Music

Concert Revenue at MSG Entertainment Jumps to $246 Million, Though Profits Dip Amid Rising Costs

Madison Square Garden Entertainment (MSGE) reported a Q3 revenue of $246 million, primarily driven by strong concert performances from artists like Ricardo Arojna, FKA Twigs, and Cardi B. Despite the revenue increase, MSGE's profits for the

Billboard·May 7, 2026·via Billboard

Concert Revenue at MSG Entertainment Jumps to $246 Million, Though Profits Dip Amid Rising Costs

Madison Square Garden Entertainment reported on Thursday (May 7) revenue for its third fiscal quarter rose 2% to $246.3 million as The Garden hosted more concerts in the quarter, including from Cardi B , but profit fell 36% on higher event, suite licensing and healthcare costs.

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MSGE reported net income fell 36% to $5.1 million for the third fiscal quarter compared to last year. Operating income also fell to $16.1 million, a decrease of 41%, and adjusted operating income of $46.0 million was down 20% from the year-ago quarter.

Revenue from the entertainment offerings division rose by 3% to $165.7 million in the quarter driven by higher concert revenue, venue sponsorship and suite license fees. More concerts helped offset fewer shows at Radio City Music Hall, which during the first quarter last year benefited from hosting several nights of events related to Saturday Night Live’s 50th Anniversary. Revenue from concerts grew by $3.7 million; revenue from venue sponsorship, signage deals and suite licensing rose by $3.1 million; and despite the continuation of the New York Knicks and the New York Rangers regular season games at The Garden, revenues from other live entertainment and sporting events decreased $7.7 million.

Major concerts at the Garden in the quarter included shows by Ricardo Arjona , FKA Twigs , and Cardi B, whose Little Miss Drama Tour sold out two nights in March, along with live events like the 150th Annual Westminster Kennel Club Dog Show held in January. MSG’s chief financial officer David Collins said the company expects higher concert revenue over the coming two quarters.

The Arjona Factor

“We are headed for a strong end to fiscal 2026, and that will reflect significant growth in the number of concerts at the arena,” Collins said during a presentation of the results. “In the [quarter ending Sept. 30] … we remain on track to shatter our record for number of concerts in any quarter, which of course includes the impact of the Harry Styles residency.”

Styles played 15 shows at MSG between August and September 2022, which Billboard estimates grossed $63.1 million and sold 277,000 tickets, the highest-grossing headline engagement of any touring artist between 2022-2025. This August, Styles is doubling his run at The Garden, playing 30 shows starting in August as part of his Together, Together tour.

Total direct operating expenses grew by 5.7% to $146.8 million on higher expenses related to holding more concerts and financial accounting related to shared economics with MSG Sports for things like suite license fees, which were up. Entertainment expenses, plus arena license fees and other leasing costs, accounted for $118.3 million of total direct operating expenses, an increase of 10% in the quarter compared to last year.

Expenses related to selling, general and administrative needs rose 17% to $61.0 million, driven mainly by higher healthcare costs, the company said.

_Originally reported by [Billboard](https://www.billboard.com/pro/msge-q1-earnings-2026/)._