Online ticket reseller Vivid Seats is reportedly fielding acquisition offers from several private equity firms hoping to take the company private.

The Chicago-based company, which competes with SeatGeek and StubHub, has enlisted an advisory firm to help gauge interest in a potential sale, according to Bloomberg.

The news sent Vivid Seats’ stock surging 20% on 30 December, marking its largest single-day gain since going public. The hike brought the company’s market capitalisation to USD $943 million. As of Friday (3 January), Vivid Seats’ market cap stood at $955 million.

However, the company’s shares have faced considerable pressure over the past year, declining by 40% before this recent uptick.

In the third quarter of 2024, Vivid Seats’ net income plunged 43% to $9.2 million from $16 million the prior year. Revenue inched down 1% YoY to $186.6 million from $188.1 million.

The news sent Vivid Seats’ stock surging 20% on 30 December, marking its largest single-day gain since going public

CEO Stan Chia in November said, “Demand remained robust in the third quarter, although we experienced a headwind from concert supply, including from venue and artist mix, that we believe to be temporary.”

Vivid Seats was launched in 2001 by Jerry Bednyak and Eric Vassilatos as a competitor to resale platform StubHub and later Seat Geek – both of which have been sizing up a potential initial public offering.

In 2017, private equity firm GTCR acquired a majority stake in Vivid Seats. A year later, Bednyak and Vassilatos left the company and went on to launch venture group Skybox Capital.

In 2021, the company went public via a merger with Horizon Acquisition Corp., a special purpose acquisition company (SPAC). That transaction valued Vivid Seats at approximately $1.95 billion, according to Bloomberg.

Vivid Seats’ current ownership includes a substantial stake held by Eldridge Industries, led by Todd Boehly, which controls roughly 41% of the company’s Class A shares. GTCR also maintains a minority position in the business.

IQ has reached out to Vivid Seats for comment.

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Secondary ticketing company StubHub has reportedly pushed back its plans for a summer IPO.

It was previously indicated the American ticket exchange and resale platform was planning to go public this summer if it was able to achieve a valuation of around US$16.5 billion (€15.1bn).

But according to CNBC, the firm has now pushed back its plans until after 2 September’s Labor Day in the US. Citing a source familiar with the deal, the news channel lists stagnant market conditions and the lack of major consumer IPOs in recent months as contributing factors in the decision.

StubHub, which declined to comment on the report, is understood to have been working with JPMorgan and Goldman Sachs on the IPO over the past two years.

Ticket platform SeatGeek has also reportedly been sizing up a potential initial public offering this year

Viagogo announced its acquisition of StubHub for US$4.05bn in 2019 in a landmark deal that brought together the world’s two largest secondary ticket sellers, and placed Viagogo founder and CEO Eric Baker back in control of the company he co-founded in 2000.

The sale was approved by the UK Competition and Markets Authority (CMA) after Viagogo was forced to sell its international business due to competition concerns. It offloaded its StubHub business outside of North America to investment firm Digital Fuel Capital LLC for an undisclosed sum in 2021.

Ticket platform SeatGeek has also reportedly been sizing up a potential initial public offering this year, while publicly traded competitors Vivid Seats and Live Nation are valued at $1.5bn and $22.8bn, respectively.

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US president Joe Biden has announced that Live Nation and SeatGeek have pledged to adopt all-in ticket pricing, which will enable fans to see the full cost of their transactions upfront.

The move comes four months after Biden called out “junk fees” in his State of the Union address and nine months after he first called for the reduction or elimination of hidden fees, charges, and add-ons for concert tickets.

Live Nation has been a vocal proponent of all-in pricing: it was recently described as “the best consumer experience everywhere” by company president/CFO Joe Berchtold and rolled into LN’s Fair Ticketing Act, launched earlier this year.

Biden will be joined today by representatives of firms who have made new commitments, including LN, SeatGeek and Des Moines, Iowa-based venue xBk, in addition to platforms that already provide all-in pricing as part of their business models, such as Dice and the Newport Festivals Foundation.

“The companies that are making new commitments today will improve the purchasing experience for tens of millions of customers annually”

“The companies that are making new commitments today will improve the purchasing experience for tens of millions of customers annually,” says a statement from The White House. “These commitments are in response to the president’s call to action on junk fees in his State of the Union. For example, shortly after the State of the Union, Live Nation expressed interest to the administration in announcing a commitment to offer all-in upfront pricing through its Ticketmaster platform.

“Today, Live Nation is committing to roll out an upfront all-in pricing experience in September showing just one clear, total price for more than 30 million fans who attend shows at the more than 200 Live Nation-owned venues and festivals across the country. Ticketmaster will also add a feature to give consumers the option to receive all-in upfront pricing for all other tickets sold on the platform.”

Biden suggests the move is merely a “first step” and is continuing to call on Congress to pass legislation that mandates up-front all-in pricing for all ticket sellers.

“Today’s voluntary actions demonstrate that companies both big and small recognise the importance of providing consumers with honest, up-front all-in pricing, rather than tricking them with surprise fees at the end of checkout,” adds the statement.

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Eventbrite has become the latest ticket seller to be hit with a lawsuit over its alleged non-payment of refunds for cancelled or postponed events.

In a consumer class-action complaint filed on 4 June in the US district court for northern California, ticket buyers Sherri Snow, Anthony Piceno and Linda Conner accuse Eventbrite of “deceptive practices relating to its sale of live events tickets and its refusal to provide refunds for live events that have been canceled, rescheduled and/or postponed.”

According to the plaintiffs, by “shift[ing] responsibility” for issuing cash refunds to event organisers, Eventbrite is in violation of section 22507 of California’s Business and Professions Code, which requires that the “ticket price of any event which is canceled [sic], postponed, or rescheduled shall be fully refunded to the purchaser by the ticket seller upon request.”

“After the coronavirus outbreak forced the cancelation or postponement of most large events and public gatherings, Eventbrite has consistently refused to allow for refunds for canceled, postponed and/or rescheduled events, including when events are ‘indefinitely’ postponed,” reads the complaint.

“Instead, Eventbrite has tried to shift responsibility to event organizers, allowing them to refuse refunds for cancellations, postponements and rescheduled events.”

“Eventbrite has consistently refused to allow for refunds … including when events are ‘indefinitely’ postponed”

Secondary ticketing platforms StubHub and SeatGeek are both battling similar class-action suits in the US, with the former also the target of legal action in Canada.

“At best,” the complaint explains, “Eventbrite has urged some organizers to ‘make good’ when events are canceled, postponed and/or rescheduled” between 15 March and 15 May.

This, the plaintiffs say, does not go far enough, because it allows promoters to offer credit or vouchers for future events “no matter when in the future the event might occur or how much or when the credit might apply”.

While many European concert organisers have been empowered to offer ticket vouchers instead of cash refunds, no legislation of the sort exists in California or the wider US.

Among other forms of redress, the trio seek monetary damages, an order that Eventbrite will cease the “unlawful, deceptive, fraudulent and unfair business practices” alleged in the complaint, and legal costs, to be determined at a jury trial.

News of the lawsuit, revealed in the company’s latest filing with the US Securities and Exchange Commission (SEC), comes as Eventbrite records a month-on-month increase in ticket sales for the first time since the Covid-19 pandemic hit in March.

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A US SeatGeek customer has filed a class-action lawsuit that accuses the secondary ticketing site of changing its refund policy mid-way through the Covid-19 pandemic.

The suit, which alleges that SeatGeek rescinded its money-back guarantee amid the widespread cancellation of live events, comes three weeks after similar legal action was initiated against ticket-resale rival StubHub, which is also offering credit instead of cash refunds for cancelled or postponed events.

In a filing in a Manhattan court, William Trader says New York-based SeatGeek – which also has a significant European presence, where it primarily focuses on primary ticketing for arts venues – changed the terms of its ‘buyer guarantee’ from a full refund to “a credit to be used for a future purchase to be determined in SeatGeek’s sole discretion”.

“Defendant has sought to surreptitiously shift its losses onto its innocent customers”

Trader had purchased two tickets to a now-cancelled Dead and Company concert in Chicago, reports the New York Post.

“In the midst of the greatest public health and economic crisis in living memory, defendant has sought to surreptitiously shift its losses onto its innocent customers, furthering the financial hardship endured by people across the country,” says Trader’s lawyer, Nicholas Coulson.

SeatGeek has been contacted for comment.

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SeatGeek has hired Charlie Sefi as managing director, EMEA entertainment, for its SeatGeek Enterprise primary ticketing platform.

Working out of US-based SeatGeek’s London office, Sefi will oversee the sales, implementation and support teams for SeatGeek Enterprises’s UK and European entertainment clients.

Sefi joins SeatGeek from online restaurant reservation start-up Resy, which was recently acquired by American Express. Prior to joining Resy, he was Ticketscript’s managing director in the UK and Ireland, leaving shortly after the company’s 2017 acquisition by Eventbrite, and was also a founding director of last-minute event discovery service YPlan, which was bought by Time Out in late 2016.

“We’re thrilled to have Charlie join us in London to continue the momentum the team has worked so hard to build,” comments James McClure, SeatGeek’s GM, international, who joined the company from Airbnb last summer. “Our team is investing into UK entertainment as there is a lot of room for us to thrive. Charlie’s experience across high-growth SaaS [software-as-a-service], ticketing and consumer start-ups makes him uniquely qualified to take on this position.”

“Our team is investing into UK entertainment as there is a lot of room for us to thrive”

SeatGeek, formerly a secondary ticketing platform, entered the primary market in summer 2016 via a strategic partnership with software company TopTix. Its first primary client was Major League Soccer (MLS), the highest-level football league in the US.

The company later acquired TopTix and its SRO⁴ box-office solution outright, and now counts venues including the Concertgebouw (1,974-cap.) in Amsterdam, the Theatre Royal (847-cap.) in York and several West End theatres, including the English National Opera at London Coliseum (2,359-cap.) – and sporting organisations such as the Dallas Cowboys, Royal Dutch Football Association, Sporting Kansas City, Leicester City FC, Los Angeles FC and Premier League champions Manchester City FC – among its SeatGeek Enterprise clients.

It opened an Italian office just before Christmas 2018.

“This is an exciting time for SeatGeek and the industry and I’m happy to be part of this team,” says Charlie Sefi, commenting on his appointment. “We see an opportunity to improve the ticketing experience in the entertainment space for both consumers and clients. The SeatGeek Enterprise team has grown successfully so quickly with clients that love the product and team.

“I’m happy to be part of the next chapter as we continue to expand the business globally.”

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New York-based ticket seller SeatGeek has grown its European presence by adding an Italian office to its existing operations in the US, Britain, Israel and the Netherlands.

A new live events-focused company, Ivrea-based SeatGeek Italia, will offer SeatGeek’s “best-in-class user experience” to venues and sports teams, according to the company, including tools for dynamic pricing and customer relationship management (CRM).

“Italy has one of the most vibrant arts scenes in the world, as well as some of the top sports leagues,” says Matteo Tradardi, SeatGeek Italia’s managing director of SeatGeek Italia. “With SeatGeek’s increased focus on the Italian market, we are excited to help more fans attend the live events they love.”

As part of the launch of SeatGeek Italia, SeatGeek has taken full ownership of TopTix Ribes, after acquiring parent company TopTix last year. TopTix Ribes’ client base includes the Franco Parenti Theatre in Milan and Comunale di Vicenza Theatre in Vicenza, and SeatGeek hopes to add more venues, as well as major Italian sports teams, in future.

SeatGeek, formerly a secondary ticketing platform, entered the primary market in summer 2016 via a strategic partnership with software company TopTix. Its first primary client was Major League Soccer (MLS), the highest-level football league in the US.

“By investing more in Italy we’ll be able to help venues across the country attract more fans”

The company later acquired TopTix and its SRO⁴ box-office solution outright, and now counts venues including the Concertgebouw (1,974-cap.) in Amsterdam, the Theatre Royal (847-cap.) in York and several West End theatres, including the English National Opera at London Coliseum (2,359-cap.) – and sporting organisations such as the Dallas Cowboys, Royal Dutch Football Association, Sporting Kansas City, Leicester City FC, Los Angeles FC and, most recently, Manchester City FC – among its primary market (SeatGeek Enterprise) clients.

It hired its first international GM, James McClure, in July.

Commenting on the launch of SeatGeek Italia, SeatGeek CEO and co-founder Jack Groetzinger says: “SeatGeek has the most powerful technology in live entertainment. By investing more in Italy we’ll be able to help venues across the country attract more fans.

“We see the Italian market as a huge growth opportunity, as we continue to see momentum in SeatGeek’s other markets.”

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In the past 18 months SeatGeek has transitioned from domestic US brand to international ticketer, securing a number of high profile ticketing clients from across the world. To preside over its continued international growth, the New York-based company has announced the hiring of its first ever international general manager, James McClure.

McClure has previously helped the likes of Google and Airbnb to expand into new markets. Across a number of countries, including the US, the UK, Singapore and Australia, he has overseen sales, planning and resource allocation. With their sights firmly set on operating globally, the company hope McClure will navigate SeatGeek into Europe and beyond.

Beginning as a strictly secondary ticketing platform, SeatGeek changed tactic in 2016 via a partnership with software company TopTix. Through its SeatGeek Enterprise primary ticketing platform it began forging partnerships with numerous sport and entertainment venues.

“SeatGeek has incredible momentum in Europe, and I’m looking forward to accelerating that success.”

After acquiring TopTix outright in April 2017 for $56 million, clients for both companies were merged. Today, SeatGeek can count a number of London’s West End theatres, Oslo Opera House, the Dallas Cowboys and the Royal Dutch Football Association as clients. Most recently, the business struck a primary ticketing deal with Manchester FC, meaning a quarter of the UK’s Premiere League is now served by SeatGeek.

“We’re thrilled to have James joining SeatGeek,” says Jack Groetzinger, CEO and co-founder of SeatGeek. “James has a great deal of experience growing international markets for technology companies.

On his new appointment, James McClure comments: “Our partners and prospects are quickly seeing the best-in-class technology of SeatGeek Enterprise, and we look forward to investing more in the region moving forward.

“SeatGeek has incredible momentum in Europe, and I’m looking forward to accelerating that success.”

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SeatGeek’s primary ticketing ambitions have taken a major step forward with a new multi-year deal with Manchester City FC, one of the world’s most famous association football clubs.

The partnership, the terms of which were not disclosed, sees New York-based SeatGeek become Manchester City’s official ticketing partner as of the 2018–19 season, with the club using its SeatGeek Enterprise primary ticketing platform to provide its supporters with a “best-in-class buying experience”.

SeatGeek – until mid-2016 a strictly secondary ticketing platform – entered the primary market that summer via a strategic partnership with software company TopTix. Its first primary client was Major League Soccer (MLS), the highest-level football league in the US.

It later acquired TopTix and its SRO⁴ solution outright, and now counts venues including the Concergebouw (1,974-cap.) in Amsterdam, the Theatre Royal (847-cap.) in York and the English National Opera at London Coliseum (2,359-cap.) and sporting organisations the Dallas Cowboys, Royal Dutch Football Association, Sporting Kansas City, Leicester City FC and Los Angeles FC among its SeatGeek Enterprise clients.

“Chicago is an incredible city for live events, and we look forward to welcoming locals and visitors to SeatGeek Stadium”

Manchester City has the fifth-highest revenue in international football, at €527.7 million (US$644.5m) in 2016–17, and won the English premiership in 2012, 2014 and 2018.

A day before the Manchester City deal, the company additionally announced it is to take over naming rights on the 28,000-capacity Toyota Park football stadium in Bridgeview, Illinois, which is to be renamed SeatGeek Stadium.

SeatGeek says it will work to bring the stadium – home to football (soccer) teams Chicago Fire Soccer Club and Chicago Red Stars – more live events, including “premier concerts, music festivals and international sporting events”, alongside Bridgeview and venue manager Spectra.

The new name will kick in follow Chicago Fire’s final home match in the 2018 season.

“Chicago is an incredible city for live events, and we look forward to welcoming locals and visitors to SeatGeek Stadium,” says SeatGeek co-founder Russ D’Souza.

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With new global restrictions now live on the use of Google AdWords by secondary ticketing sites, UK anti-touting campaign group FanFair Alliance has “unequivocally welcomed” the update to Google’s ad policies – but warned there is still room for improvement if the search giant is serious about cracking down on dishonest ticket resellers.

As required by Google’s new ‘event ticket reseller policy’, all major online secondary outlets – including Get Me In! and Seatwave in the UK, Ticketmaster Resale in Australia, SeekGeek, TicketsNow and Vivid Seats in the US and StubHub and Viagogo internationally – have put up notices making clear they are resale sites, and that prices may be above face value.

However, the same wording isn’t included in the ads themselves, meaning a Google search, for example, for “Kendrick Lamar tickets” still brings up scores of resale sites as the top results, with no indication they are not the primary sellers.

In a statement, FanFair identifies this lack of consistency as the “one crucial area” where more needs to be done, saying that while it welcomes Google’s “proactive involvement to bring further transparency to the ticket resale market”, the “largest resale sites still fail to make clear that they are secondary platforms, listing secondhand tickets.

“Given their continued prominence on search pages, the implication remains that these are authorised primary sellers or ‘official sites’. That is simply not the case. Until their ad messaging is amended, we suspect UK ticket buyers will continue to be misled.

“Until ad messaging is amended, we suspect ticket buyers will continue to be misled”

“This is something we look forward to discussing with Google and will urge them to act upon. Unless secondary ticketing sites are forced to ‘be honest’, the full consumer benefits of certification are unlikely to be achieved.”

Elsewhere in the UK industry, Mark Gasson, founder of primary ticket agency Gigantic, urges Google to go on step further in totally excluding secondary sellers from its search results. “While we welcome these changes that help to protect customers from being deceived when searching for tickets online, we would like to see this as the beginning rather than the end in the attempt to safeguard online ticketing,” he tells IQ. “In time, we would want to see all secondary sites excluded from all ticket searches and be restricted to pure secondary tickets searches.

“As it stands, some customers will still not see past the warnings and will end up paying more than they need to for their tickets. This not only misleads customers but also impacts on their potential spend on other concerts.”

“Google’s moves to ban misleading adverts from the secondary sites on its search engines is a welcome move, and a step in the right direction which should stop a lot of people being ripped off,” adds Dan Ealam, director of promoter DHP Family.

“Having seen firsthand the pain these unethical sites can cause consumers through false claims of being official, financial heartache for music fans and sometimes even selling non-existent tickets, we feel there is still some distance left to go, but this is a good starting point from Google.”

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