Vivid Seats revealed their third quarter earnings for 2023, which showed an increase in revenue by 20% from this quarter last year.
The earnings report found that the Marketplace Gross Order Value (GOV) for the three months ending on September 30 amounted to $998.9 million — an increase from 2022’s third quarter of $781.8 million. For nine months of 2023, ending in September, Vivid Seats brought-in a Marketplace GOV of $2.8 billion, rising from $2.3 billion during the same period in 2022. Throughout the third quarter, total marketplace orders also rose to 3 million, generating a nine month total of 7.9 million.
“We delivered our highest quarterly marketplace GOV to date, reflecting strong Vivid Seats execution against a robust market backdrop with broad-based demand strength across performers and teams,” Lawrence Fey, Vivid Seats’ chief financial officer, said in a statement.
Vivid Seats doesn’t expect the growth to stop here; by 2024, Fey said the company anticipates mid-teens marketplace GOV and revenue growth, noting “we expect to continue generating strong cash flow that affords us the strategic flexibility to pursue compelling growth opportunities as they arise.”
In addition to their third quarter revenue boost, Vivid Seats also announced the acquisition of Vegas.com for a stock transaction valued at $240 million. The Las Vegas marketplace, which offers the ability to book shows, tours, and other entertainment experiences throughout the Sin City, will increase Vivid Seats’ “scale and reach in this key market,” chief executive Stan Chia said.
The news follows Eventbrite’s third quarter financial results, which revealed a 21% revenue growth and a net revenue of $82 million in ticket sales so far this year. Live Nation also made headlines for their third quarter financials; the promoter giant’s revenue was up 32% to $8.2 billion, and 140 million tickets were sold year-to-date.