An Wolfe Research analyst has forecasted that the Sphere in Las Vegas could well become the most profitable movie theater on the planet. The nearly 5,000-seat theater began showing the cinematic classic “The Wizard of Oz” on August 28th, this version using AI and digital effects to fit the giant screen format.
The result has been a massive success – the title has reportedly generated up to $2 million a day from the experience, making more money than traditional concerts. The venus is selling tens of thousands of tickets daily and the demand remains incredibly high.
According to The Wrap, “The Wizard of Oz at Sphere” is averaging $650,000 per show with multiple shows per day. Around 4,500 tickets were sold for each show at an average base price of $120 with added fees.
The success is being seen as a good indicator that the venue could flip from a concert-centric focus to one for more traditional cinematic experiences. Only one film screened before this, Darren Aronofsky’s “Postcard from Earth” documentary, and that reportedly grossed over $500 million across its run.
Bloomberg reports that Sphere executives are hopeful that “The Wizard of Oz at Sphere” could bring in more than $1 billion before it wraps. The film is already selling tickets through March 2026 at this time.
There are costs however – the cost to reformat and generate the new digital effects across the whole film was estimated to be nearly $100 million, and it also required cutting nearly 20 minutes from the movie. Sphere must also contend with ongoing expenses to keep the show in operation.
The film’s short 75-minute runtime gives the venue the capacity to throw up a showtime even on days when concerts are already scheduled for the venue.
Sphere has also reportedly been looking at other films they can give the “Wizard of Oz” treatment and conversations with Warner Bros. Pictures are already underway with “Harry Potter” cited as a potential next title while “The Matrix,” “Mad Max,” Dune” or DC properties are also a possibility.
Sphere has also reportedly approached Disney about bringing “Star Wars” to the screen, but Disney reportedly wants “to be more involved in making the movies” for the format which would make it less likely to happen.
