Vivid Seats wrapped up 2022 with a 35% increase in revenues, as well as an improved net income compared to a COVID-19-interrupted 2021.
The ticketing exchange and resale company posted $600m (£500m/€563m) in revenues across 2022 compared to $443m the year prior, while marketplace GOV amounted to $3.2bn compared to $2.4bn in 2021.
Net income totalled $70.8m, an improvement on the $19.1m net loss in 2021, while adjusted EBITDA equalled $113m, an increase of 3% on the $109.9m the year before.
In the fourth quarter, marketplace GOV amounted to $846m, a 3% decrease from $876.5m in Q4 in 2021. Revenues for the fourth quarter totalled $165m, up 1% from $163.9m in the fourth quarter the year prior, while a net income of $24.8m is an increase of 7,565% compared to $0.3m net income in the fourth quarter of 2021.
Adjusted EBITDA for the fourth quarter of 2022 totalled $33.7m, an increase of 22% from $27.5m in Q4 2021.
Stan Chia, Vivid Seats chief executive, said: “2022 was a stellar year for live events and an exceptional year for Vivid Seats. Our team capitalised on strong demand, navigated the competitive landscape with agility and delivered on financial and strategic objectives that strengthen our business for 2023 and beyond.
“Both 2022 marketplace GOV and revenues exceeded our prior records from 2021 by more than 30% and exceeded our initial guidance midpoint by 10%. Even with substantial competitive pressures in the second half, we delivered adjusted EBITDA within our guidance range, while making deliberate investments to drive higher customer lifetime value.
“Momentum from our brand is building and we are steadfast in our strategy – delivering a differentiated product with a compelling value proposition that fosters value in the long term. Innovation and affinity on both sides of our marketplace is key and this quarter we are excited to announce Skybox Drive – an intelligent automation that optimises revenue for our sellers on Skybox.”
Vivid Seats also said it anticipates marketplace GOV for the year ending December 31, 2023 to reach $3.3bn, while it predicts its revenues will be in the range of $580m to $610m. The 2023 financial outlook also includes an adjusted EBITDA in the range of $110m to $115m.
The company also repurchased $29m worth of shares during Q4 and launched Skybox Drive, an intelligent automation that optimises revenue for its sellers on Skybox. Skybox is an ERP for professional sellers. Last year, Vivid Seats also rebranded and integrated Vivid Picks.
Lawrence Fey, Vivid Seats chief financial officer, added: “We are proud of the operational and financial performance we demonstrated in 2022 in our first full year as a public company.
“We continued to build long-term value for stakeholders while capturing robust demand and navigating a highly competitive environment. While we anticipate muted industry growth in 2023, we see meaningful opportunity for Vivid Seats to push our advantage and continue to cement the foundation for strong long-term strategic and financial performance.”
Vivid Seats announced in early 2021 that it had agreed to go public via a special purpose acquisition company (SPAC), valuing the company at $1.95bn.