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Ticketing marketplace Vivid Seats has posted revenues of $712.9m (£560m/€656m) and a net income of $107m for 2023.
This is an increase of 19% from $600.3m and a 51% jump from $70.8m, respectively, in 2022. The growth in net income comes despite a 10% decrease in the final quarter of 2023, with net income amounting to $22.4m compared to $24.8m in the same period the year prior.
Adjusted EBITDA amounted to $142m, an increase from $113.3m in 2022, while marketplace GOV (Gross Order Value) amounted to $3.9bn – up from $3.2bn in 2022.
The fourth quarter saw Vivid Seats’ marketplace GOV reach $1.1bn, up 31% from $846m in Q4 the year prior. Revenue amounted to $198.3m up from $165m in the same period in 2022, and net income totalled $22.4m.
Adjusted EBITDA amounted to $35.1m, an increase of 4% on $33.7m posted during Q4 in 2022.
“In 2023 we grew top and bottom line by nearly 25%, significantly expanded our TAM [Total Addressable Market] through strategic acquisitions, and executed against our objective of being the marketplace of choice for both sellers and buyers,” said Stan Chia, Vivid Seats chief executive.
“We also added incremental products such as Skybox Drive on the seller side while building brand awareness and affinity on the buyer side with the launch of Game Center and multiple new partnerships. These actions helped us drive our mix of accretive repeat orders 300 basis points higher in 2023.
“We enter 2024 excited to serve a growing $63bn global ticketing TAM and are accelerating our investments to launch in new markets that will further enhance our ability to deliver sustained double-digit growth and long-term value.”
Lawrence Fey, Vivid Seats chief financial officer, added: “We delivered 23% marketplace GOV growth alongside expanding profit margins during 2023. We continue to convert our topline growth into cash flow that affords us the ability to strategically invest to support double-digit growth for years to come.
“In 2023, we deployed our cash flow into two TAM-expanding acquisitions while repurchasing approximately three million shares. We enter 2024 with a healthy balance sheet that we will strategically deploy as needed to support international expansion and M&A while also repurchasing shares through our newly authorised $100 million share repurchase program.”
Going forward, Vivid Seats anticipates marketplace GOV to range between $4.2bn and $4.5bn at the end of the year, while revenue is predicted to range between $810m to $840m. Adjusted EBITDA is projected to range between $160m and $170m for the whole of 2024.
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