fbpx
x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

news

StubHub revenues grow 40%, outperforming eBay avg

eBay Inc.'s ticket resale site sold $1.1 billion worth of tickets in the second quarter of 2016, earning $225 million in revenue

By IQ on 21 Jul 2016

Devin Wenig, eBay Inc., StubHub, JenniferKL

image © JenniferKL/Wikimedia Commons

StubHub revenues increased by 40% in the second quarter (Q2) of 2016, earning parent company eBay US$225 million and vastly outperforming eBay Inc. as a whole.

eBay’s Q2 2016 financial results also reveal the secondary ticket marketplace, which last week announced the acquisition of inventory-management software developer Ticket Utils, grew its gross merchandise volume (GMV) – or the amount of tickets sold – to $1.1 billion, up 35% on Q1, “aided by strength across multiple genres and the continued benefit from ongoing product innovation”.

Revenue for eBay Inc. – which in addition to StubHub comprises the eBay marketplace and its recently introduced eBay Classifieds site – was $2.2bn, up 7% on an ‘FX-neutral’ basis (adjusted for currency fluctuations), while GMV was $20.9bn.

StubHub sold $1.1bn worth of tickets in Q2, up 35% on the previous quarter

“Q2 was another good quarter where we delivered strong results and had acceleration in growth,” comments Devin Wenig, eBay Inc.’s president and CEO (pictured). “We are now one year into executing our strategy to provide the best choice, the most relevance and the most powerful selling platform, and there are signs of momentum in our business. We continue to invest in our platforms to ensure eBay is a global commerce leader for years to come.”

Live Nation is also doing good business from its secondary ticketing platforms. Its Q2 results are expected later this month, but in Q1 the company’s resale sites – such as TicketsNow and TicketsExchange in North America and Get Me In! and Seatwave in the UK – grew 43%, contributing to Ticketmaster’s biggest-ever month in February.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.