Sphere
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Building a state-of-the-art Sphere venue is “not like building a McDonalds,” Sphere Entertainment Co. chairman and CEO James Dolan said during the company’s earnings call on Friday. “It’s complicated. It’s a very expensive project.”
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The lone Sphere venue in Las Vegas, which cost $2.3 billion to build through delays and cost overruns during the COVID-19 pandemic, generated revenue of $170.4 million in its fiscal third quarter ended March 31, the parent company, Sphere Entertainment Co, reported Friday. Revenue was slightly better than the $167.8 million in the prior quarter. Adjusted operating income was $12.9 million, slightly down from the prior quarter’s AOI of $14.1 million.
Dolan wants to build more Spheres and insists a second venue will materialize. The company is “in discussions with several markets” and has encountered “plenty of interest all around the world,” he said, “but not until we launched the product in September did people really get to see what it was and began to see how it could perform.”
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Sphere will reach an agreement with “at least one of those markets soon,” Dolan added. “How soon I’m not going to predict.”
Sphere, which wowed music fans through residencies by U2 and Phish, attracted nearly one million guests to more than 270 events in the quarter, said Dolan. In addition to concerts, Sphere offers a motion picture, Postcards from Earth, that CFO David Byrnes said generated $100 million in revenue in the quarter. In June, Sphere will host its first corporate event, a keynote address by Hewlett Packard Enterprise president and CEO Antonio Neri, and its first televised event, the NHL draft.
Demand from artists to perform at Sphere is “stronger than we can even accommodate at this point,” Dolan claimed. The company wants to have “a varied number of kinds of acts, not just legacy rock acts,” and “acts that have the biggest draws,” he added.
Dead & Co. begins its 24-date residency on May 16. A residency by the Eagles has not been officially announced but Dolan suggested during the earnings call the band will indeed perform at Sphere.
“Even if you’re not a Deadhead, you’re gonna love that show,” said Dolan when discussing the need to create “compelling” visuals to complement bands’ musical performances. “And I think the same will be true for The Eagles and for the next acts that we bring up.”
Sphere Entertainment Co. had an operating loss of $40.4 million on revenue of $321.3 million. The company’s other segment, MSG Networks, had AOI of $48.6 million, down 17%, on revenue of $151 million, down 6% from the prior-year quarter. The company explained that those figures decreased from the prior-year quarter “primarily due to a 12.5% decrease in subscribers inclusive of the impact of MSG+,” the network’s streaming platform.
It wasn’t the technicolor morphing cars, or the giant robot shooting lights from its eyes into the crowd. It wasn’t the lava-lamp-like oozes, or the stories-tall geometric patterns, or the hyper-detailed videography of misty mountain ranges and sun-drenched clouds.
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No, the trippiest part of Phish‘s Sphere visuals was the “You Enjoy Myself” car wash – and what immediately followed.
One of Phish’s oldest and most commonly played songs – and a frequent launchpad for improvisation throughout the revered Vermont jam band’s four-decade career – “You Enjoy Myself” is strange enough in its audio-only form. An intricately composed instrumental passage builds to an all-out scream (which audiences usually join in on) before the tension gives way to famously inscrutable lyrics (a consensus best guess for the song’s repeated line: “Wash Uffizi drive me to Firenze”) and a jam section. During an instrumental breakdown, roadies produce trampolines for singer-guitarist Trey Anastasio and bassist Mike Gordon to jump on in tandem; the song often concludes with each member of the quartet participating in an a cappella “vocal jam” – described by fan site Phish.net as “featuring spontaneous vocal improvisation, from the merely strange to the auricularly traumatic.”
Phish perform “You Enjoy Myself” at Sphere on April 19, 2024 in Las Vegas.
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During its four-night residency at the cutting-edge Las Vegas venue, however, Phish paired most of “You Enjoy Myself” with an animated visual on the venue’s 160,000-square-foot LED screen that simulated going through a massive car wash – in a vehicle alongside the band and nearly 20,000 friends. The top of a steering wheel occupied the screen’s lower left corner; suds and water streaked the screen as Phish methodically progressed through the song’s stages. And as the car exited the wash and Anastasio, Gordon, keyboardist Page McConnell and drummer Jon Fishman finally arrived at the vocal jam – one of the strangest parts of its repertoire – footage of an enormous black dog appeared on the screen.
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With the audience positioned as if it was inside the camera itself, the canine started licking the lens. For several minutes, the crowd laughed hysterically as the moment’s absurdity deepened. It was a perspective-shifting piece of immersive art that was funny, weird, and totally unique.
Phish perform “You Enjoy Myself” at Sphere on April 19, 2024 in Las Vegas.
Rene Huemer
Before Phish’s Sphere shows, which took place April 18-21, Abigail Rosen Holmes, a longtime collaborator of the band and co-creative director of the run, told Billboard of one of the creative team’s guiding principles: “If you would do this for one of the other artists you work with, it’s probably not unique enough to be for Phish.” And while not every visual treatment across the band’s four shows felt quite that unique, many did. Phish, alongside Holmes, multimedia studio Moment Factory and the rest of its team, approached its Sphere gigs with comprehensive, detail-oriented creativity. The result: a superb four-show run that continued Phish’s career-long live inventiveness – and set the bar high for each artist preparing to play the Las Vegas venue going forward.
Across four nights and eight sets of music – featuring 68 different songs, with nary a repeat – Phish cycled through a staggering range of immersive visuals that spanned trippy abstractions to real-life footage to playful illustrations. In a SiriusXM interview during the run, Anastasio called Phish’s Sphere shows “a slight step forward in the psychedelic live jam music experience,” and naturally, many of the band’s visuals were vibrantly colored splotches, squiggles, and lines that supported its music.
Phish perform at Sphere on April 18, 2024 in Las Vegas.
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But the weekend’s most memorable visuals took the medium’s possibilities a step further. On the first night, Phish speckled Sphere’s screen with a multitude of dots to score “Sand,” and iterated that visual motif to great effect during other shows, for songs like “What’s The Use?” and “Chalk Dust Torture.” For the first night’s encore, vivid video of a barn by night in a forest, aurora borealis overhead, soundtracked the rustic “Farmhouse”; on the run’s final night, the crisply composed “Divided Sky” was paired with footage of billowing clouds, cast in the orangish-purple glow of the late afternoon sun – and, to accompany a mid-song change in tone, the image switched to grayscale.
Some of the visuals were just plain fun. For “Bathtub Gin,” hundreds of miniature swimmers rotated back and forth on floaties on an ocean’s surface. “Twist” began with a wall of dark-red loops that were quickly interspersed with an alphabet soup of letters; when the song’s “Woo!” interjection arrived, characters spelling the word shot up from the bottom of the screen. During the final night’s “Ghost,” a robot-like figure peered up above the band from the screen’s bottom – and spotlights shot from its eyes into the audience.
Phish perform at Sphere on April 18, 2024 in Las Vegas.
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And while Anastasio remarked to the Washington Post prior to the Sphere shows that we was skeptical about his own image being “800 feet high on the wall,” like Bono and The Edge during U2’s concerts at the venue, several Phish visuals were framed around the band – they just eschewed straight-ahead imagery in favor of designs that obscured, warped or refracted the musicians. During “Maze,” a tower of live video of the band split into tiny geometric shapes that repeatedly dispersed and reformed. “My Friend, My Friend” began with Sphere’s screen entirely off and a slowly rotating spotlight casting the band in silhouette against it; as the song intensified, the silhouette multiplied across the screen as the venue was drenched in eerie red lighting.
In the same way the “My Friend, My Friend” visual proved that Sphere visuals can be striking even in simplicity – especially when contrasted with other, more elaborate animations and designs – a new rig conceived by the band’s esteemed designer Chris Kuroda in tandem with Moment Factory subtly added to the sensory effect. Kuroda has worked with the band since 1989, and has used his increasingly complex lighting rigs to “jam” with the band.
At Sphere, his lighting setup was scaled back – relatively speaking – to six vertical beams and four horizontal strips running behind the band onstage. The lights assumed more of a supporting role than at normal Phish shows, but still accentuated the sensory experience – and were integral parts of it on songs like “A Wave of Hope” and “2001.”
Phish perform “Taste” at Sphere on April 20, 2024 in Las Vegas.
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Still, as Holmes explained, the Sphere run was designed to “use all of the opportunities of the building – the audio, the visuals – and do it while supporting Phish truly playing music the way Phish plays music.” Phish’s run was revelatory in terms of production, but those bells and whistles only enhanced the music itself – which, as is often the case on Phish runs, deepened in scope and ambition with each show.
Musically, the band was at its exploratory best during the second sets of the final two shows. Phish appropriately made “Fuego,” off the 2014 album of the same name, a centerpiece of its 4/20 show, quickly abandoning the song’s Zeppelin-y riff for soaring art-rock, contemplative ambience and, eventually, heavy funk across jam’s 29-minute runtime. Later in the set, on reliable classic “Chalk Dust Torture,” Phish demonstrated the mature efficiency it has developed over the years, compellingly cycling through more musical ideas than its 16-minute duration might suggest.
The final night was even better. Sequenced in the same second-set two slot as “Fuego” the previous night, “Down With Disease,” a beloved Phish jam vehicle that has cracked 20 minutes more than 40 times since its 1995 debut, received a record-long rendition, clocking in at 34 minutes. Colorful ridges shapeshifted behind Phish as Anastasio and McConnell’s instruments panned across Sphere’s speakers. (Sphere Immersive Sound allows for the targeted movement of audio; used throughout Phish’s shows, some panning instances were additive, others disorienting.) As the jam unfolded, the quartet increasingly locked in, masterfully riding through peaks and grooves; after arriving in a krautrock-esque pocket, the band perfectly timed its return to the melodic reprise that ends the song. Inspired playing on “2001,” “Light” and “Piper” followed.
Periodic issues with panning and mix – which were more common at the start of the run, as Phish’s team learned Sphere’s acoustic intricacies – notwithstanding, Sphere’s audio significantly elevated even the slightest of songs. The high-end audio helped Gordon’s propulsive bass lines shine throughout the run, especially on songs like “Sand” and “Tube”; each member of the band was distinguishable at nearly every point during the shows – far from a given at many of the arenas and amphitheaters Phish regularly frequents.
Phish perform “Pillow Jets” at Sphere on April 20, 2024 in Las Vegas.
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And for all the focus on visual surprises – and how Phish would navigate a show where, inherently, their jamming inclinations and setlist were more tethered to a plan than usual – the band still offered up plenty of unexpected selections. After forgoing the interstitial “I Am Hydrogen” (and replacing it with “Lifeboy”) that typically sits between “Mike’s Song” and “Weekapaug Groove” on Thursday, the band played it Saturday – the first time that’s happened without its usual bookends since 1987 and, freed from its normal structure, a worthy lead-in to that show’s late highlight, “Chalk Dust Torture.”
Meanwhile, Phish played four unreleased songs that debuted in 2023 – which will ostensibly appear on their upcoming album Evolve, due this July – along with “Evolve” and four other songs from Anastasio’s pandemic-era solo albums which, like “Evolve,” may be reworked for Phish’s new set. The band’s treatment of this material was striking: “Pillow Jets” was visually paired with a trip through a forest where multicolored bursts shot up trees like fireworks; chatter for the rest of the run was that it was the single best animation the band played in front of. “Mercy” served a critical tonal link on Friday between “Axilla (Part II)” and “Bathtub Gin,” and “Hey Stranger” and “Oblivion” both received sterling readings on Sunday that lived up to the opportunity cost of other classics that went unplayed. (Conspicuously, at Sphere, Phish steered clear entirely of all the tracks comprising Gamehendge, the fantasy song cycle it revisited in full this past New Year’s Eve.)
The new music wasn’t limited to Phish’s Sphere performances proper. In the venue’s lobby – adorned with suspended red donuts in keeping with the band’s iconography – gentle guitar music played, composed of loops and layers that Anastasio recorded specially for the occasion. In a sentiment shared by many Phish fans, one X user posted, “Can’t wait for Trey to release ‘Music For Lobbies.’”
Phish perform “A Song I Heard The Ocean Sing” at Sphere on April 19, 2024 in Las Vegas.
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That thoughtful ethos – carefully considering every aspect of the run to deliver a quality experience for dedicated fans – extended to the overarching creative vision of the shows. In the wee hours of the morning of April 18, Sphere posted a video with Phish tagged and the message “It’s only a matter of time…” Ahead of the Sphere run, Holmes had hinted the shows would have loose themes, and as the concerts took place, a matter-based nightly theme – progressing from solid to liquid to gas to plasma – became evident.
The most cohesive and effective was liquid, on the run’s second night. The band played several liquid-related songs across its two sets as visuals took fans from the water’s surface (on “Mercy” and “Bathtub Gin”) to the deep sea (on “Theme From The Bottom,” where unnerving schools of humans – not fish – darted across the screen).
The sequence was not only effective for the visuals, but for the playing… which despite setlist constraints, still breathed. When Phish’s crew hoisted two large jellyfish mobiles during “A Song I Heard The Ocean Sing,” it felt monumental: Phish had married visuals on the screen, physical adornments, and outstanding jamming, and harnessed Sphere’s potential in the process.
The band had to sacrifice a degree of spontaneity to hit its marks, which surely frustrated some fans – but the magical payoff was worth it. Besides, the other night’s themes were less pronounced; while Phish seemed a little boxed-in by its setlist choices – and opening night jitters – during the run’s first show, it rarely felt musically constrained as its Sphere run progressed.
Phish perform “Wading In The Velvet Sea” at Sphere on April 19, 2024 in Las Vegas.
Rene Huemer
At times, the shows felt like Phish’s own miniature Eras Tour – an ambitious, career-spanning concert experience that recontextualized, and pushed forward, old material while capably integrating newer songs. Phish didn’t dwell on the past, but tastefully nodded to it with the visuals for two songs that date back to the mid-’90s.
For its Friday encore of the tear-jerker “Wading In The Velvet Sea” (this was liquid night, after all), Phish programmed a slew of photos from throughout its history, which by the song’s climax coalesced into a sprawling collage. On Saturday, longtime Phish artist Jim Pollock’s etched illustrations for the first 20 volumes of the LivePhish series (released from 2001 to 2003) were brought to life as concentric rotating bronze bands that stretched to Sphere’s apex – amid so much artistic innovation, a savvy way of nodding to the creative whose visual style is most strongly associated with the band.
And the run’s bookends tied it all together. As tentative fans settled into the seats at the new-to-most venue on Thursday, Phish launched into “Everything’s Right” as geometric beams sprouted from the floor and ceiling behind them. For the closing song of its Sunday encore, the beams – now slightly rounded and colorized – reappeared for “Slave To The Traffic Light.” Gordon’s loping bass line assumed a victory-lap quality: Phish had mastered Sphere in its own distinct way.
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You couldn’t throw a juggling stick in Las Vegas last week without hitting a Phish phan who was totally phreaking out about the band’s mind-melting run of shows at the Sphere. Definitely count comedian and The Price Is Right host Drew Carey among those whose minds were pried open by the visual and musical spectacle the veteran Vermont jam band brought to the one-of-a-kind venue.
How do we know Carey really, really enjoyed his first Phish-sperience? Well, he described it in vivid, strangely sexual detail in a bonkers rant on fellow comedian Taylor Tomlinson’s late night show After Midnight on Tuesday night. During the talky portion of the show where contestants typically answer the host’s jokey questions, Tomlinson asked Carey “if you weren’t being filmed right now, what would you say?”
That was all the runway Carey needed to launch into a psychedelic monologue that had the typically unflappable host looking amusingly shocked.
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“Gimme a minute. So, I saw Phish at the Sphere this weekend. Never saw Phish, didn’t know a Phish tune, and they f–king blew my mind off so hard,” Carey said as he hustled to center stage and began walking around animatedly and gesticulating like a religious convert as Tomlinson said “oh” and fellow guest “Weird” Al Yankovic looked delightedly confused. “I had a bunch of girls with me, and I thought to myself is this what it’s like to…” Carey said, as censors stepped in to bleep what appeared to be a graphic sexual description.
Carey definitely didn’t stop there. “It was like being edged for four days straight. And then right before the face-melting climax at the end of the fourth day, an angel comes down from heaven, Gabriel, and he shoots f–king heroin in your arm, and he says, ‘Good luck now motherf–er!’ And he leaves, and you have an orgasm for 15 minutes while your eyeballs fall out of your head!”
Cut to a shot of Tomlinson looking, well, amusingly phreaked out while the next five minutes of her show were totally, and hilariously, derailed by the Carey crack-up as Thomas Lennon (Reno 911!) could not stop making jokes about the rant. “Next time they play the Sphere, you better not miss it,” Carey counseled. “That was so great and we can definitely use all of it, absolutely, absolutely we can.” Tomlinson joked.
“HR wants to talk to all of you,” Lennon said.
What she couldn’t have used was an earlier from Carey on Monday, in which he got even more graphic. “I swear I just talked to God I would give you all my money, stick my d–k in a blender and swear off p—y for the rest of my life in exchange for this,” Carey wrote along with video of the show he saw. “Bro I met God tonight for real. I feel like I just got saved by Jesus no lie.”
Watch Carey’s Phish tale below.
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#Phish at the #SphereI swear I just talked to GodI would give you all my money, stick my dick in a blender and swear off pussy for the rest of my life in exchange for this. Bro I met God tonight for real. I feel like I just got saved by Jesus no lie pic.twitter.com/Wci1OdUp3F— ʎǝɹɐƆ ʍǝɹᗡ (@DrewFromTV) April 22, 2024
On Thursday night (April 18), for the first time, a band not named U2 performed at the Las Vegas Sphere. Phish shares some traits with the Irish group – both are quartets with decades-long histories of concert production experimentation who remain major live draws – but the revered Vermont jam band still had something to […]
When Phish takes the stage at Sphere on Thursday to begin its four-night run at the cutting-edge new Las Vegas venue, it’ll do so armed with a bespoke production in keeping with its long history of head-turning concert innovation — which is why co-creative director Abigail Rosen Holmes‘ sentiment on the eve of the shows initially seems counterintuitive.
“We’re pushing a lot of technical boundaries, and we’re doing a lot of things that are somewhat new … but never done for its own sake, all done very specifically to achieve what we want to do creatively,” the live music veteran says of her work with Phish, which follows U2 as the second musical act to play Sphere since it opened last fall. “You should just walk in and think that it was amazing, and you had a great time. If you’re sitting there thinking about what it took for us to build it, then that’s probably not right.”
What Holmes wants fans to focus on is Phish “just being the band playing the best Phish music they can.” Phish has an extensive history of intricately produced “gags” — deploying a fleet of clones, turning Madison Square Garden into an underwater world replete with drone-powered whales and dolphins, or even doing a Broadway-caliber staging of its song cycle about the fantasy world of Gamehendge, to name a few — but Holmes says that since she first began conceptualizing the Sphere shows with the band and its frontman Trey Anastasio last July, they’ve eschewed such a creative direction.
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“We’re going to use all of the opportunities of this building — the audio, the visuals — and do it while supporting Phish truly playing music the way Phish plays music,” she says. “That became really the guiding star for everything that we thought about creatively. How do we create visuals and use all the technology of this space — and not impede Phish being able to play anything they want any way they want on the night?”
It’s a marked contrast from U2, which kept its show more or less the same for each of the 40 nights it played Sphere, and designed impressive song-specific visuals for several key tracks. That Phish will mix up its show for each gig on a four-night run — not repeating a single song — is a given; what that looks like in a venue with Sphere’s epic visual capabilities is less familiar territory.
Abigail Holmes
Rene Huemer
Still, in Holmes and the Montreal-based multimedia studio Moment Factory, whose Sphere team is led by the show’s co-creative director Jean-Baptiste Hardoin, Phish has secured a creative crew that’s up to the paradoxical task of orchestrating an advanced, immersive sensory experience to accompany a band whose musical signature is improvisation. Holmes started working with Phish in 2016, when she collaborated with lighting director Chris Kuroda on designs for the band’s touring show, and she conceptualized the live production for Anastasio’s 2019 side project Ghosts of the Forest; her career dates back to lighting work on Talking Heads‘ Stop Making Sense, and extends far beyond her concert résumé — she’s also worked with Janet Jackson and Roger Waters, among others — to architectural and installation projects, including a stint at Walt Disney Imagineering. “I feel like people often reach out to me for projects that don’t fall neatly into any really easy category,” she says, adding with a laugh, “People call me for their weird stuff.”
In Moment Factory, Phish united Holmes with kindred interdisciplinary spirits. The firm has worked with Phish several times dating back to 2015, including on its 2018 and 2021 Halloween gags and on its 2022 Earth Day show at Madison Square Garden — the one where the band turned the venue into an arena-sized aquarium. Like Holmes, Moment Factory’s work extends beyond its music clients — who include Billie Eilish and Halsey — and into airports, malls and more. But even so, Moment Factory producer Daniel Jean explains, “The challenge with Phish [at Sphere] was the biggest challenge we’ve ever faced […] to make sure that we create a show that is flexible and can react in real-time.” As Hardoin puts it, the team has been “trying to design the unpredictable.”
While Holmes and Moment Factory are tight-lipped about specific creative elements of the show, which they began workshopping in earnest last October, they share some broad strokes. Each night will have a loose theme, Holmes says, not unlike those that governed each concert in Phish’s 13-show Madison Square Garden “Baker’s Dozen” run in 2017. That choice “provided a little bit of a framework for a jumping-off point for ideas for the visuals,” she says, though she emphasizes it’s “not rigid in the song choice, it’s not rigid in the visuals.”
Those visuals will be twofold. Kuroda, the band’s longtime lighting designer, known for improvising his work along with the band’s jams, will continue that role at Sphere, utilizing a new version of his intricate rig designed specially for the venue. “The amazing rig that he has on tour was not a good fit into this building,” Holmes says. “It sits in front of the screen, it takes a lot of motors that would be in front of the screen. We realized pretty early on that that would have to change. I’m extremely excited to watch the new rig that’s designed for him in here. It plays a role in tandem with the screens instead of existing on its own.”
Moment Factory contributed to the set design that ensured Kuroda’s lighting rig and Sphere’s screen could live in harmony. And furthermore, Sphere has provided an opportunity for the company to expand its early 2000s roots in multimedia to staggering proportions. “We’re basically VJ’ing on a 16,000-by-16,000-pixel ratio for Sphere,” Jean says.
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The exact nature of those visuals remain under wraps until Phish takes the stage on Thursday night, but the creative process Holmes and Moment Factory describe sounds groundbreaking. In a nutshell, the Moment Factory team has created visuals and worked with Holmes to create a playback interface — not unlike the custom programming Kuroda has implemented over the years for his lighting rig — that will allow for real-time manipulation of the visuals that follow Phish’s musical impulses.
“It was a matter of, OK, how can we evolve this universe for eight to 20 minutes, with different parameters, wheter it’s the colors, whether it’s the saturation, whatever,” Hardoin says. “[Holmes] has a very good understanding of the music of the band. She’s able to modulate [the visuals] live, as lighting designers do.”
At the shows, Holmes will be executing the visuals, which will integrate generative content and use existing technologies in new ways, like Epic Games’ Unreal Engine, a platform that allows creatives in fields like gaming, television and live events to blend live-action video and CG. (“That’s been pushed very far past what’s been done in other places,” Holmes says of Unreal.)
For months, Holmes and her team have used the vast trove of Phish concert recordings to simulate how the Sphere visuals “might evolve during a jam … being quite careful to use multiple versions, because they’re going to be radically different,” she says. “The visuals go in real-time to support [the band] and follow them musically, not the other way around.”
Phish’s penchant for newness is, in Holmes’ estimation, what will define the band’s Sphere run — and it explains why the booking appealed to the band in the first place. While the band capped off its 40th anniversary year in 2023 with a New Year’s Eve production of its Gamehendge saga, comprised of some of its oldest material, Phish has a new studio album out this summer (Evolve, due July 12) and continues to introduce fresh material while rethinking its live presentation.
“When we think about this show, it’s today — it’s not referencing the past,” Holmes says. “This is a piece of them taking a huge risk and experimenting and trying something new, because that’s what they like to do.”
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U2 singer Bono paid tribute to late Russian opposition leader Alexei Navalny during the band’s residency show at Las Vegas’ Sphere on Saturday night, less than a day after the most prominent critic of Russian president Vladimir Putin was reported dead. “Alexei Navalny!” Bono said as the crowd repeated the Kremlin critic’s name back to him in full.
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“Next week it will be two years since Putin invaded. For these people, freedom is not just a word in a song,” Bono said about the Russian dictator’s unprovoked war on Ukraine in video captured by a fan. “For these people, freedom is the most important word in the world – so important that Ukrainians are fighting and dying for it. And so important that Alexey Navalny chose to give his up,” Bono added to cheers from the crowd.
Navalny’s death while in custody has drawn worldwide condemnation in light of the opposition leader’s history speaking out against Putin’s repressive rule. In 2020, anti-corruption crusader and lawyer Navalny, 47, was poisoned with a deadly nerve agent Novichok. Though he never confirmed Putin was behind the attempt on his life, Navalny blamed the Russian leader for the attempted assassination using a method preferred by Russia’s Federal Security Service.
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Despite the clear and present danger to his life, Navalny returned to Russia in 2021, where he was immediately arrested and accused of parole violations, leading to rare mass protests across the nation. He was then sentenced to more than 20 years in prison on embezzlement and contempt charges in what international observers dubbed a show trial. After going missing from the prison he was sent to for three weeks in Dec. 2023, Navalny popped up in a barren Arctic Circle penal colony earlier this year before his death was announced on Friday.
Officials at the Russian prison service said Navalny reportedly died after falling unconscious while taking a walk. “Apparently, Putin would never, ever say his name so I felt tonight, the free people from here – people who believe in freedom – we must say his name,” Bono said during Saturday’s show, according to CNN.
Former one-term president Donald Trump — the leading Republican candidate for the 2024 presidential election — has so far declined to publicly condemn Russia and Putin for Navalny’s death, which has still not been explained. In fact, Trump used it as a means to once again denigrate his political opponents and complain about his many legal issues in what he dubbed a “FAILING NATION!” in one of his all-caps social media missives over the weekend.
The White House on Tuesday (Feb. 20) announced plans for “major sanctions” on Russia in the wake of the incident, with National security communications advisor John Kirby saying the new sanctions are designed to “hold Russia accountable for what happened to Mr. Navalny,” according to USA Today.
U2, long known for their political activism, followed the Navalny shout-out with a cover of Crowded House’s 1986 ballad “Don’t Dream It’s Over,” a staple of their Vegas shows. Just months after Russia launched the war on Ukraine, Bono and U2 guitarist The Edge played a May 2022 show at the Khreschatyk metro station in Kyiv at the invitation of Ukrainian President Volodymyr Zelensky.
“Edge and I got to stand with some of the people in Ukraine as they stood in that train station, which was a converted bomb shelter,” Bono told the Sphere crowd of that underground gig. “We got to stand with some of the people of Ukraine as they waited for the train to arrive with the rest of the free world on it. They’re still waiting for some of that train to arrive. America, you’re so generous. But let’s get these people what they need.”
The Sphere venue in Las Vegas isn’t turning a profit, but it’s doing enough to encourage investors to buy into its owner, Sphere Entertainment Co.
Shares of Sphere Entertainment gained 13.8% to $40.29 this week after the company’s quarterly earnings report released Monday (Feb. 5) showed that the state-of-the-art venue — currently capturing eyeballs ahead of the Super Bowl in Las Vegas on Sunday — took in revenue of $167.8 million and had an adjusted gain of $14 million (adjusted to certain items including $117 million of non-cash impairment related to the company’s failed bid to open a Sphere in London).
Sphere Entertainment was the top-performing music stock in a week when music stocks soared to new heights, with the 20-company Billboard Global Music Index gaining 3% to land at a record 1,636.43. While the numbers of winners and losers were even at 10 stocks apiece, most of the index’s most valuable companies posted gains this week. Tencent Music Entertainment rose 6.7% to $9.67, Live Nation improved 1.5% to $89.53 and Universal Music Group gained 1.2% to 27.41 euros ($29.55).
Spotify, another of the index’s largest companies, gained 8.2% to $240.77 after its earnings results on Tuesday (Feb. 6) showed its subscriber number grew to 236 million, up 10 million in the quarter, and that revenue grew 16% to 3.67 billion euros ($4.05 billion). The share price reached its highest mark since December 2021 as investors discovered a renewed faith in Spotify following its decision to cut 17% of its workforce in December. Spotify has always had a good product. Now, there is a growing feeling it can be a good business, too.
“The market is now seeing the potential of this business,” Morgan Stanley analysts wrote in a Wednesday (Feb. 7) note to investors, “as record [monthly active user] net adds and subscribers come alongside price increases and an aggressive turn towards cost efficiency.” Stronger revenue growth and the potential for better margins led Morgan Stanley to raise its Spotify price target from $250 to $270.
Major indexes gained this week, too, and one reached a major threshold: The S&P 500 closed above 5,000 for the first time on Friday as it rose 1.4% to 5,026.61, while the Nasdaq composite improved 2.3% to 15,990.66, its highest level since 2021, thanks to big gains from chip maker Nvidia and e-commerce giant Amazon. In the United Kingdom, the FTSE 100 declined 0.6% to 7,572.58. South Korea’s KOSPI composite index rose 0.2% to 2,620.32. China’s Shangai Composite Index jumped 5% to 2,865.90.
It was a busy week for corporate earnings reports. CTS Eventim shares rose 5.5% to 66.90 euros ($72.12) following the company’s fourth-quarter results Wednesday. The German concert promoter’s 2023 revenue reached 2.4 billion euros, up 22.5%, and earnings before interest, taxes, depreciation and amortization improved 31.9% to 501.4 million euros.
Warner Music Group (WMG) shares briefly rallied following its earnings results on Thursday — with the stock up 5.1% to $38.05 — but it finished the day down 2.5% and the week down 2.6% to $35.71. Morgan Stanley analysts remained “overweight” on WMG and kept the price target at $42. Guggenheim analysts reiterated their “buy” rating and maintained their $46 price target.
MSG Entertainment shares rose 9% to $36.81 after the company’s fiscal second-quarter earnings results were released Wednesday. The New York-based live entertainment company raised revenue guidance for its full fiscal year by 10% to a range of $930 million to $950 million. Executive chairman/CEO James Dolan attributed the strong quarter to “record results” from the Christmas Spectacular production, the long-running show featuring the Radio City Rockettes.
LiveOne shares fell 2.1% after PodcastOne reported a 22% increase in revenue in the first nine months of its fiscal year on Thursday (Feb. 8). (LiveOne spun off PodcastOne in 2023 and retained a 73% stake.) PodcastOne ranked No. 10 in Podtrac’s top publisher’s rankings and achieved a U.S. audience of 5.3 million, but its net loss increased from $3 million to $13.7 million.
In its first full quarter of operation, Sphere, the next-generation music venue in Las Vegas, lost $193.9 million on revenue of $167.8 million, its owner, Sphere Entertainment Co., announced Monday (Feb. 5). The company posted an adjusted operating gain of $14.1 million if “certain corporate overhead expenses” were excluded.
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In the quarter ended Dec. 31, nearly half of Sphere’s revenue — $92.9 million — came from The Sphere Experience’s 191 performances. (The Sphere Experience includes a tour of the venue and a viewing of the film Postcard From Earth.) Concerts accounted for nearly all of the $55.2 million of event-related revenues. Advertising on the outside of the venue and suite license fees totaled $17.5 million.
After U2’s residency ends on Mar. 2, the venue will host runs by Phish and Dead & Company. Executive chairman/CEO Jim Dolan didn’t announce any new residencies but said during Monday’s earnings call that “pretty much our calendar is full for this calendar year.” Demand from artists continues to grow, Dolan added, and the company expects 2025 to be “another full year.”
Including MSG Networks, Sphere Entertainment had $314.2 million of revenue and an operating loss of $159.7 million. MSG Networks had revenue of $146.4 million, a 12.5% decline from the prior-year period.
Sphere opened on Sept. 29 and posted $4.1 million from two U2 concerts, and $7.8 million in total revenue, in the previous quarter. The venue has received rave reviews and worldwide attention for its captivating audio-visual experience and presence on the Las Vegas skyline. It featured prominently in Las Vegas’s Formula 1 race in November and will grab more attention this weekend as Las Vegas hosts Super Bowl LVIII on Sunday (Feb 11).
Although Sphere ended its bid to expand into London, the company is having “substantive discussions about expanding to international markets,” said Dolan. The plan is to have a franchise model for additional venues that will generate revenues immediately through construction and development, Dolan added.
Shares of Sphere Entertainment rose as much as 10.4% to $39.11 on Monday and closed at $38.97, up 10.1%.
After announcing on Wednesday (Jan. 31) that the next resident artist at Las Vegas‘ Sphere would be Dead & Company, the Grateful Dead spin-off band revealed the dates for their six-week summer run on Thursday (Feb. 1). The shows dubbed Dead Forever will consist of 18 shows overs six consecutive weeks from May 16 through […]
Former Google executive Jennifer Koester joins Sphere Entertainment as president, Sphere Business Operations, with effect from Feb. 5.
In this new position, Koester leads the strategy and execution of all business aspects of Sphere, the $2 billion next-generation entertainment space that opened last September in Las Vegas, with U2’s UV’s Achtung Baby Live At Sphere residency.
Announced today (Jan. 22), Koester will work closely with executive leadership to grow the Sphere businesses, including maximizing the calendar and ticket sales; driving strategic partnerships with artists, managers, promoters and others in the live entertainment space; and developing a corporate conference business for product launches and other events.
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Based in New York, Koester reports to James Dolan, executive chairman and CEO, Sphere Entertainment.
“We have seen a strong worldwide reaction to Sphere from customers, brands and artists since our September opening,” comments Dolan in a statement, “and we look forward to leveraging Jennifer’s extensive background driving growth at premier technology and entertainment brands as we continue to build our Sphere business.”
Koester joins the company having racked-up 25 years’ executive-level experience across sales, marketing, technology, digital business, legal counsel and more, most recently serving as managing director, Americas strategic alliances, global partnerships at Google Commercial Operations. Before that, she was director, telecommunications and video distributors, global partnerships at Google.
“Throughout my career, I have focused on pioneering and delivering growth strategies that bridge business needs and leverage new technologies,” she comments, “and I am excited to bring that experience to Sphere.”
The state-of-the-art venue on the Vegas Strip is massive — standing 366 feet tall by 516 feet wide, big enough to house the Statue of Liberty. But it’s the detail that matters.
Its 20,000 capacity main room is dominated by a 160,000-square-foot LED screen that curves and towers to an apex of 240 feet above. Footage from U2’s first run in the room went viral, and the shows were box-office gold.
According to Billboard Boxscore, U2‘s 17-show run beginning in September at Sphere generated nearly $110 million in ticket sales, with an SEC filing noting that those dates generated a total of $30.7 million in revenue for Sphere Entertainment through Nov. 30.
Next up, Sphere Entertainment’s own content offering, Darren Aronofsky’s Postcard from Earth, generated approximately $44.5 million in total revenue from ticket sales from 111 showings.
Read more here.