Vivid Seats Inc
vividseats.comWhat Do They Do?
Connects fans with live-event tickets through an online marketplace and provides ticket sellers with software to manage inventory, pricing, and orders.
10-K for FY2025, filed Mar 12, 2026We are an online ticket marketplace that utilizes our technology platform to connect fans of live events seamlessly with ticket sellers. We…View ↗
For ticket sellers, we offer a variety of products and services designed to help their businesses thrive. In particular, Skybox, our…View ↗
Seller Technology and Products. A key component of our platform is Skybox, which is the most widely adopted ERP among professional ticket…View ↗
How Do They Make Money?
For marketplace tickets, buyers generally pay service and delivery fees at sale; for tickets Vivid Seats buys to resell, secondary marketplaces typically pay when tickets are delivered or after the event.
10-K for FY2025, filed Mar 12, 2026The amount of Marketplace revenue earned in a given period is primarily represented by service and delivery fees charged to ticket buyers.…View ↗
Payment from the ticket buyer is generally due at the time of sale. Our sales terms generally provide that we will compensate the ticket…View ↗
In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own.View ↗
Payment from the secondary ticket marketplace is typically due upon delivery of the ticket or after the event has passed.View ↗
$450.5M
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10-K for FY2025, filed Mar 12, 2026
$450.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Owned Properties revenues
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
87%
FY2022: 78%
|
Owned Properties revenues, FY2025
$393.5M Sources
|
Sold outright |
|
Private Label Offering revenues
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
13%
FY2022: 22%
|
Private Label Offering revenues, FY2025
$57M Sources
|
Sold outright |
|
Concert revenues
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
41%
FY2022: 49%
|
Concert revenues, FY2025
$186.1M Sources
|
Sold outright |
|
Sport revenues
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
32%
FY2022: 38%
|
Sport revenues, FY2025
$142.6M Sources
|
Sold outright |
|
Theater revenues
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
23%
FY2022: 12%
|
Theater revenues, FY2025
$102.1M Sources
|
Sold outright |
|
Other revenues
Sold outright
|
4.4%
FY2022: 0.3%
|
Other revenues, FY2025
$19.7M Sources
|
Sold outright |
Who Are Their Customers?
Fans buy event tickets through Vivid Seats' app and website or through distribution partners; ticket sellers use Skybox to manage inventory, pricing, and fulfillment.
10-K for FY2025, filed Mar 12, 2026Owned Properties, which consist of: the Vivid Seats mobile app and website; Vegas.com, LLC (“Vegas.com”), an online ticket marketplace for…View ↗
Private Label Offering, which consists of numerous distribution partners.View ↗
Distribution Partners. We allow our distribution partners to offer event tickets to their existing customers by leveraging our technology…View ↗
Seller Technology and Products. A key component of our platform is Skybox, which is the most widely adopted ERP among professional ticket…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$93.8M.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Raised the lower ends of its Marketplace GOV and adjusted EBITDA outlook ranges
The Marketplace GOV floor rose to $2.3 billion from $2.2 billion, while the adjusted EBITDA floor rose to $34.0 million from $30.0 million.
Sources
8-K, filed Aug 4, 2026
Marketplace GOV in the range of $2.3 billion to $2.6 billion (previously $2.2 billion to $2.6 billion)View ↗
Growing. Revenue grew 16% in 4 years, from $389.7M in FY2021 to $450.5M in FY2025, about 4% a year.
Marketplace expansion
The earlier report described ticket sales through websites and apps; the latest includes Vegas.com's Las Vegas travel bookings and Wavedash's Tokyo ticket marketplace.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 12, 2026In our Marketplace segment, we act as an intermediary between ticket buyers and sellers through which we earn revenue from processing…View ↗
Owned Properties, which consist of: the Vivid Seats mobile app and website; Vegas.com, LLC (“Vegas.com”), an online ticket marketplace for…View ↗
Seller software
The earlier report describes Skybox as a free seller tool; the latest adds Skybox Drive, a subscription-based add-on for adjusting ticket prices using real-time market data.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 12, 2026A key component of our platform is Skybox, a proprietary enterprise resource planning (“ERP”) tool used by the majority of our ticket…View ↗
Seller Technology and Products. A key component of our platform is Skybox, which is the most widely adopted ERP among professional ticket…View ↗
Daily fantasy sports
The earlier report described Vivid Picks as a daily fantasy sports app integrated with ticket browsing; the latest says the app ceased operations.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 12, 2026In December 2021, we acquired Betcha Sports, Inc. (“Betcha”), a real money daily fantasy sports app with social and gamification features.…View ↗
The amount of Marketplace revenue earned in a given period is primarily represented by service and delivery fees charged to buyers. We also…View ↗
Who Do They Compete With?
Competes with StubHub, Ticketmaster, SeatGeek, and TicketNetwork
10-K for FY2025, filed Mar 12, 2026Our primary competitors are StubHub, Ticketmaster, SeatGeek, and TicketNetwork. We also compete with other professional ticket resellers in…View ↗
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