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Sep 30, 2022
MSG Sports Q1 2023 Earnings Report
MSG Sports reported fiscal Q1 2023 results, showing revenue increase.
Key Takeaways
Madison Square Garden Sports Corp. reported a strong start to fiscal 2023, with revenues increasing by 28% compared to the prior year period. The company is experiencing positive operating momentum, driven by high season ticket renewal rates, strong sponsorship demand, and growth in media rights fees.
Combined average season ticket renewal rates for the Knicks and Rangers exceeded 90% for the 2022-23 seasons.
The Company welcomed new signature partner HUB International and reached extensions with Spectrum, Verizon, Dunkin’ Brands and Jägermeister.
Renewals and new sales of suite licenses at The Garden remained robust.
The Company anticipates continued growth in both local and national media rights fees in fiscal 2023.