Featured image credit: John Mark Arnold on Unsplash
Vivid Seats has seen a 79% reduction in paper and physical tickets over the last five years according to its inaugural environmental, social and governance (ESG) update.
The Chicago-based company, whose partners include ESPN and the Los Angeles Clippers, has used its 2023 ESG Fact Sheet to outline recent and ongoing initiatives, its values, responsible business practices, and impactful investments in its employees and communities.
Among the findings are its huge reduction in physical tickets and a 54% decrease in single use waste at its offices in 2022.
Vivid Seats said the fact sheet shows that it employs a majority diverse leadership team and a majority diverse board. Some 48% of employees are non-white, while the company said corporate-sponsored employee groups “strengthen our environment of inclusivity and autonomy while advancing cultural initiatives that reinforce our values”.
Under governance, Vivid Seats highlighted its commitment to fraud prevention, privacy and cybersecurity.
“I’m proud to share these metrics which are another important milestone for Vivid Seats and one that demonstrates our commitment to operating our business with environmental, social and governance principles in mind,” said Stan Chia, Vivid Seats’ chief executive.
“We are passionate about enabling exceptional experiences for all our stakeholders, whether they are a fan, seller, shareholder, partner or employee; and facilitating that experience in a sustainable, fair, and responsible manner. As a newly public company, we look forward to building on these important initiatives and sharing our continued progress.”
Earlier this month, Vivid Seats announced that it 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.
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