Vivid Seats has posted a positive second quarter, with revenues, net income and marketplace GOV (gross order value) all up on Q2 last year.
Marketplace GOV amounted to $814.8m (£643m/€796m), an 18% increase on $693.1m in the same period the year prior. Revenues saw a 28% increase from $115.5m in Q2 last year to reach $147.7m, while net income significantly improved from $2.6m in Q2 2021 to equal $24.1m.
However, many countries still had restrictions during this period last year meaning results from that time are typically quite low.
Adjusted EBITDA amounted to $30.3m, which is down 15% from $36.2m compared to Q2 last year.
Total marketplace orders reached 2.4 million, up from 1.7 million in Q2 last year, while total resale orders equalled 67,000, almost double the 35,000 during the same period the year prior.
Stan Chia, Vivid Seats chief executive, said: “We are pleased to deliver another exceptionally strong quarter and one in which we delivered record-setting Q2 Marketplace GOV which was driven by a record-setting number of Marketplace Orders across all quarters.
“Our performance is a testament to the power of our business model, the success of our strategy, and the long-term secular growth that we expect from the live event industry. As we continue to focus on the fan experience and innovate and execute against our strategic priorities, we are committed to sustained and profitable growth, disciplined investment and maximising shareholder value.”
Vivid Seats also announced today (Tuesday) a product integration with daily fantasy sports app Betcha, and its rebrand to Vivid Picks.
The company acquired Betcha Sports in December last year.
Vivid Picks will combine Vivid Seats’ capabilities with the app’s social and fantasy sports gamification features. Sports fans will be able to make picks for their favourite players and buy tickets to their favourite teams, all through the same app.
Chia said: “Since we acquired Betcha, one of our key initiatives this year was the integration of our products and brand to leverage consumer engagement across our categories.
“The launch of Vivid Picks represents the next critical step in this exciting joint ecosystem, that will allow us to leverage profitable customer acquisition across channels, and further monetise this engagement platform. We are excited to unveil this one-stop-shop for sports fans, further cementing our mission as the ultimate partner for connecting fans to their favourite live events.”
The Vivid Picks app will feature a new shop section with fans able to browse and discover tickets across Vivid Seats’ inventory. The new-look app will also feature an upgraded visual identity under the recently refreshed Vivid Seats brand.
Image: Jordon Conner on Unsplash