Vivid Seats reported record quarterly revenue of $163.9 million in its fourth quarter, with a net income of $300,000. Full-year revenue reached $443 million, though the company reported a net loss of $19.1 million in its first year as a public company.
The ticket seller acquired daily fantasy sports app Betcha Sports during the quarter for an upfront purchase price of $25 million, with additional payments of up to $40 million.
On the company’s earnings call, Vivid Seats CEO Stan Chia highlighted that the acquisition will allow Vivid to “extend our marketplace technology into the online gaming sector, accelerating our journey into naturally adjacent areas.”
- Vivid Seats highlighted that Betcha’s interface “allows both casual and superfans multiple ways to enjoy the action” in its report.
- “We believe this acquisition can significantly increase our [total addressable market], while allowing for customer acquisition synergies with our high-interest fan base,” Chia said.
Vivid Seats’ marketplace gross order value reached a record $876.5 million during the quarter. Full-year marketplace GOV hit $2.4 billion.
COVID Impacts Continue
Despite setting record revenue, Vivid reported that in the three months ending Dec. 31, 2021, marketplace GOV was negatively impacted due to event cancellations in the amount of $33.3 million. In the same period the year prior, that number was just $18.9 million.
The company expects its fiscal 2022 revenue to reach between $510 million and $550 million.