98-559: MSG Sphere may refer to: Sphere (venue) , an indoor entertainment venue in the Las Vegas Valley MSG Sphere London , a proposed venue in London Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title MSG Sphere . If an internal link led you here, you may wish to change the link to point directly to
196-517: A deflationary period would be required, which is usually associated with recession . As of 2024, the United States was approaching target inflation while growing the economy, also known as a ' soft landing '. In early 2022, the Russian invasion of Ukraine 's effect on global oil prices , natural gas , fertilizer , and food prices further exacerbated the situation. Higher gasoline prices were
294-415: A printed circuit board housed in an aluminum frame, with the panels manufactured in 780 different geometric shapes with an edge-to-edge tolerance of 0.8 millimetres (0.031 in). Due to its curved shape and the propensity for pixels to disappear near the poles, the screen uses an adaptive pixel pitch . It was also designed to be acoustically transparent, allowing sound from the speakers mounted behind
392-443: A $ 98.4 million loss as of the end of the third fiscal quarter of 2023. Sphere is 366 feet (112 m) high and 516 feet (157 m) wide at its broadest point. It is the largest spherical building in the world at 875,000 sq ft (81,300 m ). It includes seating for 18,600 people, and all seats have high-speed internet access. The venue can accommodate 20,000 people in standing capacity. Seating does not wrap around
490-552: A 14-year high. In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. Inflation is believed to have played a major role in a decline in the approval rating of President Joe Biden , who took office in January 2021, being net negative starting in October of that year. Many Republicans have blamed stimulus spending by Biden and fellow Democrats for fueling
588-520: A Christmas snow globe, and advertisements. The internal and external displays of Sphere are powered by 150 RTX A6000 graphics processing units by Nvidia , each featuring more than 10,752 cores and 48 gigabytes of memory. Media is streamed from external sources via Nvidia BlueField data processing units and ConnectX-6 DX network interface controllers using Nvidia's Rivermax media streaming software. Sphere's sound system , dubbed "Sphere Immersive Sound", features spatial audio capabilities and
686-481: A disassembled state, the crane was transported across the Atlantic Ocean from Zeebrugge , Belgium to Port Hueneme, California . The crane then required 120 tractor-trailers to transport it to Las Vegas. A separate crane was required to assemble the main crane, a process which took 18 days. In March 2020, construction reached the widest point of the spherical structure, the 516-foot (157 m) diameter, located at
784-478: A government scheme that reduced household energy costs. In late October, U.S. President Joe Biden accused the oil and gas sector of " war profiteering " and threatened to seek a windfall profit tax if the industry did not increase production to curb gasoline prices. Coming out of the COVID-19 pandemic, some argued for the possibility of a base effect phenomenon due to cheaper than normal prices, such as for oil, at
882-574: A hit from rising prices," said William Jackson of Capital Economics , "And you've generally seen much more aggressive moves to tighten monetary policy ." In June 2022, The Atlantic published an editorial article critical towards the U.S. Department of the Treasury controlling inflation. In 2021, Janet Yellen called the risk of inflation "small" and "manageable", and equally Federal Reserve Chairman Jerome Powell thought inflation would be "transitory", even as inflation rose above 6 percent. In 2023,
980-447: A major contributor to inflation as oil producers saw record profits. Debate arose over whether inflationary pressures were transitory or persistent, and to what extent price gouging was a factor. All central banks (except for the Bank of Japan , which had kept its interest rates steady at –0.1% until 2024 ) responded by aggressively increasing interest rates . Consumer spending on goods in
1078-725: A partnership between the Madison Square Garden Company (MSG) and Las Vegas Sands Corporation . Sphere is just off the Las Vegas Strip and east of the Venetian resort , which was opened by Las Vegas Sands in 1999. Las Vegas Sands contributed the 18-acre (7.3 ha) site for the project. Apollo Global Management purchased the Venetian in 2022 and became MSG's new partner on the Sphere project, replacing Las Vegas Sands. As part of
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#17328633143331176-666: A report in March 2024 finding that large grocery retailers "accelerated and distorted" the effects of supply chain disruptions to protect their profits. The analysis found that some large retailers "seem to have used rising costs as an opportunity to further hike prices to increase their profits, and profits remain elevated even as supply chain pressures have eased." The study found some large retailers sought to gain an advantage over smaller competitors by threatening suppliers with large fines if strict delivery requirements were not met, and that in some cases "suppliers preferentially allocated product to
1274-480: A semi-arch about 25–30 feet (7.6–9.1 m) above the stage, making it the world's largest loudspeaker array. Elsewhere, the sound system has 28 environmental arrays for immersive coverage (each one comprising five MD96 and five MD80-S modules), 6 effects arrays (each one comprising 24 MD96 modules), 71 surround arrays behind the audience, 12 delay arrays under the main balcony, 10 side-fill arrays, and 6 low-fill arrays. The sound system also can deliver sound through
1372-443: A signal that price setters expect persistent increases in their future costs of production." Robert Reich , who worked under President Bill Clinton as Labor Secretary , stated, "Nobody believes that price gouging is the main cause of inflation...The question really is whether corporate pricing power is aggravating the situation. And there's a great deal of evidence it is." A May 2023 New York Times story reported that despite
1470-517: A significant inflation or stagflation — prices rising, say, by 4 percent or more a year for two or more years — without a significant growth in the stock of money." This quantity theory of money has long been popular with libertarian-conservative critics of the Federal Reserve. During the pandemic and its immediate aftermath, the M2 money supply increased at the fastest rate in decades, leading some to link
1568-407: A stop over the next two weeks following the announcement. In August 2020, MSG Entertainment announced that construction had resumed on the project, with the opening rescheduled for 2023. Over the subsequent 15 months, construction would be focused on concrete, followed by steel erection and then the 13,000-ton steel-domed roof, the most complex part of the project. In October 2020, crews completed
1666-607: Is a miniature version of the Las Vegas sphere. The facility uses Big Sky, a specialized camera system created specifically to produce material for Sphere. 2021%E2%80%932022 inflation surge Following the COVID-19 pandemic in 2020, a worldwide surge in inflation began in mid-2021 and lasted until mid-2022. Many countries saw their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related economic dislocation , supply chain disruptions ,
1764-495: Is based on Holoplot's X1 Matrix Array of speakers. The sound system comprises 1,586 permanently installed speakers and 300 mobile modules, with 99 percent of the system being hidden behind the LED screen. Each X1 array comprises a MD96 and a MD80-S sound module, equipped with 96 and 80 drivers respectively. Through a matrix of drivers within each speaker module and a matrix of modules per array, Holoplot's system offers more control over
1862-453: Is like blaming a plane crash on gravity. It is technically correct, but it entirely misses the point." Wolfers states that companies will always charge the highest prices possible, but that competition keeps prices in check. Some economists have stated that during times of high inflation, consumers know prices are increasing but may not have a good understanding of what reasonable prices should be, allowing retailers to raise prices faster than
1960-445: Is one of the causes of persistent energy inflation. Among the factors contributing to the surge of inflation were the unprecedented levels of fiscal and monetary stimulus enacted to sustain household incomes and the liquidity of financial institutions in the 2020–2021 period. Many governments around the world adopted such stimulatory actions early in the COVID-19 pandemic. Some immediate actions were taken by banking systems around
2058-458: The 2021–2023 global supply chain crisis and the 2021–2022 inflation surge . With a final expected cost of $ 2.3 billion, it is the most expensive entertainment venue in Las Vegas history, beating out the $ 1.9 billion Allegiant Stadium . A groundbreaking ceremony was held on September 27, 2018, and was attended by approximately 300 people, including Las Vegas Sands' Sheldon Adelson and Nevada governor Brian Sandoval . In November 2018, it
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#17328633143332156-587: The BEA showed that the economy shrunk for the second quarter in a row, which is commonly used to define a recession. BLS data showed that inflation eased on July to 8.5% from the 40-year peak reached in June at 8.9%. Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. In September, the Fed increased the interest for a fifth time in the year reaching
2254-523: The Central Agency for Public Mobilization and Statistics . In some North African countries, the inflation surge has encouraged hoarding practices by consumers. Price increases for basic food staples, such as coffee, were particularly high in parts of Asia and North Africa, where people spend a higher proportion of income on food and fuel than in the United States and Europe. Food producers of Nestlé 's Middle East and North Africa (MENA) unit have noticed
2352-680: The Eurozone hit a record high of 8.1% in May, prompting the European Central Bank to announce that it would raise rates in July by 25 basis points, the first increase in eleven years, and again in September by 50 basis points. By November it had increased rates by a cumulative 200 basis points. After the Fed's third rate increase, Summers said "We are still headed for a pretty hard landing ." By November 2022,
2450-709: The International Monetary Fund ascertained that "food and energy are the main drivers of this inflation", as rising prices continue to squeeze living standards not only in North America but worldwide. Six out of ten (59%) EU enterprises were concerned about energy prices in 2023, and five out of ten (47%) were concerned about uncertainty, with some country variations. Energy cost rises were more common in EU businesses than in US firms (93% vs. 83%). Manufacturing businesses were
2548-665: The Las Vegas Strip . Designed by Populous , the project was announced by the Madison Square Garden Company in 2018, known then as the MSG Sphere . The 18,600-seat auditorium is being marketed for its immersive video and audio capabilities, which include a 16K resolution wraparound interior LED screen, speakers with beamforming and wave field synthesis technologies, and 4D physical effects. The venue's exterior also features 580,000 sq ft (54,000 m ) of LED displays. Sphere measures 366 feet (112 m) high and 516 feet (157 m) wide. The arena cost $ 2.3 billion, making it
2646-519: The fiscal and monetary stimulus provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging . Preexisting factors that may have contributed to the surge included housing shortages , climate impacts, and government budget deficits have also been cited as factors. Recovery in demand from the COVID-19 recession had, by 2021, revealed significant supply shortages across many business and consumer economic sectors. The inflation rate in
2744-502: The price of oil when it fell much more slowly than they had increased their prices when costs rose. The major American and British oil producers ( Big Oil ) reported record profits in 2022. Amid longstanding constraints in refinery capacity, refinery profit margins were higher than their historical averages. In July, the UK imposed a 25% windfall profit tax on British North Sea oil producers, which expected to raise £5 billion to pay for
2842-672: The Bureau of Labor Statistics, the agency that tracks consumer prices, found that dealer markups accounted for 35% to 62% of new vehicle inflation from 2019 to 2022. Paul Ryan, the CEO of a shopping app that monitors prices across about 40,000 dealerships, remarked, "it was the best of times for car dealers, for sure." Isabella Weber argues that the shortage of chips gave existing producers a 'temporary monopoly' where they did not have to worry about new entrants, allowing them to raise prices. A debate arose among economists early in 2021 as to whether inflation
2940-820: The Edge . Sphere is part of the Las Vegas Strip Circuit . MSG had initially stated that it intends to build other Sphere venues around the world. A similar MSG Sphere was planned to be built in Stratford, East London . However, in November 2023, Sphere's planning permission was rejected by Mayor of London Sadiq Khan , primarily over concerns about potential light pollution . The Tees Valley Mayor , Ben Houchen , suggested Teesside in North East England as an alternative venue for Sphere. In December 2023, MSG
3038-494: The Las Vegas sphere and future spheres. MSG Sphere Studios sought to collaborate with filmmakers and musicians to create some of the content for the Las Vegas sphere. Ted King, who previously worked on Star Trek: The Experience , is among those who will create visual content for Sphere in Las Vegas. The studio will also produce content in association with the 2023 Las Vegas Grand Prix , which will travel past Sphere. The spherical studio facility, nearly 100 feet (30 m) tall,
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3136-619: The Madison Square Garden Company in 2020 in order to focus on its professional sports assets) spun off its "traditional" live events business under the Madison Square Garden Entertainment name in order to insulate them, retaining Sphere and its regional sports network businesses under the new name Sphere Entertainment . The MSG name was subsequently removed from the venue, which was officially renamed "Sphere". Sphere opened on September 29, 2023, with
3234-420: The U.S. He found that by then the 2022 Russian invasion of Ukraine was the principal cause of higher inflation, comprising 3.5% of the 8.6%. He said oil and commodities prices jumped in anticipation of and response to the invasion, leading to higher gasoline prices. The resulting higher diesel prices led to higher transportation costs for consumer goods, notably food. Gernot Wagner argued that most of inflation
3332-412: The U.S.) to resume economic activity, thereby disrupting international trade. During the COVID-19 lockdown, demand shifts during the pandemic towards many home-related goods outpaced supply, contributing to inflation. Demand for groceries has continued to be high after the pandemic as people's habits have changed, which is one of the factors pushing up grocery prices into 2024. Increasing energy demand
3430-429: The United States and elsewhere moved in tandem with spending on services (see goods and services ) before the COVID-19 recession , but upon emerging from the recession consumers shifted spending towards goods and away from services, particularly in the United States. This shift placed stress on supply chains , such that the supply of goods could not meet demand, resulting in price increases. In November 2021 inflation in
3528-459: The United States and the eurozone peaked in the second half of 2022 and sharply declined in 2023. At its peak, the United States had its highest inflation rate since 1981 and the eurozone its highest since records began in 1997. Despite a worldwide decline, some economists have speculated that higher consumer prices are unlikely to return to pre-pandemic levels and may remain elevated. Economists state that for prices to return to pre-pandemic levels
3626-600: The United States was 14.9% for durable goods , compared to 10.7% for consumable goods and 3.8% for services. Similar situations occurred in several other major economies. Supply chain stresses increased prices for commodities and transportation, which are cost inputs for finished goods . In countries where food constituted a large part of the inflation increase, rising prices forced low-income consumers to reduce spending on other goods, thereby slowing economic growth . "In those countries with high inflation, consumer spending has weakened because household spending power has taken
3724-430: The United States with shoes and clothes such as Vietnam have had factory hub shortages due to not having enough vaccinated workers. In June 2022, BlackRock CEO Larry Fink argued that consumer demand in the United States had remained steady compared to pre-pandemic years, with supply-chain issues overseas being the primary cause of the post-pandemic inflation surge. He attributed this to some countries taking longer (than
3822-474: The United States, higher motor vehicle prices were a significant contributor to the inflation surge. An analysis published in May 2023 by The New York Times found that auto manufacturers and dealers shifted from a high volume-low margin business model before the pandemic to a low volume-high margin model after the pandemic. Manufacturers emphasized higher-margin luxury vehicles, while dealers increased their markups over manufacturer list prices. A study published by
3920-574: The actual positions of speakers. Software algorithms compensate for any transmission loss caused by the obstruction from the LED screen. Integrated into the Holoplot X1 modules are several technologies by Powersoft, including 16-channel amplification, "Integrated Powered Adaptive Loudspeaker" for subwoofers , and energy-efficient solutions such as pulse-width modulation and " power factor correction". Sphere contains 4D features , including scent and wind, along with haptic technology in 10,000 of
4018-427: The aftermath of World War II. The economists say firms with a lot of market power in consolidated industries can raise prices under the cover of inflation as a form of implicit cartel -like coordination. European Central Bank economists found in May 2023 that businesses were using the surge as a rare opportunity to boost their profit margins, finding it was a bigger factor than rising wages in fueling inflation during
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4116-417: The basement. In December 2019, the spherical structure reached 65 feet (20 m) in height with the completion of a fourth level, out of eight above-ground floors. In February 2020, the world's fourth-largest crane, a Demag CC-8800 crawler crane, was set up on the site's northeast side for the purpose of lifting heavy construction materials. The crane is capable of standing up to 580 feet (180 m). In
4214-500: The cost inflation they are experiencing, resulting in larger profits. A 2021 analysis conducted by The New York Times found that profit margins across more than 2,000 publicly traded companies were well above the pre-pandemic average during the year, as corporate profits reached a record high. Economists at the University of Massachusetts Amherst found that in 2022 profit margins of US companies reached their highest level since
4312-613: The costs of doing business falling in recent months, many large corporations have continued to raise prices, contributing to the recent inflation surge. The prices of oil, transportation, food ingredients, and other raw materials have decreased as the shocks from the pandemic and the Russian invasion of Ukraine have faded though many businesses have maintained or even increased their prices and profits. This could lead to an economic downturn created by higher interest rates. An International Monetary Fund study published in June 2023 found that rising corporate profits accounted for almost half of
4410-461: The democratically elected government, and replace it with a Russian puppet government . Before the invasion, Ukraine accounted for 11.5% of the world's wheat crop market, and contributed 17% of the world's corn crop export market, and the invasion caused wheat and corn from Ukraine unable to reach international market, causing shortages , and result in dramatic rise in prices, that exacerbated to foodstuffs and biodiesel prices. Additionally,
4508-486: The dispersion of sound in horizontal and vertical directions. In total, the sound system comprises 167,000 speaker drivers, amplifiers, and processing channels, and it weighs 395,120 pounds (179,220 kg). The main coverage of the sound system is provided by the "proscenium array", located in Sphere where a traditional theatre proscenium would be built. It comprises 464 Holoplot X1 speakers (272 MD96 modules and 192 MD80-S modules) organized into 14 clusters and arranged in
4606-407: The entire sphere, instead covering approximately two-thirds of the interior while the stage takes up the remainder. Approximately 800 seats in the venue's premium, lower-level 100 section have obstructed views of the wraparound video screen due to the overhang of the second level. Sphere has nine levels, including the basement, where a VIP club is located. A total of 23 suites are included, across
4704-488: The eve of the pandemic, to the highest level in two decades. The analysis found that grocer margins had remained elevated as the inflation surge eased, though margins for other types of retailers had fallen back to historical levels. President Joe Biden and others asserted that shrinkflation , a practice of reducing portion or quantity sizes of packaged foods while maintaining the same price, was keeping profit margins higher than usual. The Federal Trade Commission released
4802-399: The exosphere, took place on May 24, 2022. This was followed by installation of the interior and exterior LED screens. The latter was illuminated for the first time on July 4, 2023, during Independence Day celebrations. Sphere soon went viral for its display of images. On April 20, 2023, the venue's owner Madison Square Garden Entertainment (which had, in turn, been spun off from
4900-464: The financial impact of the pandemic. The film Postcard from Earth , directed by Darren Aronofsky , debuted on October 6, 2023. The show is preceded by the "Sphere Experience", a demonstration of the venue's capabilities that utilizes animatronic robots and holographs. V-U2 An Immersive Concert Film , which documents U2's residency at Sphere, was released on September 5, 2024. It was directed by Morleigh Steinberg and her husband, U2 guitarist
4998-457: The first increase in three years, followed by 50 basis points in May, then a succession of four 75 basis point hikes in each of June, July, September, and November. Some analysts considered these increases late and dramatic, arguing they might induce a recession. The combined moves put the fed funds rate at its highest level since the onset of the Great Recession in early 2008. Inflation in
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#17328633143335096-499: The floorboards. Using beamforming capabilities, the Holoplot X1 speakers can digitally aim sound at specific spots in the audience and deliver a consistent volume to every seat in the venue, even over long distances; in Sphere, the system offers 110 metres (360 ft) of sound coverage to reach the furthest seats. The Holoplot X1 arrays can also use wave field synthesis to create a virtual point of origin for sound waves and to place them in precise spatial locations, regardless of
5194-509: The growth to the inflation surge. Fed chairman Jerome Powell said in December 2021 that the once-strong link between the money supply and inflation "ended about 40 years ago," due to financial innovations and deregulation. Powell's immediate predecessors, Ben Bernanke and Alan Greenspan , had previously concurred with this position. The broadest measure of money supply, M3, increased about 45% from 2010 through 2015, far faster than GDP growth, yet
5292-474: The heaviest lift up to that point, with the installation of two 240-ton steel girders. MSG took over as general contractor in December 2020, although AECOM continued to provide support. A 170-ton steel compression ring was added in February 2021, marking the heaviest lift of the entire project. Due to its size, the ring had to be assembled at the construction site. Work crews spent three weeks welding and bolting
5390-502: The housing shortage surged 52% between 2018 and 2020. According to a 2024 study by the European Central Bank , weather and climate change should increase food inflation by more than 0.1% per month. Increased insurance premiums have also occurred in areas that experienced more frequent and intense wildfires and floods due to climate change. In the United States, some Democratic politicians, economists and observers have contended that price gouging and ' greedflation ' exacerbated
5488-460: The increase in euro area inflation during the preceding two years. A December 2023 paper published by the UK-based Institute for Public Policy Research and Common Wealth think tanks stated that corporate profiteering played an important role in the inflation spike of 2022. Corporate profits surged while wages failed to keep pace with rising prices, resulting in the working class suffering
5586-417: The inflation rate declined during that period — the opposite of what monetarism would have predicted. A lower velocity of money than was historically the case was also cited for a diminished effect of growth in the money supply on inflation. Lags in the construction of new housing were cited as a major factor in inflation in the US, with Katy O'Donnell of Politico arguing that housing shortages were
5684-448: The inflation rate in the United States had declined five months straight while job creation remained strong and third quarter real GDP growth was 3.2% on strong consumer spending, leading a growing number of investors to conclude a hard landing might be averted. Mark Zandi , chief economist of Moody's Analytics , analyzed United States Consumer Price Index components following the May 2022 report that showed an 8.6% inflation rate in
5782-418: The inflation surge in the United States. They argue that the market concentration that has occurred in recent decades in some major industries, especially retailing, has given companies the ability to wield near-monopolistic pricing power . Many economists responded by noting that if these large corporations indeed had so much market power, they could have used it to increase prices at any time, regardless of
5880-453: The inflation to rise further in 2022, peaking at 9.1%, a high not seen since 1981. The housing shortage has been cited as a major factor in inflation in the US, with Katy O'Donnell of Politico arguing that housing shortages were the single biggest contributor to inflation. Reuters noted how shelter costs or 'shelter inflation' surged during the pandemic. In July 2022, the Fed increased
5978-580: The intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=MSG_Sphere&oldid=1190476688 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Sphere (venue) Sphere (also called Sphere at the Venetian Resort ) is a music and entertainment arena in Paradise, Nevada , United States, east of
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#17328633143336076-564: The interest rate for the third time in the year, yet inflation remained high outpacing the growth in wages and spending. According to the Economic Policy Institute the minimum wage was worth less than any time since 1956 due to inflation. Nevertheless, the hikes were seen as faster and sooner than the response by the European Central Bank, so while the euro fell, the dollar remained relatively strong, helping it to be
6174-547: The interior. It was designed and manufactured by SACO Technologies, a Canadian company based in Montreal specializing in LED video displays and lighting. With a 16,000 × 16,000 resolution , it is the highest-resolution LED screen in the world, according to Sphere Entertainment. In describing the number of pixels on screen, media sources have reported figures ranging from 189 to 254 million diodes to 268,435,456 pixels. The screen consists of 64,000 LED panels, each controlled by
6272-508: The largest decline in disposable and discretionary income since World War II . 2024 studies by the Groundwork Collaborative had similar findings. Shortly after initial energy price shocks caused by the Russian invasion of Ukraine subsided, oil companies found that supply chain constrictions, already exacerbated by the ongoing global COVID-19 pandemic , supported price inelasticity, i.e., they began lowering prices to match
6370-447: The last thirty years, soaring by 6.2% from the previous year, things like restaurant prices to clothes and the most popular being fuel, have drastically increased. Fuel prices rose by 49% from January to June 2022 in the United States. During the pandemic, the number of workers working worldwide plunged and had an immediate impact on the United States as less than a third of the global population has been vaccinated. Countries that supplied
6468-406: The more valuable currency for the first time in 20 years. On July 27, the Fed announced a fourth rate rise by 0.75 points, bringing the rate to a range between 2.25% and 2.5%; although an expected move to combat the inflation, the rise has been seen more cautiously as there are signs that the economy is entering a recession , which the rate rises could potentially aggravate. On July 28, data from
6566-523: The most expensive entertainment venue built in the Las Vegas Valley. Sphere opened on September 29, 2023, with Irish rock band U2 beginning a 40-show residency called U2:UV Achtung Baby Live at Sphere . Director Darren Aronofsky 's docu-film Postcard from Earth opened on October 6, 2023. The project, known then as the MSG Sphere, was announced in February 2018. The project was initially
6664-532: The most likely to have encountered a 25% or more rise in energy spending, while the construction sector had the lowest number of firms suffering a 25% or greater increase in energy spending, although more than half of firms reported this. Some economists attribute the U.S. inflation surge to product shortages resulting from the global supply-chain problems , itself largely caused by the COVID-19 pandemic. This coincided with strong consumer demand, driven by low unemployment and improved financial conditions following
6762-532: The onset of the pandemic, followed by above-average prices which exacerbated the perceived inflation. Analysis published in June 2023 by the Bureau of Labor Statistics found that from February 2020 through May 2023, gasoline retailing profit margins had increased 62%. An analysis published in early 2024 by the White House Council of Economic Advisers found that grocery and beverage retailers had increased their margins by nearly two percentage points since
6860-411: The opening of U2 's concert residency U2:UV Achtung Baby Live at Sphere . It marked the group's first live show since 2019. Sphere plans on hosting four to six residencies each year. The company also debuted its first feature film, Postcard from Earth by director Darren Aronofsky , at Sphere on October 6, 2023. The venue will employ up to 3,000 people. Since opening, Sphere has operated on
6958-566: The pandemic. In 2022, several economists stated that price gouging could be a minor contributor to continuing inflation, but it is not one of the major underlying causes that started this surge. Justin Wolfers , an economist at the University of Michigan quotes Jason Furman , who served as chair of the Council of Economic Advisers under President Obama said, "Blaming inflation on [corporate] greed
7056-547: The pandemic. The higher demand caused by the U.S. government's $ 5 trillion aid spending exacerbated supply-side issues in the United States; according to the Federal Reserve Bank of San Francisco researchers, this contributed 3 percentage points to inflation by the end of 2021. They argued that the spending measures were nevertheless necessary to prevent deflation , which would have been harder to manage than inflation. Consumer prices have reached an all-time high within
7154-408: The prefabricated steel pieces together, and the crane was then used to lift the ring into place. The dome's roof required 3,000 tons of steel. The roof started to take shape in March 2021, as crews began the installation of 32 trusses , each one weighing 100 tons. Truss installation reached the midway point in May 2021, and the crane had to be moved to the southern side of the property to install
7252-437: The price level . Tax cuts are generally viewed as inflationary while tax hikes are usually viewed as deflationary. Milton Friedman , a libertarian-conservative monetary economist who was awarded the 1976 Nobel Prize in economics , said in 1963 that "inflation is always and everywhere a monetary phenomenon." Austrian school economist Gottfried von Haberler amplified Friedman in 1985, asserting, "there has never been
7350-555: The price of Brent Crude Oil per barrel rose from $ 97.93 on February 25 to a high of $ 127.98 on March 8, this caused petrochemicals and other goods reliant on crude oil to rise in price as well. The effect of sanctions on the Russian economy caused annual inflation in Russia to rise to 17.89%, its highest since 2002. Weekly inflation hit a high of 0.99% in the week of April 8, bringing YTD inflation in Russia to 10.83%, compared to 2.72% in
7448-639: The purchasers threatening to fine them." Some suppliers, however, were already contractually bound to supply other retailers. FTC chair Lina Khan said "dominant firms used this moment to come out ahead at the expense of their competitors and the communities they serve." Although the pace of grocery price increases had abated since the 2022 surge, prices had not since fallen overall by 2024. Retailers have said they planned smaller price increases in 2024 as consumers had begun to push back against high prices, causing some retailers to lose sales. The FTC also objected to continued elevated profit margins as evidence that there
7546-409: The remainder. Because of its size, the crane's relocation took two days. The dome was topped off on June 18, 2021, and work was already underway on an external exosphere which would be built around the dome. The exosphere is made of LED light panels which are visible from several miles away and is 30 percent taller than the dome. Work on Sphere's interior began in August 2021. Upon completion of
7644-446: The roof's steel frame, 6,000 cubic yards (4,600 m ) of concrete were then pumped onto the roof. This formed a layer measuring 10 inches (250 mm) in thickness, and weighing approximately 10,000 tons. The roof was finished in October 2021. Crews then turned their focus to the 730-ton steel interior frame which supports the LED screens and audio system. Work on the interior frame continued into 2022. A second topping out, for
7742-491: The sale, the land beneath the Venetian Resort and Sphere was purchased by Vici Properties . The sphere-shaped project was designed by Populous , with an interior that includes the world's largest LED screen. MSG initially estimated the project cost at $ 1.2 billion. In February 2020, the company said the cost had increased to $ 1.66 billion as a result of design changes consisting of guest enhancements. The cost continued to increase, eventually surpassing $ 2 billion due to
7840-544: The same period of 2021. While most countries saw a rise in their annual inflation rate during 2021 and 2022, some of the highest rates of increase have been in Europe , Brazil , Turkey and the United States . By June 2022, nearly half of Eurozone countries had double-digit inflation, and the region reached an average inflation rate of 8.6%, the highest since its formation in 1999. In response, at least 75 central banks around
7938-403: The screen to pass through. The building's exosphere features a 580,000-square-foot (54,000 m ) LED display also designed by SACO Technologies; it was the world's largest at the time the venue opened. It comprises 1.23 million puck-shaped LEDs spaced 8 inches (20 cm) apart, each containing 48 diodes. Visuals displayed on the exosphere have included a Halloween jack-o'-lantern,
8036-408: The second half of 2022. In January 2023, the Federal Reserve Bank of Kansas City , released a study which stated that "...markup growth likely contributed more than 50 percent to inflation in 2021, a substantially higher contribution than during the preceding decade. However, the markup itself is determined by a host of unobservable factors, ... We conclude that an increase in markups likely provides
8134-432: The single-biggest contributor to inflation. The U.S. Census Bureau found that if housing costs were taken out, inflation at the end of 2023 would have been 1.8% instead of 3.2%. Reuters noted how shelter costs or 'shelter inflation' surged during the pandemic. Artificial scarcity in the supply of housing, due to NIMBYism , has been a significant factor in making housing more expensive. Freddie Mac estimated that
8232-530: The site for construction. AECOM was named as the general contractor in June 2019. The project had 400 construction workers. This number was expected to eventually reach a peak of 1,500. Construction of the basement was underway in July 2019. By October 2019, construction crews had completed the 80,000 sq ft (7,400 m ) basement as well as the first ground level of the venue. The basement area will be used as public space for events. Excavation went as deep as 21 feet (6.4 m) for construction of
8330-403: The sixth level and 108 feet (33 m) above ground. The project had been scheduled to open in 2021. However, MSG announced on March 31, 2020, that construction would be suspended due to the COVID-19 pandemic . The project experienced a disruption in its supply chain, a result of the pandemic, and this hindered construction progress. All construction work on the project was expected to come to
8428-441: The stock-piling of non-perishable items, as a reaction to the surging inflation. Karim Al Bitar , head of consumer research and market intelligence at MENA, said that the company is considering making some products "more affordable" to consumers. In Turkey , retail prices rose 9.65% in December compared to November, for an annual rate of 34%. Some of the largest increases were for electricity, natural gas, and gasoline. The economy
8526-451: The surge; economists argue that the government's COVID stimulus during 2020 under Trump, as well as the Federal reserve's inactions, and more stimulus under Biden, started the 2021 inflation spike. In March 2023, Federal Reserve chairman Jerome Powell said that currently the primary drivers of inflation are supply chain problems, consumers' change to purchases of goods rather than services, and
8624-438: The third and fifth floors. The arena will primarily host award shows and concerts, in addition to other entertainment events. Though not designed to fit a traditional arena layout for sports such as basketball and ice hockey, it can host ring sports events such as boxing and mixed martial arts , as well as esports tournaments. The venue is equipped with a 160,000-square-foot (15,000 m ) LED screen that wraps around
8722-409: The tight labor market. A 2022 analysis by the Federal Reserve Bank of Kansas City ascertained the role America is playing in the current inflationary trend worldwide. Before 2019, the U.S. was seen as a last resort for consumer spending during a global recession , but after 2020, U.S. exports have contributed to foreign inflation. At the same time, energy prices have gone up as well as the value of
8820-469: The venue's seats. The property includes 304 parking spaces, while additional spaces will be available at the parking garages for the nearby Venetian, Palazzo , and Venetian Expo . A 1,000-foot (300 m) pedestrian bridge connects Sphere to the expo, and there are plans to build a new Las Vegas Monorail station to serve Sphere and the Venetian. However, these plans were put on hold in April 2020, due to
8918-412: The world by increasing interest rates or making changes to other policies. Higher interest rates make borrowing more expensive, reducing consumption. This is put into place purposely to maintain a level of consumption that will contribute to a steady level of inflation or decrease it, this is also known as inflation targeting . Deficit spending increases inflation, as detailed in the fiscal theory of
9016-754: The world have aggressively increased interest rates . However, the World Bank warns that combating inflation with rate hikes has increased the risk of a global recession. (excluding high income) Countries in North Africa were disproportionally affected by inflation. Tunisia went through a crisis triggered by soaring energy prices and unprecedented inflation of foods in 2022. Moroccan household finances also were negatively affected by imported inflation . Annual inflation rates in North African countries rose to 15.3 percent compared to 6.4 percent in 2021, according to
9114-442: Was a transitory effect of the world's emergence from the pandemic, or whether it would be persistent. Economists Larry Summers and Olivier Blanchard warned of persistent inflation, while Paul Krugman and U.S. Treasury Secretary Janet Yellen argued it would be transitory. Inflation continued to accelerate during 2021 and into 2022. In response, the Federal Reserve increased the fed funds rate by 25 basis points in March 2022,
9212-686: Was caused by the invasion. Russian gas supply curbs, which began in 2021, aggravated energy crunch caused by demand growth and global supply limitations during the post-pandemic restrictions recovery. In Europe, gas prices increased by more than 450%, and electricity by 230% in less than a year. On February 22, 2022, before the Russian invasion, the German Government froze the Nord Stream 2 pipeline between Russia and Germany , causing natural gas prices to rise significantly. On February 24, Russian military forces invaded Ukraine to overthrow
9310-823: Was discussing building of a new venue to be used for K-pop concerts in Hanam , South Korea . After discussions stalled for South Korea and also Saudi Arabia, MSG was in talks with developers in United Arab Emirates to build a second location in Abu Dhabi . On October 15, 2024, Sphere Entertainment confirmed that a second Sphere, identical to the one in Las Vegas, would be built in Abu Dhabi. Sphere Studios, originally MSG Sphere Studios, opened in Burbank, California , in May 2022. The facility handles production and post-production work for
9408-610: Was further strained by a currency crisis caused by a series of rate cuts by the central bank; the Turkish lira lost 44% of its value against the dollar in 2021. By August 2022, Turkey's inflation rate was 80.21%. According to the IMF, median inflation approached 9% in August. Rising prices of food and "tradable goods like household products" have contributed most to this increase. In the United States, price increases for gasoline, food, and housing drove inflation in 2021. Higher energy costs caused
9506-460: Was not enough competition in the grocery sector. The FTC and several state attorneys general in February 2024 sued to block a proposed $ 25 billion merger between large grocery chains Kroger and Albertsons , arguing the deal would reduce competition and likely lead to higher consumer prices. Kroger's top pricing executive wrote in a March 2024 internal email, "On milk and eggs, retail inflation has been significantly higher than cost inflation." In
9604-482: Was reported that the MSG Sphere would be built along with new bars, private suites, a museum and retail space. AECOM began working on the site in February 2019, through a preliminary agreement. AECOM had worked on several other stadiums, including the T-Mobile Arena in Las Vegas. Excavation was underway in March 2019. Approximately 110,000 cubic yards (84,000 m ) of dirt and caliche were excavated to prepare
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