Secondary ticketing marketplace Vivid Seats (SEAT) announced its Quarter 1 earnings this week, revealing an 18% boost in revenue from this time last year.
According to the ticketer, the marketplace brought-in revenues of $190.9 million for the quarter ending on March 31, 2024 — an increase from $161.1 million in Quarter 1 of 2023. Their net income, on the other hand, was down to $10.7 million from $30.3 million in Quarter 1 of 2023.
Stan Chia, Vivid Seats CEO, said in a statement that the company is “proud to deliver another strong quarter, showcasing the power of our core business and the momentum that has continued into 2024.”
“We were able to drive these results while simultaneously furthering our strategic initiatives, including driving revenue synergies by optimizing ticket listings across our Vegas.com and Vivid Seats properties,” Chia said. “With our focus on accelerating our international expansion timeline, we have made excellent progress internationalizing our platform to scale efficiently across geographies and look forward to that launch later this year.”
Chia went on to note that with their recent investments, Vivid Seats anticipates “driving sustained double-digit growth on both the top and bottom line for years to come.”
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This follows news of Vivid Seats’ financial results for the fiscal year ending December 31, 2023, which saw significant gross order value (GOV), revenue, and net income increases. During the year, revenue surged by 19% to a total of $712.9 million, while net income saw an increase in 51% to $107 million.
Earlier this year, Vivid Seats announced an executive role change of its Chief Technology Officer to Stefano Langenbacher. Additionally, the company announced it is taking steps to enhance shareholder value with its share repurchase program — where Vivid Seats can see plans to repurchase up to $100 million of its Class A common stock.
