Wizard of Oz Magic Could Be the Key to The Sphere’s Profitability

The Venetian has a Wizard of Oz installation in the atrium near the Palazzo Tower. (Photo: Courtesy of the Venetian) 

The Sphere has been open for less than two years, and it’s already one of the biggest attractions in Las Vegas. While it frequently hosts different concerts, residencies and special events, the venue has yet to turn a profit. The Wizard of Oz has been a hit success so far and could change that for the better.

Sphere’s Mixed Track Record

Since opening, the Sphere has offered a diverse selection of residencies from U2, Kenny Chesney, Phish and more. The venue has also hosted a few electronic dance music events, shown unique films and hosted one-off events such as the NHL Draft and UFC fights. These helped make it the top-grossing venue of its size in the U.S. in 2024, according to Billboard.

Even so, the venue has yet to break even. Rumors swirl about the future of such an unprofitable venture, but financial reports show that the venue could finally begin to turn a profit. During the first and second quarters, the business reported greater revenue and smaller losses than last year.

Why should anyone care if the Sphere isn’t profitable? Because if the Sphere can't sustain momentum, the lights on the giant globe that’s captivated so many visitors could go dark. 

‘Wizard of Oz’ Key to a Fruitful Future?

A reimagining of the classic film The Wizard of Oz is taking viewers by storm. This is more than just a cleaned-up version of the 1939 original. 

The film is a full-sensory experience unlike any other. For starters, it was remastered in ultra-16K resolution to fill the venue’s 160,000-square-foot screen. All of the songs have been re-recorded with a full orchestra for the Sphere’s immersive sound system of 167,000 speakers.

The haptic seats let audiences feel vibrations and other effects synced to the visuals and audio. There are also environmental effects, such as wind, custom scents and even apples falling from the sky.

Tickets for “The Wizard of Oz” aren’t cheap. Prices range from $104 to $349, but guests have still been showing up in droves. Bloomberg reported massive ticket sales that could turn Sphere into a money maker.

CEO of Sphere Entertainment James Dolan projected 200,000 tickets before opening night, but the film has already doubled that. Through Sept. 12, Sphere has sold more than 500,000 tickets for the film and has generated over $65 million in sales.

“The Wizard of Oz” is drawing 4,000 to 5,000 fans to Sphere in Las Vegas two or three times a day on weekends, according to the report. With an average ticket price of about $200, that translates into as much as $2 million in revenue per day from the film alone.

Peter Supino, an analyst with Wolfe Research, told Bloomberg that movies could gross nearly $400 million for Sphere. With a 70% margin, films are more profitable than concerts, which have drawn most of the acclaim. Supino estimates music will generate about $200 million this year, but with a smaller profit margin.

If the excitement continues, Sphere could bank about $1 billion throughout the lifetime of this version of “The Wizard of Oz.”

That said, the $200 average ticket price is higher than most people would expect to pay for a movie, regardless of special features. It may be difficult to maintain momentum at that level. Still, this is Las Vegas and prices will stay high until attendance takes a big dip.

Sphere Exploring More Movie Options

*Sphere opened by showing original films during the day, while residencies, limited engagements and other events took over at night.

The Sphere Experience, featuring Postcard from Earth by Darren Aronofsky, sold more than 4 million tickets. The company has not released data for ticket sales of V-U2: An Immersive Concert Film.*
While the general public is enjoying “The Wizard of Oz,” some film aficionados are unhappy with the shorter 70-minute runtime and the alterations made using artificial intelligence. Others say it feels more like a ride than a film.

Both views may be accurate, but that’s also why many are drawn to the experience. Chalk it up to highlight culture changing how we consume everything from movies to sports.

Dolan already has another original film for Sphere planned for next year. From the Edge is a documentary featuring five athletes performing extreme stunts. 

He is also exploring reimagining more classic films, similar to “The Wizard of Oz.” According to Bloomberg, the company has reached out to Warner Bros. about “Harry Potter” and to Disney about multiple titles, including “Star Wars.”

A potential deal with Disney fell through because the company wanted input in the production, unlike Warner Bros. with “The Wizard of Oz.” Warner Bros. accepted a licensing fee and allowed Dolan’s team to edit the film as it wanted.

Even if “The Wizard of Oz” does not hit revenue estimates, movies at Sphere don’t appear to be ending anytime soon.

Music Still Sphere’s Signature Draw

While films may be more profitable than music residencies and limited engagements, concerts remain the signature events for Sphere.

The Backstreet Boys, Kenny Chesney and the Eagles will return for more shows at Sphere in 2026. Meanwhile, the Zac Brown Band residency in December will continue into the new year.

Rumors are circulating that global stadium acts could stage limited engagements at Sphere. According to multiple reports, Metallica is preparing for a run of shows next fall. The Sun reported that Taylor Swift “eyes Las Vegas venues for unique performances.” It appears as though Swift may already be off the board.

This may come as a surprise, but not all Las Vegas rumors come true. In fact, many are manufactured for social media attention and never happen. Despite months of speculation, Harry Styles has never been in the plans for Sphere. Beyoncé was negotiating for a residency, but those talks fell through earlier this year. Perhaps U2 will return with another run of shows in the future. Time will tell which, if any, of these rumors are true. 

But if it maintains momentum with daytime films and nighttime concerts on a regular basis, the Sphere could be on the path to profitability.