Vivid Seats (SEAT), a leading online marketplace for tickets to live events, announced some major changes this week, including an executive role change and last year’s financial results.
Chief Technology Officer Jonathan Wagner, who has been instrumental in driving technological innovations within the company, is set to retire on March 15. Stepping into Wagner’s shoes is Stefano Langenbacher, who will assume the role of Chief Technology Officer on March 18.
In addition to this change in leadership, Vivid Seats is taking steps to enhance shareholder value with the announcement of the authorization of a share repurchase program. Under this program, Vivid Seats can see plans to repurchase up to $100 million of its Class A common stock. What makes this particularly notable is its flexibility – there is no set end date, and the company has the freedom to adjust or halt repurchases without prior notice.
Additionally, Vivid Seats Inc. announced their financial results for the fiscal year ending December 31, 2023 – reporting significant gross order value (GOV), revenue, and net income increases. The company’s full-year performance exceeded expectations, with GOV climbing by 23% to $3.92 billion compared to the previous year. Revenue surged by 19% to $712.9 million, while net income saw a 51% increase to $107.0 million.
“In 2023, we grew top and bottom line by nearly 25%, significantly expanded our TAM through strategic acquisitions, and executed against our objective of being the marketplace of choice for both sellers and buyers,” Stan Chia, Vivid Seats CEO Stan Chia said in a press release.
Moving forward, Vivid Seats has set its goals for 2024, aiming for a marketplace GOV ranging from $4.2 billion to $4.5 billion and estimated sales between $810.0 million to $840.0 million.
“We enter 2024 excited to serve a growing $63 billion 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.”
