Vivid Seats Reports 9% Revenue Increase to $775.6M, Net Income Declines to $14.3M

Vivid Seats Inc. reported a revenue increase of 9% for the fiscal year ending December 31, 2024, totaling $775.6 million, compared to $712.9 million in 2023. The company's net income, however, saw a significant decline, dropping to $14.3 million from $113.1 million in the previous year, primarily due to increased costs and a higher tax expense. Adjusted EBITDA also rose to $151.4 million, up from $142.0 million in 2023, reflecting improved operational efficiency despite the drop in net income.

The company experienced notable changes in its operational metrics, with Marketplace Gross Order Value (GOV) decreasing slightly to $3.89 billion from $3.92 billion in 2023. This decline was attributed to a reduction in average order sizes for concerts and an increase in event cancellations. The number of Marketplace orders processed increased by 6%, driven by the full-year inclusion of transactions from recently acquired subsidiaries, Vegas.com and Wavedash. The Resale segment also reported a revenue increase of 11%, reaching $127.7 million, supported by a 13% rise in Resale orders.

Strategically, Vivid Seats made significant acquisitions in 2023, including Vegas.com for $248.3 million and Wavedash for approximately $74.3 million. These acquisitions are expected to enhance the company's market presence and operational capabilities. The company also launched the Game Center feature in its mobile application, which aims to increase user engagement through contests and rewards, further integrating its ticketing and gaming platforms.

Operationally, Vivid Seats reported a headcount of 768 employees as of December 31, 2024, reflecting growth from the integration of its acquisitions. The company continues to focus on enhancing its technology platform, including the proprietary Skybox ERP tool, which supports ticket sellers in managing their operations. The company’s marketing efforts have also intensified, with a 4% increase in marketing and selling expenses, primarily driven by online advertising initiatives.

Looking ahead, Vivid Seats anticipates continued growth in revenue and user engagement, although it acknowledges potential risks related to economic conditions and competition in the ticketing industry. The company is committed to improving its platform and expanding its market share while managing operational costs effectively. The outlook remains cautiously optimistic, with a focus on leveraging its recent acquisitions and enhancing customer experiences through innovative technology and marketing strategies.