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Vivid Seats Inc. (NASDAQ: SEAT) is the largest independent online ticket marketplace, specializing in connecting fans with live events. Founded in 2001 and headquartered in Chicago, Vivid Seats provides tickets for a wide variety of live events, including sports, concerts, theater, and comedy shows across the United States, Canada, and Japan. The company operates in two primary segments: marketplace and resale.
Core Business: As the official ticketing partner for several major entertainment brands, such as ESPN and Rolling Stone, Vivid Seats facilitates an unmatched ticket-buying experience through its innovative fan-to-fan selling platform. The company's longstanding relationships with certified ticket resellers ensure a secure and seamless transaction process for both buyers and sellers.
Recent Achievements: Vivid Seats has continually demonstrated its ability to innovate and grow. The company recently secured a partnership with Stockperks, providing exclusive perks to shareholders, including discount codes and game center tokens. Furthermore, Vivid Seats has been recognized by Built In as one of the Best Places to Work for three consecutive years, showcasing its commitment to a positive work environment and employee satisfaction.
Financial Condition: Vivid Seats has consistently shown robust financial performance. In 2023, the company achieved significant operational and financial milestones, setting a strong foundation for durable growth. Key performance indicators for 2023 reflect a successful year, with further growth anticipated in 2024 as indicated by their Q1 projections.
Partnerships and Products: Vivid Seats has formed strategic partnerships with iconic brands like ESPN, Sports Illustrated, and the Los Angeles Dodgers, enhancing its market presence. The company's proprietary technology and software not only drive its ticketing ecosystem but also power its daily fantasy sports app, Vivid Picks.
Customer Experience: Vivid Seats is committed to providing exceptional customer service, which has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing. Their industry-leading rewards program allows fans to earn on every purchase, further enhancing the overall customer experience.
For more information, visit Vivid Seats.
Vivid Seats Inc. (NASDAQ:SEAT) is scheduled to report its financial results for the first quarter of 2023 on May 9, 2023, before the U.S. stock market opens. The company's management will discuss the results during a webcast at 8:30 a.m. ET. The firm positions itself as a leading online ticket marketplace, connecting millions of buyers with a vast array of ticket sellers across numerous events. Vivid Seats emphasizes its commitment to customer experience through initiatives like the Vivid Seats Rewards program and collaboration with prominent brands such as ESPN and Rolling Stone. The company was founded in 2001 and offers a broad selection of event tickets while also operating its daily fantasy sports app, Vivid Picks.
Vivid Seats (NASDAQ: SEAT) has released its inaugural Environmental, Social, and Governance (ESG) update, showcasing its commitment to responsible business practices. CEO Stan Chia emphasized the company's dedication to sustainability and ethical operations. Key initiatives include a focus on diversity and inclusion with a majority diverse leadership, community investments supporting organizations like Make-A-Wish, and a commitment to environmental sustainability that achieved a 54% reduction in single-use waste in 2022. The update highlights Vivid Seats' efforts in ensuring security and safety through robust policies and fraud detection measures.
Vivid Seats Inc. reported a strong financial performance for the full year 2022, achieving a Marketplace Gross Order Value (GOV) of $3.2 billion and revenues of $600 million, both up over 30% compared to 2021. The fourth quarter saw a GOV of $846 million, a slight decline from the previous year, but revenues increased by 1%. Notably, net income surged to $24.8 million, marking a 7565% increase. Despite competitive pressures, the company delivered Adjusted EBITDA of $33.7 million, a 22% rise. For 2023, Vivid Seats expects a GOV between $3.0 billion and $3.3 billion, and revenues between $580 million and $610 million.
Vivid Seats Inc. (NASDAQ:SEAT) will report its Q4 and full year 2022 financial results on March 7, 2023, before the U.S. stock market opens. A management discussion of these results is scheduled for 8:30 a.m. ET that day. Vivid Seats, a premier online ticket marketplace established in 2001, connects buyers with ticket sellers for numerous live events. The company also offers a rewards program to enhance customer value and has gained recognition in customer service.
Vivid Seats (NASDAQ: SEAT) and Hopper released a report on travel trends and ticket pricing for the Big Game. Vivid Seats predicts a 62% crowd advantage for the Philadelphia Eagles over the Kansas City Chiefs, with average ticket prices at $6,434. The best entry ticket is priced at $4,438. In terms of travel, round-trip airfare is averaging $491, with Philadelphia's tickets at $693 and Kansas City's at $478. Hotel rates in Phoenix are around $600 per night. Following playoff games, flight searches surged by 169% from Philadelphia and 61% from Kansas City, indicating strong demand.
Vivid Seats Inc. (NASDAQ: SEAT) has officially opened its new corporate headquarters in Chicago's historic Marshall Field building, marking a significant investment in its workforce and the local tech sector. The renovated 48,000 square foot space features collaborative workspaces and modern amenities, reflecting Vivid Seats' focus on innovation. The company has achieved record revenues since entering public markets and earned accolades for workplace culture. Leaders express pride in the investment, highlighting the company's potential for continued growth within Chicago's tech landscape.
Vivid Seats Inc. (NASDAQ: SEAT) released its annual "Year in Live Events" report, highlighting Harry Styles as Artist of the Year and Kevin Hart as Comedian of the Year. The report showcases ticket sales data from 2022, awarding the Niners Nation Fanbase of the Year for its passionate support during the NFL season. Additionally, Vivid Seats predicts top entertainment cities for 2023, naming Denver for sports, Austin for music, Boston for theater, and Las Vegas for comedy. The report emphasizes the resurgence of live events, showing growing fan engagement across genres.
Vivid Seats has announced significant upcoming presentations by its leadership. Chief Financial Officer Larry Fey will present at the RBC Capital Markets Global Technology Conference on November 15, 2022, at 12:50 p.m. ET. Meanwhile, Chief Executive Officer Stan Chia will present at the Credit Suisse Annual Technology Conference on November 30, 2022, at 4:20 p.m. ET. Both presentations will be accessible via live webcasts on the Vivid Seats Investor Relations website.
Vivid Seats reported strong Q3 2022 results with Marketplace GOV reaching $781.8 million, a 10% increase from Q3 2021, and revenues of $156.8 million, up 12%. The company generated a net income of $18.7 million, a significant turnaround from a net loss in the previous year. Adjusted EBITDA, however, declined by 33% to $28.3 million. Vivid Seats raised its guidance for Marketplace GOV and revenues for the year, projecting them to range from $3.05 billion to $3.20 billion and $580 million to $595 million, respectively.
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