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MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 FOURTH QUARTER AND FULL YEAR RESULTS

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Fiscal 2024 Revenues of $959.3 Million, up 13% Versus Prior Year and Above High-End of Guidance Range(1)

Fiscal 2024 Operating Income of $111.9 Million and AOI of $211.5 Million, Both Above High-End of Guidance Range(1)(2)

NEW YORK, Aug. 16, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2024.

Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the Company hosted approximately 6.3 million guests at over 960 events, which reflects robust growth in the number of events in the Company’s bookings business, as well as regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024. Positive operating momentum throughout the year led the Company to increase its financial guidance twice during fiscal 2024. A strong fiscal fourth quarter led by The Garden resulted in full year financial results that exceeded the high-end of the Company’s guidance ranges for revenues, operating income and adjusted operating income.(1)(2)

Financial results for the three and twelve months ended June 30, 2024 reflect the Company on a fully standalone basis. Results for the prior year through April 20, 2023, which was the date of the spin-off from Sphere Entertainment Co. (“Sphere Entertainment”), are presented in accordance with generally accepted accounting principles (“GAAP”) for the preparation of carve-out financial statements. These prior year results (through April 20, 2023) do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and twelve months ended June 30, 2024 are not fully comparable with results for the prior year periods.

For fiscal 2024, the Company reported revenues of $959.3 million, an increase of $107.8 million, or 13%, as compared to the prior year. In addition, the Company reported operating income of $111.9 million, an increase of $6.9 million, and adjusted operating income of $211.5 million, an increase of $9.9 million, both as compared to the prior year.(2)

For the fiscal 2024 fourth quarter, the Company reported revenues of $186.1 million, an increase of $38.1 million, or 26%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $8.9 million and adjusted operating income of $13.1 million, representing improvements of $12.9 million and $12.4 million, respectively, as compared to the prior year quarter.(2)

Executive Chairman and CEO James L. Dolan said, “We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our Company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025.”

Results for the Three and Twelve Months Ended June 30, 2024 and 2023:

Three Months Ended

Twelve Months Ended

June 30,

Change

June 30,

Change

$ millions

2024

2023

$

%

2024

2023

$

%

Revenues

$    186.1

$    147.9

$     38.1

26 %

$    959.3

$    851.5

$   107.8

13 %

Operating Income (Loss)

$       (8.9)

$     (21.8)

$     12.9

59 %

$    111.9

$    105.0

$       6.9

7 %

Adjusted Operating Income

$      13.1

$        0.7

$     12.4

NM

$    211.5

$    201.6

$       9.9

5 %

 

Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.

(1)

The Company’s most recent financial guidance for fiscal 2024 was for revenues of $940-$950 million, operating income of $100-$110 million, and adjusted operating income of $200-210 million.

(2)

See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. During the third quarter of fiscal 2024, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp.  (“MSG Sports”) is no longer excluded in all periods presented. For the three and twelve months ended June 30, 2024, the non-cash portion of operating lease revenue was $2.5 million and $25.3 million, respectively, and for the three and twelve months ended June 30, 2023 the non-cash portion of operating lease revenue was $1.5 million and $26.5 million, respectively.

 

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2024 fourth quarter revenues from entertainment offerings of $142.9 million increased $23.3 million, or 20%, as compared to the prior year period, primarily due to higher event-related revenues, an increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements and, to a lesser extent, an increase in venue-related sponsorship, signage and suite license fees.

Event-related revenues increased $13.2 million, primarily due to an increase in the number of concerts at The Garden as compared to the prior year quarter.Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $7.7 million, primarily due to higher suite license fee revenues as compared to the prior year quarter.Venue-related sponsorship, signage and suite license fees revenues increased $1.5 million as compared to the prior year quarter.

Fiscal 2024 fourth quarter arena license fees and other leasing revenues of $8.5 million increased $3.6 million, or 75%, as compared to the prior year period, primarily due to higher arena license fees, the result of more Rangers and Knicks regular season games played at The Garden as compared to the prior year quarter.

Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $99.7 million increased $11.7 million, or 13%, as compared to the prior year quarter. 

Event-related expenses increased $5.1 million, primarily due to higher expenses incurred as a result of the increase in event-related revenues.Expenses associated with the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $5.8 million, primarily due to higher expenses incurred as a result of the increase in suite license fee revenues.

Food, Beverage and Merchandise
Fiscal 2024 fourth quarter food, beverage and merchandise revenues of $34.7 million increased $11.2 million, or 48%, as compared to the prior year period. This reflects higher food and beverage sales at Rangers and Knicks games at The Garden (primarily due to more regular season and playoff home games) and, to a lesser extent, an increase in food and beverage sales at concerts and other live sporting and entertainment events at the Company’s venues, all as compared to the prior year quarter.

Fiscal 2024 fourth quarter food, beverage and merchandise direct operating expenses of $22.7 million increased $8.1 million, or 56%, as compared to the prior year quarter, primarily driven by the related increase in food and beverage revenues.

Selling, General and Administrative Expenses
Fiscal 2024 fourth quarter selling, general and administrative expenses of $55.8 million increased $3.1 million, or 6%, as compared with the prior year period.  Fiscal 2024 fourth quarter results reflect the Company on a fully standalone basis. Results for the fiscal 2023 fourth quarter reflect the allocation of corporate and administrative costs based on the accounting requirements for the preparation of carve-out financial statements through the April 20, 2023 spin-off date and reflect the Company on a fully standalone basis for the balance of the fiscal 2023 fourth quarter. Therefore, results for the fiscal 2023 fourth quarter do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the entire period.

Operating Income and Adjusted Operating Income
Fiscal 2024 fourth quarter operating loss of $8.9 million improved $12.9 million and adjusted operating income of $13.1 million increased $12.4 million, both as compared to the prior year quarter. The improvement in operating loss and the increase in adjusted operating income were primarily due to higher revenues, partially offset by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.

About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the third quarter of fiscal 2024, the Company amended its definition of adjusted operating income (loss) so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in the calculation of adjusted operating income (loss) in all periods presented.

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, and (viii) amortization for capitalized cloud computing arrangement costs. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072

Justin Blaber
Vice President, Financial Communications
Madison Square Garden Entertainment Corp.
(212) 465-6109

Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076

Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until August 23, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations/

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

Twelve Months Ended

June 30,

2024

2023

2024

2023

Revenues

Revenues from entertainment offerings

$       142,872

$       119,554

$       723,897

$       643,885

Food, beverage, and merchandise revenues

34,713

23,521

162,092

135,933

Arena license fees and other leasing revenue

8,489

4,860

73,276

71,678

Total revenues

$       186,074

147,935

959,265

851,496

Direct operating expenses

Entertainment offerings, arena license fees, and other leasing
direct operating expenses

(99,716)

(88,011)

(475,502)

(420,301)

Food, beverage, and merchandise direct operating expenses

(22,661)

(14,520)

(93,334)

(79,628)

Total direct operating expenses

(122,377)

(102,531)

(568,836)

(499,929)

Selling, general and administrative expenses

(55,807)

(52,679)

(206,963)

(180,216)

Depreciation and amortization

(13,904)

(14,094)

(53,876)

(60,463)

Gains, net on dispositions

—

—

—

4,361

Restructuring charges

(2,846)

(421)

(17,649)

(10,241)

Operating (loss) income

(8,860)

(21,790)

111,941

105,008

Interest income

701

1,440

2,976

7,244

Interest expense

(14,193)

(13,814)

(57,954)

(51,869)

Other (expense) income, net

(3,127)

10,605

(4,672)

17,389

(Loss) income from operations before income taxes

(25,479)

(23,559)

52,291

77,772

Income tax benefit (expense)

92,406

(924)

92,009

(1,728)

Net income (loss)

66,927

(24,483)

144,300

76,044

Less: Net loss attributable to nonredeemable noncontrolling
interest

—

—

—

(553)

Net income (loss) attributable to MSG Entertainment’s
stockholders

$         66,927

$       (24,483)

$       144,300

$         76,597

Earnings (loss) per share attributable to MSG
Entertainment’s stockholders:

Basic

$             1.42

$           (0.47)

$             2.99

$             1.48

Diluted

$             1.41

$           (0.47)

$             2.97

$             1.47

Weighted-average number of shares of common stock:

Basic

47,067

51,819

48,275

51,819

Diluted

47,599

51,819

48,589

52,278

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:

Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Company’s Employee Stock Plan, Sphere Entertainment’s Employee Stock Plan, the Company’s Non-Employee Director Plan and Sphere Entertainment’s Non-Employee Director Plan.Gains, net on dispositions. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.

Three Months Ended

Twelve Months Ended

June 30,

June 30,

$ thousands

2024

2023

2024

2023

Operating (loss) income

$         (8,860)

$       (21,790)

$      111,941

$       105,008

Depreciation and amortization

13,904

14,094

53,876

60,463

Share-based compensation

4,983

7,541

24,544

29,521

Gains, net on dispositions

—

—

—

(4,361)

Restructuring charges

2,846

421

17,649

10,241

Merger, spin-off, and acquisition related costs(1)

—

—

2,035

—

Amortization for capitalized cloud computing arrangement costs

172

431

1,008

600

Remeasurement of deferred compensation plan liabilities

63

(11)

452

121

Adjusted operating income(2)

$         13,108

$              686

$      211,505

$       201,593

_________________

(1)

This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.

(2)

During the third quarter of fiscal 2024, the Company amended the definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $4,159 and $42,769 of revenue collected in cash for the three and twelve months ended June 30, 2024, respectively, and $2,290 and $41,524 of revenue collected in cash for the three and twelve months ended June 30, 2023, respectively, and (ii) a non-cash portion of $2,467 and $25,299 for the three and twelve months ended June 30, 2024, respectively, and $1,467 and $26,545 for the three and twelve months ended June 30, 2023, respectively.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

 CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

June 30,

2024

2023

ASSETS

Current Assets:

Cash, cash equivalents and restricted cash

$         33,555

$         84,355

Accounts receivable, net

77,259

63,898

Related party receivables, current

17,469

69,466

Prepaid expenses and other current assets

90,801

77,562

Total current assets

219,084

295,281

Non-Current Assets:

Property and equipment, net

633,533

628,888

Right-of-use lease assets

388,658

235,790

Goodwill

69,041

69,041

Indefinite-lived intangible assets

63,801

63,801

Deferred tax assets, net

68,307

—

Other non-current assets

110,283

108,356

Total assets

$    1,552,707

$    1,401,157

LIABILITIES AND DEFICIT

Current Liabilities:

Accounts payable, accrued and other current liabilities

$       203,750

$       214,725

Related party payables, current

42,506

47,281

Long-term debt, current

16,250

16,250

Operating lease liabilities, current

27,736

36,529

Deferred revenue

215,581

225,855

Total current liabilities

505,823

540,640

Non-Current Liabilities:

Long-term debt, net of deferred financing costs

599,248

630,184

Operating lease liabilities, non-current

427,014

219,955

Deferred tax liabilities, net

—

23,518

Other non-current liabilities

43,787

56,332

Total liabilities

1,575,872

1,470,629

Commitments and contingencies

Deficit:

Class A Common Stock (a)

456

450

Class B Common Stock (b)

69

69

Additional paid-in capital

33,481

17,727

Treasury stock at cost (4,365 and 840 shares as of June 30, 2024 and June 30, 2023,
respectively)

(140,512)

(25,000)

Retained earnings (deficit)

115,603

(28,697)

Accumulated other comprehensive loss

(32,262)

(34,021)

Total deficit

(23,165)

(69,472)

Total liabilities and deficit

$    1,552,707

$    1,401,157

_________________

(a)

Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,556 and 45,024 shares issued as of June 30, 2024 and June 30, 2023, respectively.

(b)

Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2024 and June 30, 2023.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(in thousands)

(Unaudited)

Twelve Months Ended

June 30,

2024

2023

Net cash provided by operating activities

$       111,266

$       135,694

Net cash (used in) provided by investing activities

(62,371)

30,305

Net cash used in financing activities

(99,695)

(144,217)

Net (decrease) increase in cash, cash equivalents and restricted cash

(50,800)

21,782

Cash, cash equivalents and restricted cash, beginning of period

84,355

62,573

Cash, cash equivalents and restricted cash, end of period

$         33,555

$         84,355

 

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SOURCE Madison Square Garden Entertainment Corp.

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Tencent Brings Together AI and Games to Help Preserve and Share Cultural Heritage of New UNESCO Site in Jingdezhen

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July 25, 2026

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Tencent applies AI and games to protect, reconstruct, and promote one of the world’s oldest porcelain traditions at newly inscribed UNESCO siteDigital initiatives create a new model for technology-driven heritage preservation globally using a multimodal AI dataset, AI-assisted artifact restoration, and interactive virtual experiences

SHENZHEN, China, July 25, 2026 /PRNewswire/ — Tencent (00700.HK) today announced the launch of Digital Jingdezhen: Porcelain Craft Adventure, an AI-powered cultural heritage game that enables users to explore Jingdezhen’s porcelain-making traditions and experience traditional craft techniques through interactive play. The launch coincides with the inscription of the Jingdezhen Handicraft Porcelain Industry Sites on the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage List.

Digital Jingdezhen is part of a broader cultural innovation initiative that applies Tencent’s AI and game technologies. Guided by Tencent’s vision of “Tech for Good”, the initiative leverages digital preservation to keep Jingdezhen’s thousand-year-old porcelain culture alive and relevant today, creating a living heritage with sustainable value and broad public engagement, and building a model that could be carried to heritage sites around the world.

Digital Preservation: Restoring and Unlocking Heritage with AI

Jingdezhen has a thousand years of living heritage; centuries of tradition are still active in its kilns today. To preserve this legacy, a cornerstone of the project was the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset.

Over decades, historical records, heritage information, and craft specifications have accumulated into a massive volume of data. Tencent applied Optical Character Recognition (OCR), Natural Language Processing (NLP), and knowledge graph technologies to transform these dispersed materials into structured digital resources that can be analyzed, extracted, verified, and traced back to their original sources.

The dataset contains more than 30,000 documentary records, over 5,000 ceramic gene specimens, and data on nearly 1,000 representative ceramic artifacts in collections worldwide. It provides a digital foundation for cultural research, exhibition development, public interpretation and AI-powered heritage applications.

Building on this foundation, Tencent has developed a range of industry- and public-facing applications, including the Jingdezhen Ancient Ceramics Gene Database, the World Ceramics Interactive Map, and the Digital Jingdezhen AI Companion, providing researchers, heritage professionals, and the public with innovative AI-powered tools to explore and understand porcelain heritage.

Digital Activation: Bringing Jingdezhen’s Porcelain Heritage to Life Through AI and Games

To bring the public closer to Jingdezhen and its porcelain-making traditions, Digital Jingdezhen: Porcelain Craft Adventure utilizes AI-assisted Procedural Content Generation (PCG) to create the first large-scale digital recreation of the city’s five major porcelain heritage sites and historical production scenes. By rapidly mapping out town layouts and automatically generating architectural structures, decorative elements, and pedestrians, the technology brings Jingdezhen’s historic townscape back to life in the digital world.

The game also features high-quality AI digital humans built on large language models and the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset. Through AI voice-driven facial expressions and Tencent Games’ proprietary animation technology, it creates warm, human-centered interactive experiences that make historical knowledge tangible and relatable. At the same time, AI-powered 3D generation allows users to quickly transform an uploaded image into a 3D porcelain form, lowering the barrier to participation and enabling anyone to turn creative inspiration into tangible ceramic forms in the digital space.

Continuing Heritage: Mobilizing the Community

Ensuring the longevity of Jingdezhen’s legacy requires active public participation. Tencent developed the Digital Heritage Guardian (Jingdezhen), a volunteer program built within the Weixin ecosystem. The program enables the public to support the upkeep and stewardship of physical heritage sites, creating a practical channel for community involvement in heritage protection.

“Our work in Jingdezhen is a testament to how ‘AI for Good’ can breathe new life into ancient traditions,” said Zhan Shu, Head of Digital Culture Lab, Tencent. “Working alongside dedicated heritage experts, we have contributed our capabilities in AI and digital technologies to unlock decades of dormant archives for this incredible new UNESCO site. We are proud to help bridge the gap between the thousand-year porcelain heritage and the digital era, creating new ways for the global public to connect with Jingdezhen’s living history, and a model for heritage sites worldwide.”

For media queries, please contact: gc@tencent.com

About Tencent

Tencent is a global technology and entertainment company focused on creating connections and experiences that matter. Founded in 1998, Tencent is driven by its mission to create “Value for Users” and apply “Tech for Good.”

Tencent’s communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also develops and publishes some of the world’s most popular video games and other high-quality digital content, delivering rich and immersive interactive entertainment experiences. Tencent also offers a range of services such as cloud computing and other enterprise services to support our clients’ digital transformation and business growth. Headquartered in Shenzhen, Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

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SOURCE Tencent

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Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

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July 25, 2026

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Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities

… The initiative to support Korea’s Physical AI industry through an open ecosystem

The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region

SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.

The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.

At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.

“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung

Accelerating the Transition to a Physical AI Solution Company

Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.

A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.

Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.

By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.

Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.

Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level

During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.

“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung

The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.

Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.

Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:

World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.

In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.

Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.

Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders

Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.

“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung

NVIDIA – Advancing Physical AI infrastructure and talent development

Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.

In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.

Waymo – Strengthening autonomous driving collaboration

Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.

Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.

Google DeepMind – Accelerating next-generation humanoid robotics

Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.

Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.

Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future

Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.

“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung

Key initiatives to build an open ecosystem for robotics and AI innovation include:

Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.

The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries. 

Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.

Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:

Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure. 

In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.

Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.

Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom

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SOURCE Hyundai Motor Company

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Reliance Digital Brings Samsung’s Latest Galaxy Z Fold8 Series and Galaxy Z Flip8 to Stores Across India

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July 25, 2026

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Be among the first to own the new Samsung Galaxy Z Fold8 series and Galaxy Z Flip8. Customers can now pre-order the latest Galaxy foldables at Reliance Digital, with EMIs starting at ₹6000/month.

MUMBAI, India, July 25, 2026 /PRNewswire/ — Reliance Digital, India’s leading consumer electronics retailer, today announced the availability of Samsung’s latest generation of foldable smartphones – the Galaxy Z Fold8 Ultra, Galaxy Z Fold8 and Galaxy Z Flip8. Designed to deliver the next evolution of Galaxy AI, powerful performance and iconic foldable innovation, Samsung’s newest line-up is now available across Reliance Digital stores and online.

Built around Samsung’s vision of making AI more intuitive and personal, the new Galaxy foldables combine immersive displays, premium craftsmanship and intelligent experiences that seamlessly adapt to the way users work, create and stay connected.

Leading the line-up is the Galaxy Z Fold8 Ultra, Samsung’s most premium foldable yet. Featuring an expansive 8-inch Dynamic AMOLED 2X main display, a flagship 200MP camera, the latest Snapdragon® 8 Elite Gen 5 for Galaxy processor and a 5,000mAh battery, the device is engineered for users who demand the ultimate in productivity, creativity and entertainment. It is available in Graphite, Cream and Violet Shadow,.

The Galaxy Z Fold8 brings Samsung’s signature foldable experience in a more compact form factor, featuring a 7.6-inch Dynamic AMOLED 2X main display, a redesigned wider cover screen, Galaxy AI-powered multitasking and flagship-grade performance. Customers can choose from Lavender, Graphite and Cream colour options.

Completing the line-up is the Galaxy Z Flip8, Samsung’s most stylish foldable smartphone, designed for users who want flagship performance in a compact, pocket-friendly form. Equipped with a vibrant 6.9-inch Dynamic AMOLED 2X display, an enhanced FlexWindow, a 50MP camera system and Galaxy AI experiences, the Flip8 effortlessly blends fashion with functionality.

Customers can visit their nearest Reliance Digital store to experience the new foldables first-hand with guidance from Reliance Digital’s Tech Dosts, compare models, explore exclusive launch offers and Pre-order the Galaxy device that best fits their lifestyle. The complete Galaxy Z Fold8 series and Galaxy Z Flip8 are also available through Reliance Digital’s online platform, ensuring customers can be among the first to own Samsung’s latest foldable innovations.

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/reliance-digital-brings-samsungs-latest-galaxy-z-fold8-series-and-galaxy-z-flip8-to-stores-across-india-302834321.html

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