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The decision comes as the ticket resale platform looks to optimise and streamline its operations following Viagogo’s takeover of the company
By IQ on 01 Aug 2022
StubHub has revealed plans to close its San Fransisco and Shanghai offices by the end of the year, and lay off the majority of employees based in each location.
According to CEO Eric Baker, the decision comes as the ticket resale platform looks to optimise and streamline its operations following Viagogo’s takeover of the company.
Baker says that the business will focus on building its new offices in New York and Los Angeles and using these locations as key hubs for in-person work.
StubHub announced the news via a post on LinkedIn, which included a copy of the letter that Baker sent to employees.
The CEO wrote: “This is never easy news to share. Those who are impacted by these changes have already been contacted by our People Team about their individual departure plans.
“To the team that remains, it’s growth time”
“We are grateful for the contributions of these employees and wish them well as they go on to their next chapters.
“To the team that remains, it’s growth time. Moving forward, our work will focus on in-person participation in our offices around the world, which – in addition to LA and NY – will still include locations in Utah, Switzerland, Ireland and Taiwan.”
In September last year, Switzerland-headquartered Viagogo got the green light from the UK Competition and Markets Authority (CMA) to complete its takeover of StubHub.
The deal was approved after it was agreed that StubHub would sell its business outside of North America – including the UK – to investment firm Digital Fuel Capital LLC for an undisclosed sum.
Viagogo originally agreed the purchase of eBay’s ticketing division StubHub for $4.05bn in cash in February 2020.
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