Vivid Seats Inc (NASDAQ: SEAT) is a ticket resale marketplace company that connects buyers and sellers of tickets to live events including concerts, sports, and theater. Revenue comes primarily from service and delivery fees charged on ticketing transactions, reduced by buyer incentives, along with fees from travel reservations, referral fees from third-party event insurance providers, and other marketplace transactions, all reported under a Marketplace segment (FY2025, 10-K filed 2026-03-12). The company operates across multiple brands, including Vegas.com, which is concentrated in Southern Nevada. Vivid Seats competes in the secondary ticket market against other online resale platforms. Its Skybox product is described in the FY2025 10-K as the most widely adopted ERP among professional ticket sellers, giving the platform a supply-side entrenchment that supports transaction volume. The company reported a net loss of $721.5 million in FY2025, driven in part by $723.0 million in impairment charges, compared to net income of $14.3 million in FY2024.

Revenue model

Transactional marketplace model. Revenue consists of service and delivery fees on ticket sales facilitated through the platform, reduced by incentives provided to ticket buyers, plus fees from travel reservations, referral fees from third-party event insurance providers, and other marketplace transaction fees. Revenue is recognized when the ticket seller confirms the order (FY2025, 10-K filed 2026-03-12).

Products and services

Vivid Seats operates a consumer-facing ticket resale marketplace and owns Skybox, a cloud-based ERP platform described as the most widely adopted inventory management and order fulfillment system among professional ticket sellers as of the FY2025 10-K filing. Skybox is offered free to sellers and enables inventory management, dynamic pricing, and multi-marketplace order fulfillment. The company also operates Vegas.com, a travel and ticketing platform concentrated in Southern Nevada. Additional offerings include third-party event insurance and buy-now-pay-later payment options through partner integrations.

Customers and end markets

Buyers are consumers seeking tickets to live events including concerts, sports, and theater. Sellers are professional ticket resellers who use Skybox to manage and distribute inventory. Distribution partners use Vivid Seats technology and fulfillment infrastructure to offer tickets to their own customer bases. End market demand is tied to discretionary consumer spending and the supply of live events from artists, sports teams, and venues.

Value-chain role

Vivid Seats operates as a two-sided marketplace intermediary between ticket sellers and ticket buyers. It provides buyer-facing search, discovery, checkout, and customer service, and seller-facing inventory management, pricing, and fulfillment technology through Skybox. The company also acts as a distribution infrastructure provider, enabling third-party distribution partners to sell tickets using its technology and fulfillment capabilities.

Geographic exposure

Primarily United States. Vegas.com is specifically concentrated in Southern Nevada. The company references data privacy obligations in Canada, the EU, the EEA, the United Kingdom, and Japan, indicating some international operational presence, though the filing does not provide a revenue breakdown by geography (FY2025, 10-K filed 2026-03-12).

Source: SEC 10-K, filed 2026-03-12

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