The 1939 film "The Wizard of Oz" has new life once again and is helping to boost shares of Sphere Entertainment Co ( SPHR ) . Here's a look at the latest figures and why the film could be critical to the Sphere bull thesis.

Follow the Yellow Brick Road To Profits

Reports linked Sphere Entertainment ( SPHR ) with adapting the 1939 Academy Award-winning film for its immersive Las Vegas venue last year.

The film opened on Aug. 28, and more than 500,000 tickets have been sold, according to the company.

Sphere said Monday that it has sold $65 million in tickets for the movie through Sept.12. The venue has multiple showings of the film most days, with tickets for the movie tomorrow currently showing a cheapest price of $114 per ticket.

This marks the first film adaptation for the entertainment company and, through a partnership with Warner Bros. Discovery ( WBD ) , which owns the film rights, could be the first of many. Warner Bros. Discovery ( WBD ) is collecting a portion of the royalties, according to reports.

Sphere launched its original film "Postcard From Earth" from director Darren Aronofsky in 2023. The film has sold over four million tickets as of June, according to the company.

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Future Growth Ahead

This adaptation of a Hollywood film and an iconic movie known to many is likely the start of a multi-year growth plan that could include other adaptations.

Sphere has reached out to Warner Bros. about adapting the Harry Potter films and to Disney about adapting several films, including the Star Wars franchise, according to Bloomberg.

The adaptation of "The Wizard of Oz" was a $100 million cost for Sphere, according to The Hollywood Reporter. Future film adaptations would likely cost less due to the technological advancements and immersive elements already established in the current film.

Sphere Entertainment ( SPHR ) reported $175.6 million in revenue for the second quarter for the Sphere segment, up 16% year-over-year. Operating income improved from a loss of $5.5 million in last year's second quarter to a profit of $24.9 million for the Sphere segment of the company.

Adding the movie to the current lineup of events at the venue will likely boost revenue and operating income in the coming quarters.

Since opening, the Sphere venue in Las Vegas has hosted immersive concerts from the likes of Phish, U2, The Eagles, Dead & Company, Kenny Chesney and The Backstreet Boys. The venue has also hosted the NHL Draft, a UFC fight and corporate events.

The venue has proven out the economic model of hosting concerts and now has another revenue generator up its sleeve. Fans would likely love to see franchises like Harry Potter and Star Wars adapted.

There is likely a number of bands ready to play the venue and film companies ready to allow their works to hit the giant immersive screens at the venue.

Sphere also signed a deal to open another venue in the United Arab Emirates. While Sphere will not operate the venue, it will provide technology and content and likely collect recurring revenue. The deal also includes the option for additional venues in the Middle East.

Sphere Stock Soars Higher

Sphere shares closed at $59.43 on Tuesday versus a 52-week trading range of $23.89 to $61.28. The stock is up 43.2% year-to-date in 2025.

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