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Monday, May 20, 2024

Vivid Seats Reports Record Third Quarter

Vivid Seats/Design: Alex Brooks

Nearly a month after going public via SPAC merger, Vivid Seats reported a record $139.5 million in third-quarter revenue on Monday, an increase from negative $7.1 million last year.

The ticket exchange and resale company reported a net loss of $1.8 million, a noteworthy improvement from its $40.2 million net loss a year prior.

  • The SPAC merger with Horizon Acquisition Corp. valued the combined company at $1.95 billion. Horizon is led by Todd Boehly, co-owner of a number of teams including the Los Angeles Dodgers, Lakers, and Sparks.
  • Sports betting company DraftKings contributed to a significant PIPE investment in Horizon last month. Boehly is also an investor in DraftKings.

Vivid is looking to expand even further. CEO Stan Chia says the company is assessing “what might make sense” for it to pursue, with the aim of becoming as recognizable as Ticketmaster and StubHub.

Vivid Seats expects revenue for the year to land between $420 million and $435 million but emphasized the negative effect the COVID-19 pandemic “is likely to continue to have” on the company’s results.

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