Ticketing marketplace Vivid Seats has announced a successful third quarter, after posting revenues of $139.5m (£104m/€123m), up from just $7.1m during the same period in 2020.
Revenue for the three months leading up to September 30 came in at $139.5m, as events returned following the COVID-19 pandemic and consumers having more confidence in purchasing tickets for live entertainment and events.
Costs for the quarter year were $30.4m, most of which was used for marketing, selling and general expenses.
Operational losses amounted to $15.4m compared to $21.9m during the three months leading up to September 30 in 2020. Overall in this quarter, Vivid Seats posted a net loss of $1.8m – a positive when compared with the $40.2m net loss in the same period last year.
This set of results is the first to be reported following the combination between Vivid Seats and special purpose acquisition company (SPAC) Horizon Acquisition Corporation, to take Vivid public. The company began trading on the NASDAQ Global Select Market under the ticker symbol SEAT on Tuesday, October 19.
Stan Chia, Vivid Seats chief executive, said: “The record-setting results we saw in the third quarter are a great way to mark our first reported results as a public company. Live events have come back stronger than expected as fans returned to support their favourite sports teams and artists. We are committed to delivering fans an exceptional experience so they can get out and do what they love.”
Vivid saw a gross order value (GOV) of $713.1m, an increase from $30.8m this time last year. The company’s adjusted EBITDA stands at just shy of $42m, up from $19.5m at the end of September in 2020.
It is the highest single quarter results for marketplace GOV, revenues and adjusted EBITDA in the company’s history.
Lawrence Fey, chief financial officer of Vivid Seats, said: “In our third quarter, we carried forward our positive momentum with robust financial results and quarter-over-quarter growth for Marketplace GOV, revenues and adjusted EBITDA.
“We continued to generate cash from operations which, coupled with the proceeds from the business combination, leaves us with cash in excess of debt and significant financial flexibility.”
Chia added: “We are continuing our mission to help everyone ‘experience it live’. In our third quarter, we launched our new brand coupled with new features and enhancements to our industry leading loyalty program, Vivid Seats Rewards.
“Every fan now earns 10% in value on every ticket purchased along with the opportunity to earn additional lucrative and unique perks. We are excited to launch our new brand and loyalty program as we enter a period where we expect a full slate of live events with significant pent-up demand ready to be unleashed.”
Image: Stefan Cosma on Unsplash