David Karnovsky: Thank you.
Operator: We’ll move next to Logan Angress at Wolfe Research.
Logan Angress: Hi, thanks for taking my question. Congrats on the results. First, I’m just curious, acknowledging that Sphere is still very new, to what extent are you seeing opportunities to drive greater efficiencies at The Sphere in terms of either venue utilization or costs? Specifically, do you expect to be able to do both Sphere Experiences and concerts or residencies in the same day at some point during this fiscal year?
Jim Dolan: Yes. And that’s exactly what we’re driving towards. Right? The Sphere is designed, strategized, to run multiple events on a day, right, not just the same event multiple times, but different events. And we are — yes, we do want to have a concert and a Sphere Experience on the same day. And we think actually that will be quite lucrative. But there are other things, too, that we can — that we’re looking at, including we’re looking at a late-night EDM show. How far we can stretch this thing, we’ve talked about it. I don’t know if we’re going to get to three different kinds of events in a day, but we can definitely do two. The — and a big part of the old venue model was what they call the load-in and the load-out, right, and how much time that took.
And another — there basically is no load-in and load-out with The Sphere. So that enables us, like we do with U2 right now, to have a concert on Wednesday and then by Thursday at noon, we’re running The Sphere Experience, which is why you’re seeing some of that in the results now. But there’s a great deal of refinement that is still to come on this, both on the expense and the revenue side.
Logan Angress: Great. Thanks. And then on the Exosphere side, I’m curious how much does social media reach factor into how you price Exosphere ads? And I guess, is the reach on social media as important for advertisers as the physical reach at the venue is?
Jim Dolan: Yes. I’d say probably — I wouldn’t just limit it to social media, but the — but look, what advertisers are seeing with the Sphere — with the Exosphere is that by designing — particularly by taking content and specifically designing it for the Exosphere, that the amount of attention that it grabs, a lot of it’s through social media. Right? It’s significant enough for them to look at using it to launch new brands, new products, like make statements to the space that marketers and advertisers want to do, right, well beyond reaching just the Las Vegas market. And that’s how we’re seeing them utilize it now. And you’ll see, in the Super Bowl, right, that we have quite a robust group of advertisers using it in just that way.
Logan Angress: Great. Thanks so much.
Ari Danes: Thanks, Logan. Operator, we’ll take one last caller.
Operator: Thank you. We’ll take that question from David Joyce at Seaport Research Partners.
David Joyce: Thank you. For Jim, could you please update us on the status of the sponsorship business? You’ve had a few announcements lately post-quarter. So, I was just wondering, where do you see that going from here? How do you differentiate between sponsorship opportunities and Exosphere advertising? Just some more color there would be helpful.
Jim Dolan: Yeah, so I mean, most of those opportunities are focused on the Exosphere at this point, right, which is the predominant sort of medium for advertisers. But sponsorship is something that we’re going to continue to develop. And I expect that this year we’ll have some significant announcements that, yes, involve the Exosphere, but more involve the direct association between the client and the product, right, the — and even the content that runs in the product.
David Joyce: All right. Great. Thank you.
Operator: And that does conclude the question-and-answer session. I would like to turn the conference over to Ari Danes for closing remarks.
Ari Danes: Thank you all for joining us. We look forward to speaking with you on our next earnings call. Have a good day.
Andrea Greenberg: Goodbye.
Operator: And this concludes today’s conference call. You may now disconnect.
