Vivid Seats Explained

Vivid Seats Inc.
Type:Public
Foundation: in Chicago, Illinois, United States
Area Served:Worldwide
Location City:Chicago, Illinois
Location Country:United States
Industry:Ticket exchange
Ticket resale
Products:Tickets for sports, concerts, theater, entertainment events
Founders:Jerry Bednyak and Eric Vassilatos
Key People:
  • David Donnini
  • Stan Chia
Num Employees:500 (2018)[1]
Revenue:$1.5 billion

Vivid Seats Inc. (stylized as vıvıdseats) is an American ticket exchange and resale company.[2] The company went public on October 19, 2021, after a merger earlier in that year with Horizon Acquisition Corporation, a SPAC. It trades on the NYSE and Nasdaq as SEAT.[3] [4]

In 2017, it was reported to have a turnover of $1 billion[5] [6] and to be the third-largest online ticket reseller.[7] [8]

History

Vivid Seats was founded in Chicago, Illinois, in 2001 by Jerry Bednyak and Eric Vassilatos.[9]

Vivid Seats has been invested in by two private equity companies, Vista Equity Partners in 2016 and GTCR in 2017. GTCR bought a majority stake[10] for $575 million.[11]

Vivid Seats is a member of the Internet Association, which advocates for net neutrality.[12]

The company went public on October 19, 2021 after a merger earlier in 2021 with Horizon Acquisition Corporation, a SPAC. It trades on the NYSE and Nasdaq as SEAT. Todd Boehly is chairman of Horizon Acquisitions Corporation, which announced that “Eldridge Industries, LLC (“Eldridge”), an affiliate of Horizon’s sponsor, Horizon Sponsor, LLC, has entered into an agreement with DraftKings (NASDAQ: DKNG) to make a private placement PIPE investment in connection with the closing of the previously announced merger between Horizon and Vivid Seats.”[13]

Operations

Vivid Seats is a middleman between ticket buyers and sellers, taking a 10% commission once tickets have sold[14] and additionally charging buyers service fees (circa 20–40%[15]) and shipping charges.

Partnerships

In February 2017, ESPN made Vivid Seats its official ticket provider, replacing StubHub.[16]

In April 2017, Time Inc. made Vivid Seats the official ticket provider for Sports Illustrated.[17]

Also in 2017, Vivid Seats entered into partnerships with the University of Tennessee, the University of Rhode Island, and the Preakness Stakes. It has existing partnerships with entities such as the University of Notre Dame and Duke University.[18]

In August 2018, Vivid Seats was named the official ticketing partner of the Los Angeles Clippers[19] of the NBA.

Expansion

In 2014, Vivid Seats moved its corporate headquarters to Chicago's West Loop while also retaining office space for its operations team nearby[20] to accommodate new employees, 100 having been hired in the last year.[21]

In April 2019, Vivid Seats acquired Toronto-based software company Fanxchange.[22]

In November 2023, Vivid Seats acquired Vegas.com, a travel website that informs users on shows and attractions in Las Vegas, for $240 million in a cash-and-stock deal. [23]

Notes and References

  1. Web site: Vivid Seats Company Profile. 2018. Built In Chicago. 2018-05-28. 2018-05-29. https://web.archive.org/web/20180529130055/https://www.builtinchicago.org/company/vivid-seats. live.
  2. "Contact Us " Vivid Seats. Retrieved 17 September 2014.
  3. News: When is the Vivid Seats IPO Date? . Joshua . Enomoto . Benzinger . October 18, 2021 . October 19, 2021 . October 19, 2021 . https://web.archive.org/web/20211019224307/https://www.benzinga.com/money/vivid-seats-stock/#when-is-the-vivid-seats-ipo-date . live .
  4. News: Vivid Seats Rises in Market Debut Following SPAC Merger . Tony . Owusu . October 18, 2021 . October 19, 2021 . The Street . October 19, 2021 . https://web.archive.org/web/20211019170617/https://www.thestreet.com/investing/vivid-seats-debuts-on-nasdaq-following-spac-merger . live .
  5. Yoshitsugu, Sachiko (2 June 2012). "Fast Fifty No. 8: Vivid Seats Ltd .". ChicagoBusiness.com. Retrieved 18 September 2014.
  6. Roof, Katie (23 March 2017). "Online ticket marketplace Vivid Seats is looking to sell for $1.5 billion.". Techcrunch.com. Retrieved 23 May 2017.
  7. Elahi, Amina (24 March 2017). "Could Vivid Seats, a Chicago-based online ticket site, sell for $1.5 billion? ". Chicago Tribune. Retrieved 17 May 2017.
  8. Tan, Gillian (22 June 2016). "StubHub Is EBay's Next Ticket to Ride ". Bloomberg. Retrieved 23 May 2017.
  9. Web site: McLean. Tessa. March 3, 2015. How bootstrapped Vivid Seats attracted 100+ new hires in each of the last 2 years. BuiltInChicago.com. April 14, 2020. April 14, 2019. https://web.archive.org/web/20190414013031/https://www.builtinchicago.org/2015/03/27/3-ways-bootstrapped-business-built-culture. live.
  10. Ecker, Danny (16 March 2017). "GTCR buys stake in ticket reseller Vivid Seats"
  11. Paul Hastings (7 May 2018) "https://www.paulhastings.com/news/details/?id=46aeb46a-2334-6428-811c-ff00004cbded "
  12. News: Zhou . Li . March 15, 2018 . Net neutrality advocates bring expertise to state fights . March 16, 2018 . Politico . March 17, 2018 . https://web.archive.org/web/20180317102100/https://www.politico.com/newsletters/morning-tech/2018/03/15/net-neutrality-advocates-bring-expertise-to-state-fights-133692?tab=most-read . live .
  13. News: Horizon Acquisition Corp. Announces PIPE Investment by DraftKings . Globe News Wire . October 14, 2021 . October 19, 2021 . October 19, 2021 . https://web.archive.org/web/20211019230210/https://www.globenewswire.com/news-release/2021/10/14/2314420/0/en/Horizon-Acquisition-Corp-Announces-PIPE-Investment-by-DraftKings.html . live .
  14. https://support.vividseats.com/support/home Frequently Asked Questions Vivid Seats
  15. Web site: Vivid Seats vs. StubHub – Which Ticket-Buying Platform is Better? . 2017-09-14 . 2017-09-14 . https://web.archive.org/web/20170914125446/https://www.techjunkie.com/vivid-seats-vs-stubhub/ . live .
  16. Fisher, Eric (16 February 2017). "ESPN signs deal with Vivid Seats, opting out of pact with StubHub ". Sports Business Daily. Retrieved 16 May 2017.
  17. Velasco, Haley (8 April 2017). "Time Inc. chooses Vivid Seats as official ticketing partner for the Sports Illustrated Group ". The Drum. Retrieved 16 May 2017.
  18. Staff (15 January 2018). Vivid Seats’ active dealmaking . Sports Business Journal. Retrieved 27 March 2018.
  19. Web site: Vivid Seats Named Official Ticketing Partner of the LA Clippers. National Basketball Association. August 13, 2018. September 12, 2018.
  20. Ori, Ryan (21 May 2014). "Vivid Seats punches ticket to West Loop office building ". ChicagoBusiness.com. Retrieved 17 September 2014.
  21. Boehm, Connor (29 May 2014). "With 400 percent growth, Vivid Seats expands its headquarters ". BuiltInChicago.com. Retrieved 17 September 2014.
  22. Web site: Vivid Seats buys Toronto company, plans hiring spree. Chicago Business. John Pletz. 11 April 2019. 11 April 2019. 11 April 2019. https://web.archive.org/web/20190411195342/https://www.chicagobusiness.com/john-pletz-technology/vivid-seats-buys-toronto-company-plans-hiring-spree. live.
  23. Web site: Thomas . Lauren . WSJ News Exclusive Vivid Seats Makes Big Bet on Las Vegas . 2023-11-08 . WSJ . en-US.

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