There’s no denying that Billy Joel is one of the most iconic figures in music, and that’s true whether he’s playing Madison Square Garden in New York City or any of the stadiums or amphitheaters around the world. The famed singer, songwriter and piano player closed out his popular Madison Square Garden residency on July 25, 2024, with his 150th concert at the venue, and it was a big affair.
As it turns out, Joel was a big part of the success of Madison Square Garden. In fact, the end of his residency resulted in a major decline in revenue for the venue.
According to a new report from Billboard, Madison Square Garden Entertainment reported a 74 percent decrease in profit for its fiscal year on Aug. 13, due to the company hosting fewer events at the Garden and Joel ending his decade-long residency.
Billboard states that “MSG Entertainment’s reported net income, the profitability metric often called the bottom line, fell to $37.4 million for fiscal 2025 from $144.3 million in fiscal 2024, while total revenue declined 2 percent to $947.2 million.” Also, “the company’s share price was down more than 10 percent at 2 p.m. ET.”
According to MSG Entertainment CFO David Collins, Joel ending his longtime Madison Square Garden residency contributed to the year-over-year decline in concerts that took place at the venue.
In an interview that aired on the Sunday TODAY show on July 14, 2024, Joel talked about his residency ending. He said that he was nostalgic about it but also had some health issues, so it was time.
“Well, I’m kind of sad that it’s ending,” Joel, 75, said, as reported in a separate Billboard article. “You know, 10 years in Madison Square Garden is beyond my dreams as a musician. We were the house band for 10 years at the Garden, which I think is the best performance venue in the world.”
He added, “I’ve played all kinds of stadiums, arenas, coliseums, theaters, the Garden is the best sound. And it’s in New York, which is usually a crazy audience and they make a lot of noise and we have fun.”
Let’s hope the venue can find another blockbuster talent to take up a residency there or at least book more concerts in the coming years.
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Madison Square Garden Reveals Devastating Profit Without Billy Joel first appeared on Men’s Journal on Aug 14, 2025
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