James Dolan is set to bring a unique twist to "The Wizard of Oz" at the Las Vegas Sphere. The cutting-edge concert venue, renowned for its advanced visuals and haptic seating, is reportedly close to finalizing a deal with Warner Bros. Discovery to transform the 1939 classic into an immersive experience.
Sources who know about the negotiations revealed that converting the original 102-minute film into an 80-minute digitally-enhanced sensory spectacle will cost around $80 million. The original film, starring Judy Garland, was made for $2.7 million, roughly $25 million today adjusted for inflation.
Despite the hefty price tag, an analyst suggested the investment is sound, noting that original content yields higher returns than concerts. Currently, the Sphere is showing "Postcard from Earth," a 55-minute film by director Darren Aronofsky, with tickets starting at $114. The venue, which seats 20,000, screens the film up to three times daily.
While ticket prices for the "Oz" experience have yet to be disclosed, Warner Bros. Discovery is expected to receive about 5% of the gross profits from the venture. Both Sphere and Warner Bros. Discovery have declined to comment on the matter.
The focus on films comes as Dolan continues to secure musical acts for the Sphere. The Eagles are set for a residency from September through early January.
Opened in September, the $2.3 billion Sphere has generated approximately $100 million in revenue, according to an analyst. However, Sphere’s shares have dropped 15% over the past five trading days, from $44.64 to $38.12.
Discussions to acquire the rights to "The Wizard of Oz" began in early June, as reported by Casino.org. Dolan is also planning to build more Sphere venues in countries like South Korea.
