Secondary ticketing marketplace Vivid Seats released its Quarter 3 financial results, reporting a decrease in revenue and net income.

The financial results for the quarter, which ended on September 30, included a dip in Marketplace GOV of 13# from $998.9 million in Quarter 3 from the previous year to $871.7 million. Revenue also decreased 1% from the same time period last year to $186.6 million, and a net income loss of 43% from $16 million to $9.2 million from 2023. Adjusted EBITDA, however, increased by 2% from $34.1 million in 2023 to $33.4 million this quarter.

Lawrence Fey, Vivid Seats CFO, noted in the report that “despite a decline in Marketplace GOV in the third quarter, we held year-over-year revenues roughly flat and grew Adjusted EBITDA through disciplined execution while maintaining our strong unit economics.”

“Given third quarter concert supply dynamics and expected marketing intensity in the fourth quarter, we are revising our 2024 guidance,” Fey said in a statement. “As more concert tour announcements come out over the coming weeks, we will gain visibility into the 2025 concert calendar, where we currently anticipate a return to healthy growth.”

Stan Chia, Vivid Seats CEO, explained that “demand remained robust in the third quarter” and the company believes that the “headwind from concert supply” will remain temporary, with expectations of industry growth in 2025 “as concerts return top their long-term trend.”

Chia also pointed to its Vegas.com acquisition, converting those customers to Vivid Seats, as well as Skybox Drive’s exit from its beta phase. Chia said that “the innovative pricing functionality of Skybox Drive will further enforce the stickiness of Skybox and fortify our already leading position with professional sellers.”

Find key stats from the report below:

  • Marketplace GOV declined 13% to $871.7 million
  • Net income decreased 43% to $9.2 million
  • Revenues dropped 1% to $186.6 million
  • Downward revision of full-year 2024 guidance
  • Increased order cancellations compared to previous year
  • Adjusted EBITDA increased 2% to $34.1 million
  • Successfully generating synergies from Vegas.com acquisition
  • Skybox Drive exited beta phase with over 100 users onboarding