Photo Credit: Reed Mok
SeatGeek has announced record revenues for Q4 2021. The ticket resale platform is also planning a SPAC merger to go public later this year.
SeatGeek announced $82.5 million in net revenue in Q4 2021, more than 17 times its figure from Q4 2020. It’s also up more than 30% compared to Q3 2021’s $56.8 million net revenues. For the full year, SeatGeek reported $186.3 million in net revenue, 5.5 times the 2020 report.
SeatGeek says its SPAC merger with RedBall Acquisition Corp (NYSE: RBAC) is on track to take the company public in Q2 2022.
“Our strong results in the fourth quarter, which capped a record 2021, showed the resilience of our business model and fulfilled the strategic initiatives made over the past two years,” says SeatGeek Co-Founder and CEO Jack Groetzinger. “We’re seeing significant momentum in both the primary and secondary markets, leading to strong market share growth driven by our innovative ticketing and consumer experience technology.”
“We’ve navigated through the pandemic with focus and precision, and have an eye toward the future for SeatGeek and all of our customers – fans, teams, and venues alike,” Groetzinger adds. “Looking to the year ahead, we’ll be increasing our investments in our enterprise clients. When we exceed the expectations of our partners, it gives them the opportunity to exceed expectations for their fans and create value for all stakeholders.”
SeatGeek says its growth was driven not only by the ebbing effect of the COVID-19 pandemic, but also by the company’s ongoing success in attracting major venues and teams to SeatGeek’s primary ticketing enterprise platform, and the continued expansion of SeatGeek’s secondary ticket revenue and market share.
“Our financial performance in Q4 reflected record revenue and gross profit growth compared to Q3, which we believe illustrates the effectiveness of our vertically integrated strategy and allows us to capture a greater share in primary and secondary ticket markets and better economics for our enterprise customers. We believe that our investments in technology, sales, and marketing are positioning us for long-term sustainable and profitable growth,” adds Brad Tacy, SeatGeek’s Chief Financial Officer.
The proposed business combination between SeatGeek and RedBall is expected to close in Q2 2022. It is subject to the approval of RedBall’s shareholders and other customary closing conditions.