Vivid Seats’ drop in net income continues in Q2, but revenues increase

Vivid Seats announced a $1.2m (£938k/€1m) net income loss for its Q2 results, down from $38.3m net income at this point last year. 

Despite this, the ticketing marketplace posted revenues of $198m for Q2, a 20% increase year-on-year. The fall in net income mirrors the performance of Vivid Seats in the first quarter of this year.

Breaking it down further, costs and expenses amounted to $48.8m, made up of marketing and selling ($70.1m), general and administrative ($61m) and depreciation and amortisation ($10.5m).

For the six months to June 30, 2024, net income equalled $9.5m compared to $68.6m during the same period in 2023.

Total assets amounted to $1.65bn in the six months ending June 30, 2024 compared to $1.55bn on December 31, 2023.

Marketplace GOV (Gross Order Value) reached $998m at the end of the second quarter, compared to $954m during the same period the year prior. Marketplace GOV has been negatively impacted by cancellations to the amount of $21.2m in Q2, 2024, compared to $11.7m in Q2 last year.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) totalled $44.2m, a 42% increase from $31.1m in Q2 in 2023.

“In the second quarter we executed with discipline, delivering great results while opportunistically leveraging our unique assets and capabilities,” commented Stan Chia, chief executive of Vivid Seats.

“Twenty percent year-over-year revenue growth and 42% year-over-year Adjusted EBITDA growth are a testament to the differentiated platform we have built. With our mix of buyer repeat orders continuing to trend higher in 2024, we continue to foster loyalty on both sides of our ecosystem and drive continued profitable growth.”

Lawrence Fey, Vivid Seats’ chief financial officer, added: “In the second quarter we delivered robust revenue and Adjusted EBITDA growth, demonstrating our ability to navigate varying competitive landscapes.

“In the second quarter, we also refinanced and up-sized our term loan and were able to reduce our interest rate while adding $125 million of cash to our balance sheet. We will continue to evaluate opportunities to deploy our cash balance across share repurchases and strategic M&A.”