Cirque Du Soleil - Dartmouth

THE TUCK SCHOOL OF BUSINESS AT DARTMOUTH
Cirque du Soleil
Beyond Blue Oceans: Scaling Cirque du Soleil and the Evolution of the Business
Morimura, Weiss, Guillen, Marinho, Nakayama, Rodrigues
Nov. 2011
Entrepreneurship and Innovation Strategy
EIS Cirque du Soleil

Nahomi Morimura, Fabio Weiss Chaves, Rodrigo Guillen, Tulio Marinho, Heitor Nakayama, Alexandre Rodrigues
Beyond Blue Oceans: Scaling Cirque du Soleil and the Evolution of the Business
Introduction
Cirque du Soleil, or Circus of the Sun in English, was founded in 1984 by two street performers Guy
Lalibert and Daniel Gauthier in Montreal, Quebec. Their vision was to break away from the traditional
circus of animal acts while maintaining the cachet of its travelling Big Top and spectacular acrobatics.
Cirques first production Le Grand Tour du Cirque du Soleil toured successfully from 1984 to 1987 with the
help of a $1.5 million government grant as part of the 450th anniversary celebrations of Jacques Cartier's
discovery of Canada. In 1987, Cirque bet on its fate by participating in the Los Angeles Arts Festival with
literally just enough money for a one-way trip from their hometown. Their international debut turned
out to be a resounding success. At its humble beginnings, 73 people worked for the local entertainment
group, but by 2007, they had grown dramatically to employ 4,000 people from 40 nationalities and
generate $700 million in annual revenue; putting the enterprise value at just under $2 billion. Currently,
Cirque du Soleil presents 12 resident shows and 12 touring shows scattered across the United States,
Canada, and diverse countries in South America, Europe and Asia (Exhibit 1).
Exhibit 1 Cirque du Soleils presence around the globe

Each Cirque du Soleil show is a synthesis of entertainment from around the world, with its own central
theme and storyline. They reinvented the circus by mixing street performances with creative arts, live
music, and theatre. The new value they have created allowed for a very attractive and highly successful
business model. Cirques revenue generation model is significantly different from the traditional circus
and other shows which take place in civic arenas and sports stadiums. The show derives the great
majority of revenues from ticket sales, though sponsor partners and concession sales also contribute to
profit margins. By providing sophisticated entertainment,
Cirque du Soleil is able to sell their tickets at
a substantially higher price, in line with major theatre or opera tickets. While the audience for the
traditional circus performances was almost all families with free or discounted tickets for children, seats
for Soleil shows are generally sold at face value. For example, Vegas-based O sells the most expensive
seats at $110, but remains one of the hardest tickets to get. Shows are regularly sold out and have the
highest seat occupancy rate consistently at 85-95%.

Ecosystem
The Cirque du Soleil ecosystem, as shown in Exhibit 2, consists of a series of players that begins with the
show itself and terminates with the audience that watches it.
Exhibit 2 Cirque du Soleils ecosystem
Cirque du Soleil is an organization that is unwilling to compromise quality or artistic integrity, therefore,
the company does not outsource any activity regarding the creation and development of a particular
show. They are responsible for funding, designing, creating costumes, recruiting and training performers.
These artists are drawn to Cirque du Soleil without the promise of having their own show, but with the
possibility to be part of a multicultural, high quality and big scale production where they can set a career
and have artistic guidance.
In order to get the resulting show to the audience, Cirque has to consider two different paths: through
Event Promoters or through Partnerships.
Event Promoters function as the intermediaries that help to put on scene the 12 touring shows on the
road today. Cirque du Soleil has two different ways to negotiate the deals with a concert promoter, and
thus, the costs and risks taken by the promoters vary between these two options.

The simplest is the fixed show fee formula, in which the partner assumes responsibility for all costs and
revenues and pays Cirque a pre-established, fixed amount for the show. This option eliminates all the
demand risk for Cirque. In this scenario, the concert promoter is fully responsible for obtaining the
venue, all the logistics issues, pricing of the event or tour and securing proper sponsorship and
advertisement for the show.
The most common formula used, however, is the Rock & Roll model, under which the profits are
shared, with a percentage going to the artist (i.e., Cirque) and the remainder going to the promoter.
Typically, a percentage of box office revenue and merchandise sales is also paid to the artist in the form
of royalties1. The costs incurred by each party are deducted from the remaining gross sales and the
profits are divided as per the agreement signed between the two parties2.
Another relevant cost for the event promoters is the opportunity cost of their time and money to fund an
event or tour from the Cirque du Soleil instead of another show or concert. Also, in both options, risks for
event promoters rely on the probability of having revenues higher than costs, or profits, which are largely
determined by the success or audience attendance to the shows.
On the other hand, the benefits for the event promoters are the potential profits of the event or tour and
long-term relationship with Cirque du Soleil. Because Cirque has proven to produce profitable and highattendance events worldwide, it has become a highly demanded event for promoters; therefore, if a
concert promoter complies accordingly with the requirements and helps for the event or tour success
they could increase the chance to secure promotion of further shows.
Between the event promoters and the audience there are still three important players in the Cirque du
Soleil ecosystem. These are the venues owners, the ticket sellers and the event sponsors. All these
three players are usually contacted by the event promoters and have their costs, risks and benefits of
having an event from the Cirque du Soleil similar to those costs, risks and benefits of having a different
event such as music concert, theatrical play or other entertainment event of the same magnitude
(considering both regular theatre and arena shows made possible through a partnership with Live
Nation). These players dont face any exceptional risk and dont benefit from unique opportunities by
1
2
Royalties can range from 0 to 25%. In the entertainment industry, a 10% royalty is typically negotiated.
Generally speaking, the artist receives a higher percentage than the promoter.

dealing with a Cirque du Soleil production, for them, Cirque represents only another event to their
business opportunities.
Partnerships are the second path on which Cirque du Soleil relies to make its shows available to the
audience. Cirque du Soleil partnerships with big entertainment corporations have helped them to have
12 resident shows currently playing around the world.
In order to accept a partnership, Cirque du Soleil needs to verify that the partner and the proposed show
comply with the following criteria:
Is there a creative challenge?
Can the partnership be sustainable in the long run?
Is there a good return to be made?
Will the partner adhere to Cirques social responsibility parameters3?
The most important Cirque du Soleil partner is the MGM Mirage. The partnership was based on an open
book policy, where each partner could ask to review the books of the other. Currently, this partnership
controls 7 Cirque du Soleil resident shows.
The costs for the MGM Mirage to take part in this partnership were the costs to construct the theaters
and purchase all the equipment needed plus 50% of the production costs of each show presented in their
hotels. Other costs include the show operating expenses charged by Cirque du Soleil that include artist
compensation, costume and artistic supply maintenance, show management, and artistic follow-up.
MGM Mirage also needs to pay box-office royalties for the creative concept to Cirque du Soleil.
MGM Mirage mitigated the risk of competition by stipulating since the initial deal that they (Mirage
Resorts at the time the deal was made) would remain the exclusive house of Cirque du Soleil in Las
Vegas. This clause shifted some of the negotiating power away from Cirque du Soleil and brought MGM
Mirage unimaginable dividends as Cirque became such a big success in the following years. However,
they face the risk of having to build a fully equipped theatre customized for a particular show. Even in
cases where the theatre could be used by any other show, the new show would have to adapt to the
HBS Cirque du SoleilThe High-Wire Act of Building Sustainable Partnerships Casewriters interview with Franois Macerola,
Montreal, May 2008

theaters built infrastructure unless new investment is made. Above all, the greatest risk this partner
faces is the same as that faced by the event promoters: the occupancy rate of the shows.
In terms of the benefits of partnering with Cirque du Soleil, as mentioned before, MGM Mirage had the
exclusivity in Las Vegas, once the shows were in operation, box-office receipts, net of all show and
theater expenses, were split 50/50. Also, MGM Mirage operates the theaters and, therefore, charges the
cost of most technicians, box office, ushers, cleaning, general facility management, and utilities. MGM
also charges a box-office rent to cover its initial investment. Another benefit is the drawing power of
Cirque du Soleil and its effect on ancillary activities at the casinos as it draws not only guests from the
host casino hotel, but also from other hotels who consequently increase the traffic and money left in the
casino (bets, food and drinks). An example of this is the Beatles Love opening at The Mirage in 2006,
where Bobby Baldwin (Mirage Resorts second in command) reported to Wall Street analysts in a 2005
fourth-quarter-earnings conference call that the EBITDA impact of the show, the new Beatles show, and
the expected traffic from that show would be calculated at 12.5 million for 2006 and 25 million in EBITDA
impact for 2007 and beyond.4
Other important partners include Disney (Orlando & Tokyo), Kodak Theatre (Los Angeles) and Las Vegas
Sands Corporation (Macao), where Cirque du Soleil has been able to add more resident events to their
portfolio, covering different geographies and securing partners for the long-term.
Audience is the last player of the Cirque du Soleil ecosystem. The typical audience of this type of show is
usually people with relatively high income that is willing to pay enough to see a high quality show. Their
costs regarding the Cirque du Soleil are just the price of the tickets and the opportunity cost of not going
to a different show. As Cirque du Soleil shows are not considerably priced higher than other high quality
shows available in the surrounding areas (e.g. Las Vegas), Cirque has continuously experienced a high
demand for their presentations, also caused by good impression and impact that the shows leave on the
audience. Therefore, the risk for the audience is just the risk of having a bad experience with the show, or
that the show did not fulfill the audiences expectations. However, this risk is easily mitigated by looking
in advance at the show and acts descriptions that can be found at Cirque du Soleil webpage. Finally the
benefits for the audience are the increased amount of options of shows available and also the way in
which Cirque du Soleil put the bar higher in terms of quality and creativity of shows.
MGM Mirage Q4 2005 Earnings Conference Call.

Growth and Scaling of Cirques Business Model
Cirque du Soleil started out with individual touring spectacles5 in the mid-1980s that that lasted about
one year and toured selected Canadian cities. After that, they came up with their first multi-year touring
show that travelled in North America and 2 European cities. In the second half of the 1980s Cirque had an
average of about 270,000 spectators per year.
Toward the end of the 1980s the company had several macro options to try to grow the business:
Expand the duration of an average tour
Expand the number of shows in a tour
Upgrade the tour infrastructure to support more spectators
Increase prices
Add more shows
Build partnerships to share risk & investments
The two prime avenues for growth that Cirque chose for the 1990s were to add more shows and to try to
expand the number of shows in a tour. This essentially meant that travel time between shows needed to
be minimized. Thus, they would have touring shows travelling within the US, within Europe and within
Asia. As a result of this policy, Cirque created three separate headquarters and P&Ls (North America,
Europe and Asia) and decentralized management. However, management soon found out that applying
the same concept across these three continents was not working well. The show in Asia, for instance, was
operating at about 65% capacity, while shows in the US were at around 90% capacity. The Asian
management tried to cut the pay of performers to meet its profitability targets, which lead to increasing
dissatisfaction amongst artists. Ultimately, the company decided to re-centralize the headquarters back
to Montreal, even though this would lessen the managerial urgency in developing overseas markets.
From then onwards Cirque used a mix of all the options cited earlier to grow.
Le Cirque du Soleil from 1984-1985; La Magie Continue in 1986 and We Reinvent the Circus from 1987-1990.

Exhibit 3 Cirque du Soleils growth across the decades

Firm Value
2000s
1990s
1980s
1 touring show
5 year tour
270,000 spectators per year
5 touring shows
1-2 resident shows (no travel)

~8 year tours
1-4M spectators per year
6 touring shows
2 arena shows (bigger venues)
9 resident shows (no travel)
1 seasonal resident show
12 year tour
6-10M spectators per year
Time
Even during its phenomenal growth in the late 90s, Cirque deliberately chose a strategy of exclusivity,
meaning that they resisted any requests for copies or duplications of its productions. They also chose not
to outsource any activity, unwilling to compromise on either quality or artistic integrity. While these
strategies proved to be at the heart of Cirques success, they also led to exponential complexity and
expansion of the organization, and eventually exhaustion among the star players. Since its inception
Cirque du Soleil relied on few star creators, like Franco Dragoni, who together with other important
creators ended up leaving the company in the late 1990s due to the stress of their pivotal roles and
increasing number of parallel productions being created. Cirque du Soleil then realized it had become
overly dependent on a few key creative resources. In a successful attempt to move away from its creative
prima donnas, Cirque formalized its creative process to ensure that creators could rotate between
functions and that every new production would have the Cirque du Soleil feel to it, even if hundreds of
creators and artists had worked on it.
Cirque du Soleil had to recognize that its touring model had its limitations. Even if tour planning was
optimized to reduce travel, a few weeks would be lost every year due to travel. Thus, Cirque du Soleil
experimented with three different models in parallel: (1) touring shows, (2) arena shows that travel and
8

(3) resident shows that do not travel. As the exhibit below shows, resident shows are more profitable
since they require less investment, and allow for more shows per year at higher ticket prices. Touring and
arena shows account for about 40% of Cirque du Soleils revenue, while resident shows account for
around 50%. The remaining 10% of revenues come from merchandise sales.
Exhibit 4 Cirque du Soleils revenue metrics by show type
Touring Shows
Arena Shows
Resident Shows
Shows per year: 375
Shows per year: 270-310
Shows per year: 480
Capacity per show: 2,500
Capacity per show: 8,000-12,000
Capacity per show: 1,800
Utilization: 80-90%
Utilization: N/A
Utilization: 90-95%
Ticket prices: $40-90
Capital investment: $50M
Capital investment: $50M+
Capital investment: $15M
Margins: Lower
Margins: Lower
Margins: Higher
Yearly revenues: $52M per show
Yearly revenues: $N/A
Yearly revenues: $100M per show
Some of Cirques key competencies permeate all three models, for instance market assessment,
advertising and spectacle creation. And yet, even the market assessment differs slightly across these
three models. For touring shows, the market assessment reviews whether there is sufficient demand,
how the show would fit into the calendar and how much logistical complexity is added (think material
movements, customs, local infrastructure, etc.). For resident shows, the market assessment also reviews
whether there is sufficient demand, and more importantly how Cirque du Soleils impacts on partners can
be leveraged in contract negotiations (in Las Vegas Cirque du Soleil shows have resulted in an increase of
20-23% in hotel attendance every time a new resident show opened).
Other key competencies are not comparable across shows. For instance, touring shows and arena shows
require very advanced tour planning and partnerships with locals (especially when entering new
markets). Resident shows on the other hand require a more rigorous and in depth screening of potential
partners (i.e. does the hotel have the long-term prospects of selling out shows for many years). More
importantly, since resident shows require long-term partnerships, the partner assessment needs to go
way beyond a pure financial exercise. One very effective way Cirque found to test the commitment of
partners is to ask partners to fully fund the construction of new venues. For instance with the MGM
Mirage in Las Vegas, Cirque du Soleil designed the following deal:
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MGM invests $150M in the construction of the theater and show equipment
MGM pays half of the production cost ($15M out of $30M)
MGM collects $12M rent and
Theater and show operations are covered at cost (total of $45M)
Cirque du Soleil receives a $13M creative royalty
The operating profit (around $30M) is split 50-50 among Cirque du Soleil and MGM.
Cirque du Soleil also tried to extend its concept, unsuccessfully to the real estate market. The idea was to
have real estate developers develop mix-used complexes with a Cirque du Soleil show and Cirque du
Soleil inspired restaurants, spas, museums and nightclubs. However, given Cirques lack of experience in
that field, it turned out to be too hard a sell and eventually they refrained from further pursuing the
opportunity.
After being bruised with the attempt to decentralize operations by geography, the company has not
again tried to move away from a central organization. In our assessment, since the three models (touring,
arena and resident) require different kinds of skills, it would make sense to separate the organization into
two: one business unit taking care of touring and arena shows and the other taking care of resident
shows globally. Common competencies to all three models, like market assessment, advertising and
spectacle creation would serve as shared services to the two business units.
In terms of future growth Cirque du Soleil needs to explore further growth options. Based on the number
of tourists and the average spending, we recommend that they seek expansion in London, NY, Sydney,
Dubai, Macau (Las Vegas of the East) and LA.
10

Exhibit 5 Tourism activity and spending

# Tourists
London
Berlin
Los Angeles
Tokyo
638
7,6M
610
1,9M
296
2,6M
Dubai
Macau
804
15,3M
New York
Sydney
Avg. Spending
6,5M
500
513
3,9M
620
2,7M
644
2,4M
Paris
551
8,8M
Cirque should run a test to better understand the economics of having resident shows in hotels without
casinos. We think it might make sense to develop such a model in cooperation with the Atlantis Palm in
Dubai, due to its integrated entertainment concept.
Exhibit 6 Non-gambling partnership opportunities
Develop Non-gambling
Partnership Model
Target: Atlantis Palm in Dubai
London
New York
Sydney
(1) Have touring show at Atlantis
Palm in Dubai
Facilities:
(2) Measure the financial impact
- Restaurants: 17
(3) Structure the deal
- Rates: $500-$5,500
- Rooms: 1,539
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Cirque du Soleil should first have a touring show in Dubai and subsequently measure the financial impact
on the hotel to gain better insights into how to best structure a win-win deal. This would then serve as a
template for future expansions of resident shows outside of casinos worldwide.
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Strategy Profile
Cirque du Soleils resident and touring/arena shows have different value chains, and as such, different
risks that should be evaluated separately. Both types of venues also share a set of common risks.
Resident shows: Cirque du Soleil leverages on partnerships to reduce risks and investments. It seeks out
mutually beneficial partnerships with travel agencies, entertainment companies and hotels. Cirques
partnership with MGM Mirage resorts in Las Vegas increases hotel utilization by around 20% and
consequently increases spending in the hotel as new guests spend on food, drinks and gambling. For
Cirque, this partnership helps reduce the risks of setting-up new shows and lowers its capital investment.
In terms of ticket sales, Cirque du Soleil is more similar to Broadway shows or Rock concerts than to
traditional circuses. Tickets are sold several months in advance through online merchants such as
Ticketmaster and Live Nation, travel agencies, and also through concierges at hotels.
Touring and arena shows: to be successful with touring performances, Cirque du Soleil needs to manage
different risks due to the itinerant characteristic of the production. One important risk lies in marketing
and in selling tickets in advance, especially in new markets. For instance, in Brazil, tickets are sold in
advance through local partnerships with American Express Brazil. The partnership provides incentives for
local partners to sell out every show and for Cirque du Soleil this means it does not have to worry about
adapting its marketing strategy and its own distribution channel to make sales. Another issue with the
touring model is the education of the children of the casting and the general staff. To overcome this
challenge, Cirque du Soleil provides private teachers that travel with each production to guarantee a
good education for the children in the troupe.
Some other pieces of the Cirques strategy are common across touring and resident shows.
Quality and consistency: An important point that makes Cirque du Soleil unique is the quality, the
consistency and the fact that each show is unique. The fact that each production is unique, rather than a
copy of one single show, makes it possible for Las Vegas to host 8 resident shows simultaneously and it
allows Cirques customers to return multiple times.
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Pricing and positioning: The quality and reputation of all Cirque du Soleil productions rewarded them
with the possibility to charge a premium price for their tickets. Attractions are positioned for an upscale
public that is less price sensitive.
Casting and staff: Cirque du Soleil has a no star policy aimed at mitigating the risk of losing well known
star performers or becoming vulnerable to churn or to very high salaries. Another key point on the
strategy of Cirque du Soleil is to maintain a broad diversity of the people working for each production.
The combination of all these factors results in a beneficial self-reinforcing cycle that is hard to break by
other players in the industry.
Exhibit 7 Self reinforcing cycle of Cirque du Soleils success
Premium
Prices & Margins
High End
Customers
Creativity,
Talent,
Partners
Custom
Productions
Unique
Experience
14

S-Curves and Pricing
The traditional circus business is about 200 years old and has not changed much over time. Traditional
circuses have been losing market share over time to newer leisure options such as movies, television,
ballet, operas, sport events etc. At the same time the demand for a Cirque du Soleil type of circus, that
incorporates elements of ballet and opera, has been growing.
Exhibit 8 Cirque du Soleil vs traditional circus demand S-curves
Circus demand
Cirque du Soleil
Traditional Circus
Current stage
Time
In other words, Cirques demand S curve peaks at a higher level than that of traditional circuses, among
other things, this translates into a price premium for Cirque du Soleil performances and very high profit
margins. To illustrate this fact, consider this: in 1997 there were approximately 90 travelling circuses in
the US, with the majority earning between US$ 50,000 and US$ 1,000,000 a year6. In comparison, a single
Cirque du Soleil resident show in Las Vegas is estimated to earn $28M in profits per year.
Because of the surge in demand created by Cirque du Soleil in this new, unexplored territory, many new
competitors started to copy Cirques business model, but so far they have not been able to fully compete
with the brand that Cirque established nor with their capacity to create new and innovative
performances and recruit the best artists. Several new circuses started to operate with the goal of
6
US Economic Census
15

delivering a similar experience but, even though they have not been as successful as Cirque du Soleil,
they are surfing the wave created by the Canadian group. For instance, the Australian Cirque Oz tried to
prevent Cirque du Soleil from getting a license to operate in their country. Later, after Cirque du Soleil
entered the market, Cirque Oz benefited from an increase in demand created by Cirques popularity
being spilled over to the entire category.
Comments by Cirque du Soleil management give us a hint about how close the company is to the plateau
of their technology S curve: some managers were afraid of Cirque losing its competitive creative edge as
it kept on increasing the number of performances. It was becoming increasingly difficult to both recruit
new artists and come up with new performances. These comments also point out the challenge of
keeping up with the expected value that their shows must deliver in terms of entertainment quality,
which will ultimately drive the price of tickets, occupancy rates and sales of merchandise and DVDs.
Exhibit 9 Cirque du Soleil vs traditional circus technology S-curves
Production quality
Cirque du Soleil
Traditional Circus
Current stage
Time
16

Conclusion
One of the most important issues regarding the future growth of Cirque du Soleil is whether it can
expand and adapt its resident show model outside of the hotel & casino realm (specially Las Vegas),
where it has been extremely successful. How would incentives and contract terms need to change if
Cirque du Soleil was to partner with a hotel without a casino? If the company manages to overcome this
challenge and is able to get it right again as it did when it first went to Las Vegas; there are many
destinations that could become home to a resident Cirque du Soleil production; and in this scenario, the
future of the company looks very promising. If the Cirques resident show model doesnt thrive outside of
the hotel & casino realm, there is a much more limited market left for Cirque to explore and the company
will have to focus its growth on the less profitable and less stable touring performance model.
Another big uncertainty is for how long can Cirque du Soleil continue to innovate. The most recent idea
they brought to market, to license big names of music (The Beatles, Elvis Presley and Michael Jackson),
create shows themed on these personalities and use their music was another home-run. But what comes
next? It has gotten increasingly difficult to find new talent. Technical wonders, such as water stages,
visual and sound effects, that Cirque has astonished millions of people with, will eventually become old
news. And the audience expectations will continue to rise as a consequence of everything Cirque du
Soleil has done to change this industry. There is no doubt that Cirque can overcome these challenges, but
this means that it will be more difficult every time.
Finally, theres competition. This is not a winner-take-all industry. Without a doubt, even if no other
company is up for the challenge yet, there is definitely room for a contestant in the market. And many
are trying. Competing hotels in Las Vegas that dont have access to Cirques productions, former
employees that have an insiders perspective on how the magic is created and independent companies
such as the Australian Oz are certainly on Cirques tail.
Given their established brand, their proven expertise, their long-standing relationships and their solid
balance sheet, Cirque du Soleil is definitely the best-prepared company to lead this industry in the next
years and push its growth. But the company will face a much tougher environment and will have to prove
itself again and again if it is to continue on its path of unparalleled success in the future.
17

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THE TUCK SCHOOL OF BUSINESS AT DARTMOUTH

Entrepreneurship and Innovation Strategy

EIS Cirque du Soleil

EIS Cirque du Soleil

Cirque du Soleil is able to sell their tickets at

EIS Cirque du Soleil

EIS Cirque du Soleil

EIS Cirque du Soleil

EIS Cirque du Soleil

MGM Mirage Q4 2005 Earnings Conference Call.

EIS Cirque du Soleil

Growth and Scaling of Cirques Business Model

EIS Cirque du Soleil

Exhibit 3 Cirque du Soleils growth across the decades

1-2 resident shows (no travel)

1-4M spectators per year

EIS Cirque du Soleil

Shows per year: 375

Shows per year: 270-310

Shows per year: 480

Capacity per show: 2,500

Capacity per show: 8,000-12,000

Capacity per show: 1,800

Ticket prices: $40-90

Ticket prices: $70-150

Ticket prices: $100-150

Capital investment: $50M

Capital investment: $50M+

Capital investment: $15M

Yearly revenues: $52M per show

Yearly revenues: $N/A

Yearly revenues: $100M per show

EIS Cirque du Soleil

EIS Cirque du Soleil

Exhibit 5 Tourism activity and spending

Target: Atlantis Palm in Dubai

(2) Measure the financial impact

(3) Structure the deal

EIS Cirque du Soleil

EIS Cirque du Soleil

EIS Cirque du Soleil

EIS Cirque du Soleil

S-Curves and Pricing

Exhibit 8 Cirque du Soleil vs traditional circus demand S-curves

EIS Cirque du Soleil

EIS Cirque du Soleil

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