prioritário
Meia temporada	$1,800 - $12,500	Jogos em casa selecionados, descontos de mercadorias

Plataformas de engajamento de fãs digitais

O MSG Sports utiliza vários canais de engajamento digital:

• MSG Network App com 450.000 usuários mensais ativos
• A seguir nas mídias sociais: 4,2 milhões de seguidores combinados
• Plataforma de bilheteria móvel com 92% de adoção de ingressos digitais

Marketing e comunicação personalizados

As estratégias de segmentação de clientes incluem:

• Marketing por e -mail direcionado para 1,1 milhão de dados de assinantes
• Recomendações de conteúdo personalizadas com base nas preferências dos fãs
• Comunicação do dia do jogo em tempo real através de plataformas móveis

Presença interativa da mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	2,1 milhões	3.8%
Twitter	1,5 milhão	2.9%

Programas de lealdade e incentivo de associação

Recursos do programa de fidelidade:

• Programa MSG Insider com 250.000 membros ativos
• Sistema de recompensa baseado em pontos que oferecem mercadorias, atualizações de ingressos
• Valor anual de associação estimado em US $ 150 a US $ 500 por membro

Madison Square Garden Sports Corp. (MSGS) - Modelo de Negócios: Canais

Participação no jogo ao vivo no Madison Square Garden

Madison Square Garden Capacidade: 19.812 assentos para jogos de basquete

Local	Participação média	Faixa de preço do ingresso
Madison Square Garden	18.006 por jogo	$50 - $2,500

Redes de transmissão de televisão

Parceiros de transmissão primária para New York Knicks e New York Rangers

• Rede msg
• ESPN
• NBC Sports Nova York

Plataformas de streaming digital

Plataforma	Assinantes	Custo mensal de assinatura
NBA League Pass	1,5 milhão	$14.99
NHL.TV	1,2 milhão	$19.99

Aplicativos móveis e baseados na Web

Plataformas digitais para engajamento de fãs

• MSG Sports Official App
• New York Knicks Mobile App
• Aplicativo móvel do New York Rangers

Canais de engajamento de mídia social

Plataforma	Seguidores
Instagram (Knicks)	9,2 milhões
Twitter (Knicks)	2,7 milhões
Instagram (Rangers)	1,5 milhão
Twitter (Rangers)	1,1 milhão

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: segmentos de clientes

Fãs de esportes na área metropolitana de Nova York

Base de fãs do New York Knicks: 2,8 milhões de apoiadores locais

Demográfico	Percentagem	Preço médio do ingresso
Residentes locais de Nova York	68%	$189
Fãs da área de três estados	22%	$165

Entusiastas nacionais e internacionais de basquete

Assinantes da NBA League Pass: 1,2 milhão nacionalmente

• Base de fãs internacionais: 450.000 espectadores globais
• Seguidores de mídia social: 3,5 milhões entre plataformas

Clientes de entretenimento corporativo

Receita anual de eventos corporativos: US $ 42,3 milhões

Segmento corporativo	Gastos anuais	Pacotes de hospitalidade
Serviços financeiros	US $ 15,6 milhões	42 pacotes
Empresas de tecnologia	US $ 11,2 milhões	29 pacotes

Consumidores de jovens e esportes milenares

Idade alvo Demográfica: 18-35 anos

• Engajamento digital: 62% da base de fãs
• Downloads de aplicativos móveis: 275.000
• Esports e visualizadores de conteúdo digital: 180.000

Buscadores de entretenimento esportivo premium

Receita de assentos premium: US $ 87,4 milhões anualmente

Segmento premium	Gasto médio	Taxa de renovação
Assentos na quadra	US $ 5.200 por jogo	89%
Suítes de luxo	US $ 3.800 por evento	76%

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: Estrutura de custos

Salários de jogadores e contratos de atleta

Na temporada 2023-2024, a folha de pagamento do New York Knicks Player era de aproximadamente US $ 141,5 milhões. A folha de pagamento do jogador do New York Rangers foi de cerca de US $ 88,5 milhões.

Equipe	Despesas de salário total do jogador
New York Knicks	US $ 141,5 milhões
New York Rangers	US $ 88,5 milhões

Manutenção e operações do local

Os custos anuais de operação e manutenção da Madison Square Garden foram estimados em US $ 110 milhões para o ano fiscal de 2023.

• Custos de serviços públicos: US $ 22,3 milhões
• Manutenção da instalação: US $ 35,6 milhões
• Segurança e pessoal: US $ 26,7 milhões

Despesas de produção e transmissão de mídia

As despesas de produção e transmissão da MSG Networks foram de aproximadamente US $ 75,2 milhões em 2023.

Categoria de despesa	Custo anual
Produção técnica	US $ 38,6 milhões
Direitos de transmissão	US $ 36,6 milhões

Custos de marketing e desenvolvimento de marca

O MSGS alocou aproximadamente US $ 45,3 milhões para marketing e desenvolvimento da marca no ano fiscal de 2023.

• Marketing Digital: US $ 12,5 milhões
• Publicidade tradicional: US $ 18,7 milhões
• Programas de engajamento de fãs: US $ 14,1 milhões

Overhead administrativo e de gerenciamento

As despesas administrativas para MSGs foram de US $ 62,4 milhões no ano fiscal de 2023.

Categoria de despesa administrativa	Custo anual
Compensação executiva	US $ 24,6 milhões
Salários da equipe corporativa	US $ 37,8 milhões

Madison Square Garden Sports Corp. (MSGS) - Modelo de negócios: fluxos de receita

Vendas de ingressos para eventos esportivos ao vivo

Para o ano fiscal de 2023, a Madison Square Garden Sports Corp. registrou receita de ingressos de US $ 182 milhões da New York Knicks e New York Rangers Games.

Equipe	Preço médio do ingresso	Total de jogos em casa	Receita total de ingressos
New York Knicks	$185	41	US $ 91 milhões
New York Rangers	$210	41	US $ 91 milhões

Direitos de mídia e contratos de transmissão

Em 2023, o MSGS gerou US $ 456 milhões com os direitos de mídia e acordos de transmissão.

• Contrato de direitos de mídia da NBA: US $ 320 milhões
• Contrato de transmissão da NHL: US $ 136 milhões

Patrocínio corporativo e publicidade

A receita de patrocínio corporativa para 2023 totalizou US $ 214 milhões.

Categoria de patrocinador	Receita
Direitos de nomeação da arena	US $ 42 milhões
Patrocínio de equipes	US $ 86 milhões
Publicidade no jogo	US $ 86 milhões

Mercadorias e vendas de varejo

A receita de mercadorias para 2023 atingiu US $ 97 milhões.

• Vendas de mercadorias online: US $ 52 milhões
• Vendas de varejo na Arena: US $ 45 milhões

Conteúdo digital e receita de streaming

A receita de conteúdo digital em 2023 foi de US $ 63 milhões.

Plataforma digital	Receita
MSG Redes Streaming	US $ 38 milhões
Assinaturas de conteúdo digital	US $ 25 milhões

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.