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Stan Chia, chief executive of online ticket marketplace Vivid Seats, has called 2021 a \u201ccomeback year\u201d after the company released its full-year financial results.<\/p>\n
Vivid Seats posted revenues of $443m (\u00a3336m\/\u20ac400m) in 2021 compared to just $35m the year prior. Net loss also improved significantly from $774m in 2020 to $19m at the end of 2021.<\/p>\n
Adjusted EBITDA for the full year equated to $109m while marketplace Gross Order Value (Marketplace GOV) amounted to $2.4bn. Marketplace GOV represents the total transactional amount of marketplace orders placed in a period, inclusive of fees, exclusive of taxes and net of event cancellations.<\/p>\n
Vivid Seats\u2019 positive financial results in 2021 follow the return of live events after the COVID-19 pandemic and a series of major business deals.<\/p>\n
In October last year, Vivid Seats and special purpose acquisition company (SPAC) Horizon Acquisition Corporation completed their business combination<\/a> to take the company public.<\/p>\n Vivid Seats also expanded its marketplace technology into the online gaming sector with the acquisition of fantasy sports app, Betcha Sports<\/a>, in December.<\/p>\n Revenue for the three months ended December 31 amounted to $163.8m in 2021 compared to $1.4m during the same period the year before.<\/p>\n Net loss for this quarter came in at $628,000, a substantial improvement on the \u00a333m loss the year prior, while Marketplace GOV amounted to $876m in this period. Adjusted EBITDA was $27.5m for the final three months of 2021.<\/p>\n Chia said: \u201c2021 was a comeback year as we saw a rapid return of live events starting in Q2 alongside the roll-out of COVID-19 vaccination programs across the country. Nothing beats the thrill of live, and we continue to stay focused on helping fans create memorable experiences effortlessly.<\/p>\n \u201cAs we close our first final year as a public company with another record-setting quarter, our strong financial results couple with our strategic investments position us well for 2022 and beyond.\u201d<\/p>\n Lawrence Fey, chief financial officer for Vivid Seats, added: \u201cVivid Seats gained momentum with another record-setting quarter for Marketplace GOV and revenues. In the fourth quarter, we invested significant amounts in our new brand.<\/p>\n \u201cThese investments drove meaningful improvements in awareness while accounting for the quarter-over-quarter decline in Adjusted EBITDA. We continue to view brand awareness as an important investment with meaningful long-term benefits.\u201d<\/p>\n