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Ticket marketplace Vivid Seats has seen its net income for the first quarter of 2024 drop 65% despite posting revenues of $191m (£152m/€177m).
The first quarter saw revenues reach $191m compared to $161m during the same period the year prior, while income from operations amounted to $21m compared to $33.5m in 2023.
Costs of revenues amounted to $50m compared to $38m during the first quarter of 2023; marketing and selling cost $68m compared to $55m; general and administrative amounted to $42m compared to $32m; and depreciation and amortisation totalled $10m compared to $3m in 2023. Interest (income) expense – net – totalled $5m compared to $3m and other (income) expenses reached £3m compared to -$327,000 the year prior.
This means that income before taxes totalled $13m compared to $31m during the first quarter of 2023, and net income for this quarter amounted to $11m thanks to a $2.3m income tax expense.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) also fell slightly by 8% to $38.9m compared to $42.4m in Q1 last year.
Despite some declines, Vivid Seats reported a Marketplace GOV (gross order value) of more than $1bn, a 20% increase on $856m in Q1 in 2023.
“We are proud to deliver another strong quarter, showcasing the power of our core business and the momentum that has continued into 2024,” said Stan Chia, Vivid Seats chief executive.
“We were able to drive these results while simultaneously furthering our strategic initiatives, including driving revenue synergies by optimising ticket listings across our Vegas.com and Vivid Seats properties.
“With our focus on accelerating our international expansion timeline, we have made excellent progress internationalising our platform to scale efficiently across geographies and look forward to that launch later this year. As we continue to unlock leverage from our recent investments, and as the live event industry continues to benefit from long-term tailwinds, we anticipate driving sustained double-digit growth on both the top and bottom line for years to come.”
Vivid Seats announced its acquisition of Vegas.com at the end of 2023.
Last year also saw the marketplace enter the market in Japan, with the acquisition of Wavedash.
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