08 Sep Major ‘Wizard of Oz’ Profits Could Push Sphere to More Movie Reimaginings [The Hollywood Reporter]
BY ALEX WEPRIN
September 8, 2025 | Every day thousands of people are paying nearly $200 each to watch a film released more than 85 years ago.
Of course, this isn’t just any film. It’s an all-time classic: The Wizard of Oz. And this isn’t just any movie theater: It’s the Sphere in Las Vegas.
And it may be a sign of things to come. Wolfe Research analyst Peter Supino forecasts that Sphere may be “The world’s most profitable venue,” and that the stunning success of The Wizard of Oz (hundreds of thousands of tickets have already been sold) will likely kickstart a years-long process to adapt far more titles to the venue’s 160,000 square foot screen.
“We expect Wizard of Oz’s success will propel gross profit to over $500M in ’26, resulting in Sphere segment AOI approaching $200M, and making the underlying profits of the venue evidently clear and therefore SPHR more investable,” Supino writes. “Wizard of Oz success also bolsters the odds of future franchise deals, all while giving confidence that Sphere can re-create other valuable IP (for less than the ~$100M spent on Wizard of Oz) and generate highly appealing returns.”
Already, Bloomberg reported, Dolan has held preliminary discussions with Warner Bros. about the Harry Potter films, and with Disney about titles like Star Wars. A regular cadence of new films could not only power the venue, but drive tens of millions (or even hundreds of millions) of incremental revenue to Hollywood studios in dire need of reliable cashflow.
Indeed, the success of the film could cause Sphere to rethink its programming mix, Supino notes.
“We conservatively assume some Wizard of Oz shows will take the place of some concerts due to Wizard of Oz’s greater level of profitability,” he writes.