Ticketing platform SeatGeek reported record fourth-quarter revenue in the company’s latest earnings report.
SeatGeek generated a record $82.5 million in revenue in Q4 2021, up from $4.8 million for the same period the year prior, by providing ticketing services to teams including the Dallas Cowboys, Brooklyn Nets, and Liverpool FC.
The strong results follow an underwhelming FY2020 for SeatGeek. The company saw its revenue drop from $142 million in 2019 to $33 million in 2020 largely due to the pandemic and fan limitations at in-person events. SeatGeek rebounded with $186.3 million in revenue in FY2021.
SeatGeek continues to diversify its portfolio through multiple sports in 2022.
- It secured a deal in January with Daytona International Speedway for the Daytona 500.
- In February, it agreed to a multiyear deal with the NWSL’s Kansas City Current.
- Earlier this month, it inked a multiyear partnership with the Citi Open tennis tournament.
In October 2021, SeatGeek went public via a merger with RedBall Acquisition Corp., valuing the combined entity at $1.35 billion. The merger with RedBall, a SPAC co-founded by Oakland A’s executive and minority owner Billy Beane, included a $100 million investment from Kevin Durant’s Thirty Five Ventures, Utah Jazz owner Ryan Smith, and other investors.
Piece of the Pie
SeatGeek has increased its market share year-over-year since 2017. The company has jumped from a 5% to 12% share of a live entertainment market valued at $126 billion.