Vivid Seats (NASDAQ: SEAT) announced the launch of the new “Vivid Picks” app this week, which will combine daily fantasy sports with the ability to purchase tickets to upcoming events. The app is a rebranding of the Betcha daily fantasy gaming system, integrating it with Vivid Seats’ existing ticketing capabilities in hopes of growing its market share under the revamped and rebranded gaming program.
The app promises to allow sports fans across North America to make picks for their favorite teams and players as well as buy tickets to see them in person. It will reportedly offer a curated selection of sporting events based on the team and player preferences from the users picks in the app. Vivid Seats acquired Betcha Sports for $25 million in a deal announced in December of 2021.
“Since we acquired Betcha, one of our key initiatives this year was the integration of our products and brand to leverage consumer engagement across our categories,” said Stan Chia, Chief Executive Officer of Vivid Seats. “The launch of Vivid Picks represents the next critical step in this exciting joint ecosystem, that will allow us to leverage profitable customer acquisition across channels, and further monetize this engagement platform. We are excited to unveil this one-stop-shop for sports fans, further cementing our mission as the ultimate partner for connecting fans to their favorite live events.”
Vivid Picks will continue to provide sports fans with an intuitive and simple-to-use interface that allows both casual and super fans multiple ways to play and win together with friends. Within the new “shop” section of the app, fans will be able to browse and discover tickets across Vivid Seats’ wide range of inventory which includes the four major professional leagues and college sports, as well as a variety of other sporting activities including golf, car racing, rodeo, boxing, and mixed martial arts. Fans will also be able to share and discover popular sporting events in their area, search for their favorite teams and purchase tickets to the matchups everyone is talking about.
Vivid Seats recently announced strong Q2 2022 revenue numbers, though its stock prices have been trading at below $10 for much of the year after hitting as high as $14 in the first weeks after its merger with Horizon that brought it public in the fall. The strong earnings report has helped its price climb higher this week, up to approximately $9.50 as of Friday afternoon.
Last Updated on August 12, 2022