Today (Tuesday) has proven to be a busy day for Vivid Seats, with the announcement of its quarterly financial results.
Earlier today, Vivid Seats announced that is was set to acquire fellow Japanese online ticket marketplace Wavedash.
Now, Vivid Seats has revealed a new quarterly record for Marketplace GOV (Gross Order Value) of $953.7m (£750m/€871m) for the second quarter ending June 30. This is a 17% increase on the $814.8m figure posted during the same period the year prior.
Revenue has also increased to $165.4m compared to $147.7m in Q2 last year, while net income is up 59% from $24.1m in Q2 last year to reach $38.3m. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) amounted to $31.1m compared to $30.3m in Q2 last year.
Marketplace orders were up to 2.6 million in Q2 this year from 2.4 million Q2 the year prior. Total resale orders increased from 67,000 to 76,000.
“It is an exciting time for Vivid Seats. We set a new quarterly record for Marketplace GOV and delivered solid profitability that is enabling compelling investments,” said Stan Chia, Vivid Seats’ chief executive.
“I’m thrilled to announce that we’ve expanded our TAM [Total Available Market] internationally with a definitive agreement to purchase Wavedash, the leading secondary ticketing marketplace in Japan. We are also excited to have entered into several strategic partnerships including with the Colorado Rockies, the LA Dodgers and the LA Chargers. Through partnerships such as these, we craft unique and premium experiences that drive differentiation, higher brand awareness and affinity, and ultimately contribute to higher customer repeat rates.”
Chief financial officer Lawrence Fey added: “Widespread strength in both live event supply and demand continued in the second quarter. Our 17% year-over-year Marketplace GOV growth is a testament to solid Vivid Seats execution against a healthy market backdrop. We are again raising our 2023 guidance and now expect both Marketplace GOV and Adjusted EBITDA to grow by double digits for the year.
“Our acquisition of Wavedash for approximately $61 million in cash will expand profitability and reflects the strategic optionality that our cash flow and robust balance sheet enable as we seek opportunities to maximise long-term shareholder returns.”