One of the most well-known films is coming to the Las Vegas Sphere. Could "The Wizard Of Oz" follow the iconic venue's path to growth with unique experiences and concerts?
What Happened: The Las Vegas Sphere hosted bands U2 and Phish with plans for The Eagles and Dead & Company to join the list.
While the venue premiered some exclusive films like "Postcard From Earth" from director Darren Aronofsky, the venue could soon show a movie that many people around the world are familiar with and most likely have already seen.
The 1939 film "The Wizard of Oz" is coming to the Las Vegas Sphere according to a report from the New York Post.
The report said the venue, which is owned by Sphere Entertainment Co SPHR, is spending $80 million to transform the film to the high-tech world of the venue. Sources said the film will also be condensed from 102 minutes to 80 minutes.
"They make money on original content and not the concerts," a source told the New York Post.
Tickets for "Postcard From Earth" sell for $114 and up, according to the report.
Warner Bros. Discovery WBD, which owns the rights to the film, could collect 5% of gross profits, a source said.
Casino.org reported about initial talks for the Sphere to play "The Wizard of Oz" back in June.
Why It's Important: The Las Vegas Sphere had a high price tag to be built, costing billions of dollars. The venue has drawn increased attention thanks to its outside display sold to advertisers and the entertainment on the inside.
Along with the bands that play the venue, the Sphere hosted the 2024 NHL Draft and saw rave reviews. The venue will also host UFC 306 in September.
The Eagles begin their residency at the Sphere in September and will play through January.
Sphere CEO James Dolan has plans to build additional Sphere venues around the world including South Korea. A plan for a venue in London, England, was shelved with the city rejecting plans.
Bringing acquired movies into the mix could add to the potential use-case value of the venues around the world and open a new revenue source for Sphere Entertainment.
The company reported $170.4 million in revenue for the Sphere segment in the third quarter.
"The Wizard of Oz" was nominated for five Academy Awards, winning two for Best Original Song and Best Music. The film ranked 10th on the American Film Institute's Top 100 Movies list.
The film has grossed $24.7 million at the box office from re-releases and special editions according to BoxOfficeMojo. The film was previously adapted for IMAX screens.
SPHR Price Action: Sphere shares trade at $40.42 at market close Thurday versus a 52-week trading range of $27.02 to $51.83. Sphere stock is up 19.2% year-to-date in 2024.
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