Vivid Seats has witnessed quite the dip during the first quarter of 2025, with a 14% drop in revenue to $164m (£123m/€145m).
The online ticketing marketplace also reported a net loss of $9.8m, down 191% from a net income of $10.7m during the first quarter in 2024.
Marketplace GOV (Gross Order Value) totalled $820.4m, a decrease of 20% from $1bn during Q1 last year. Elsewhere, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) amounted to £21.7m, 44% down from $38.8m during the same period the year prior.
“In the first quarter we continued to see robust competitive intensity and softening industry trends amidst consumer uncertainty,” said Stan Chia, Vivid Seats’ chief executive.
“Despite these headwinds, we remain confident in the resiliency of our industry and the long-term tailwinds driving North American live events.
“Our historical approach has been to execute with disciplined rigour and focus on the things we can control. In this shifting environment, we are focused on operational discipline to manage the business for the long term. We will continue our cost-disciplined approach while making strategic and focused investments in both marketing and technology.”
Total assets amounted to $1.6bn for the three months ending March 31, down from $1.64bn on December 31, 2024.
Marketplace orders totalled 2.3 million compared to 2.9 million in the first quarter of 2024, while resale orders reached 105,000 compared to 99,000.
Chief financial officer Lawrence Fey added: “With elevated uncertainty across the global economy, the health of the consumer, and the performance marketing landscape, we are suspending guidance for fiscal year 2025.
“We currently anticipate industry volumes to be flat-to-down for the year versus our prior expectation of mid-to-high single digit growth. We will face easier year-over-year comps in the second half of the year, but anticipate competitive intensity to persist and continue to pressure results.”