Photo Credit: Danny Howe
Vivid Seats posts significant quarterly gains as post-COVID live resurgence continues.
Leading ticket marketplace Vivid Seats announced positive financial results for the second quarter at the end of June. The company posted $815 million in gross order value (GOV) and revenues of $148 million.
The company’s Marketplace GOV amassed an 18% increase on the $693.1 million in the same period last year. Revenues are up 28% from last year’s $115.5 million in Q2, and net incomes improved significantly to $24.1 million from $2.6 million in Q2 2021. Notably, many countries still had restrictions in place during Q2 last year, accounting for the comparably meager numbers from that time.
“We are pleased to deliver another exceptionally strong quarter and one in which we delivered record-setting Q2 Marketplace GOV which was driven by a record-setting number of Marketplace Orders across all quarters,” says Stan Chia, CEO of Vivid Seats.
“Our performance is a testament to the power of our business model, the success of our strategy, and the long-term secular growth that we expect from the live event industry. As we continue to focus on the fan experience and innovate and execute against our strategic priorities, we are committed to sustained and profitable growth, disciplined investment, and maximizing shareholder value.”
Adjusted for EBITDA (earnings before interest, taxes, depreciation, and amortization) amount to $30.3 million, down 15% from last year’s 36.2 million in Q2.
“Our second quarter results exceeded expectations, and we believe reflect the combination of pent-up demand and the strength of our differentiated offering,” added Vivid Seats CFO Lawrence Fey. “With focused execution, topline growth flowed through to profitability, even as we continued to make longer-term growth investments. On the back of a strong first half of 2022, we are raising our full-year 2022 guidance for each Marketplace GOV, Revenues, and Adjusted EBITDA.”
Vivid Seats acquired fantasy sports app Betcha in December and now announces product integration and a rebrand to Vivid Picks. Vivid Picks will combine the capabilities of Vivid Seats with Betcha’s social and fantasy sports gamification features. The result enables sports fans to make picks for their favorite players in fantasy games and buy tickets to real games through the same app.