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{{Short description|American ticket exchange and resale company}}
{{unreliable sources|date=May 2017}}
{{COI|date=November 2017}}
{{infobox company
{{infobox company
|name=Vivid Seats
| name = Vivid Seats Inc.
|logo = VividSeatsCompanyLogo.png
| logo = Vivid_Seats_logo.svg
| company_type = [[Private company|Private]]
| type = [[Public company|Public]]
| traded_as = {{unbulleted list|{{Nasdaq|SEAT}}}}
| foundation = [[Chicago]], [[Illinois (state)|Illinois]], USA
⚫
| foundation = {{Start date and age|2001}} in [[Chicago, Illinois]], United States
| area_served = [[World]]wide
| area_served = [[World]]wide
| location_city = [[New York City, New York]]
| location_city = Chicago, Illinois
| location_country = [[United States]]
| location_country = United States
| industry = [[Ticket exchange]]<br>[[Ticket resale]]
| products = [[Ticket (admission)|Tickets]] for sports, concerts, theater, entertainment events
| industry = [[Ticket exchange]]<br>[[Ticket resale]]
| products = [[Ticket (admission)|Tickets]] for sports, concerts, theater, entertainment events
|founders=Jerry Bednyak and Eric Vassilatos
| founders = Jerry Bednyak and Eric Vassilatos
| key_people = {{plainlist|
| key_people = {{plainlist|
* Jerry Bednyak {{small|(co-founder,<ref> {{cite web|url=https://www.foxbusiness.com/markets/private-equity-firm-gtcr-invests-in-live-events-ticket-seller-vivid-seats-llc
* David Donnini {{small|(chairman of the board,<ref>{{cite press release|url=https://www.globenewswire.com/news-release/2021/08/16/2281293/0/en/Vivid-Seats-Announces-Post-Merger-Public-Company-Board-of-Directors.html
|title= Private Equity Firm GTCR Invests In Live Events Ticket Seller Vivid Seats LLC|last=Williams|first=Trey|date=May 16, 2017|publisher=[[Fox Business Network]]</ref> [[co-founder]])}}
|title=Vivid Seats Announces Post-Merger Public Company Board of Directors|date=August 16, 2021|publisher=[[GlobeNewswire]]}}</ref>)}}
* Stan Chia {{small | (chief executive officer),<ref>{{cite web|url=http://www.ampthemag.com/the-thr33/the-thr33-oc-c|title=The Thr33: OC Convention Center Reups with Centerplate, Vivid Seats Names Stan Chia CEO & Innings Fest Announces Lineup|access-date=Nov 2, 2018|publisher=Amplify|archive-date=July 31, 2023|archive-url=https://web.archive.org/web/20230731194839/https://www.billboard.com/business/|url-status=live}}</ref>}}
* Eric Vassilatos {{small|(co-founder,<ref> {{cite web|url=https://www.foxbusiness.com/markets/private-equity-firm-gtcr-invests-in-live-events-ticket-seller-vivid-seats-llc
}}
|title= Private Equity Firm GTCR Invests In Live Events Ticket Seller Vivid Seats LLC|last=Williams|first=Trey|date=May 16, 2017|publisher=[[Fox Business Network]]</ref> [[co-founder]])}}
⚫
| num_employees = 500 (2018)<ref name="Built In Chicago">{{cite web|url=https://www.builtinchicago.org/company/vivid-seats|year=2018|publisher=Built In Chicago|title=Vivid Seats Company Profile|access-date=2018-05-28|archive-date=2018-05-29|archive-url=https://web.archive.org/web/20180529130055/https://www.builtinchicago.org/company/vivid-seats|url-status=live}}</ref>
* Geoff Lester {{small | (chief commerce officer, <ref> {{citeweb|url=https://www.sportsbusinessdaily.com/Daily/Issues/2018/01/08/People-and-Pop-Culture/Geoff-Lester.aspx|title=https://www.sportsbusinessdaily.com/Daily/Issues/2018/01/08/People-and-Pop-Culture/Geoff-Lester.aspx|last=Fisher|first=Eric|date=Jan 8, 2018|publisher=Sports Business Journal </ref>}} }}
⚫
| revenue = $1.5 billion
⚫
| num_employees = 500 (2018)<ref name=Built In Chicago>{{cite web|url=https://www.builtinchicago.org/company/vivid-seats|year=2018|publisher=Built In Chicago}}title=Vivid Seats Company Profile</ref>
⚫
| website = {{URL|https://www.vividseats.com}}
⚫
|revenue=$1.5 billion
⚫
|website = {{URL|http://www.vividseats.com}}
⚫
|founded = {{Start date and age|2001}} in [[Chicago]], [[Illinois]], [[United States]]
}}
}}


'''Vivid Seats Inc.''' (stylized as '''vıvıdseats''') is an American [[ticket exchange]] and [[ticket resale|resale]] company.<ref>"[https://www.vividseats.com/contact.html Contact Us] {{Webarchive|url=https://web.archive.org/web/20170831215155/https://www.vividseats.com/contact.html |date=2017-08-31 }}" Vivid Seats. Retrieved 17 September 2014.</ref> The company went public on October 19, 2021, after a merger earlier in that year with Horizon Acquisition Corporation, a [[Special-purpose acquisition company|SPAC]]. It trades on the [[New York Stock Exchange|NYSE]] and [[Nasdaq]] as SEAT.<ref name=EnomotoOct2021>{{cite news |url=https://www.benzinga.com/money/vivid-seats-stock/#when-is-the-vivid-seats-ipo-date |title=When is the Vivid Seats IPO Date? |first=Joshua |last=Enomoto |work=Benzinger |date=October 18, 2021 |access-date=October 19, 2021 |archive-date=October 19, 2021 |archive-url=https://web.archive.org/web/20211019224307/https://www.benzinga.com/money/vivid-seats-stock/#when-is-the-vivid-seats-ipo-date |url-status=live }}</ref><ref name=OwusuOct2021>{{cite news |url=https://www.thestreet.com/investing/vivid-seats-debuts-on-nasdaq-following-spac-merger |title=Vivid Seats Rises in Market Debut Following SPAC Merger |first=Tony |last=Owusu |date=October 18, 2021 |access-date=October 19, 2021 |work=The Street |archive-date=October 19, 2021 |archive-url=https://web.archive.org/web/20211019170617/https://www.thestreet.com/investing/vivid-seats-debuts-on-nasdaq-following-spac-merger |url-status=live }}</ref>
'''Vivid Seats LLC''' is an independently owned and operated online ticket reseller.<ref>"[https://www.vividseats.com/contact.html Contact Us]" Vivid Seats. Retrieved 17 September 2014.
</ref>


The privately held company does not disclose financial information. In 2017, it was reported to have a turnover of $1 billion<ref>Yoshitsugu, Sachiko (2 June 2012). "[http://www.chicagobusiness.com/article/20120602/ISSUE02/306029986/fast-fifty-no-8-vivid-seats-ltd Fast Fifty No. 8: Vivid Seats Ltd].". ChicagoBusiness.com. Retrieved 18 September 2014.</ref><ref>Roof, Katie (23 March 2017). "[https://techcrunch.com/2017/03/23/vivid-seats-for-sale/ Online ticket marketplace Vivid Seats is looking to sell for $1.5 billion].". Techcrunch.com. Retrieved 23 May 2017.</ref> and to be the third-largest online ticket reseller.<ref>Elahi, Amina (24 March 2017). "[http://www.chicagotribune.com/bluesky/originals/ct-vivid-seats-for-sale-bsi-20170324-story.html Could Vivid Seats, a Chicago-based online ticket site, sell for $1.5 billion?]". Chicago Tribune. Retrieved 17 May 2017.
In 2017, it was reported to have a turnover of $1 billion<ref>Yoshitsugu, Sachiko (2 June 2012). "[http://www.chicagobusiness.com/article/20120602/ISSUE02/306029986/fast-fifty-no-8-vivid-seats-ltd Fast Fifty No. 8: Vivid Seats Ltd] {{Webarchive|url=https://web.archive.org/web/20190603161821/https://www.chicagobusiness.com/article/20120602/ISSUE02/306029986/fast-fifty-no-8-vivid-seats-ltd |date=2019-06-03 }}.". ChicagoBusiness.com. Retrieved 18 September 2014.</ref><ref>Roof, Katie (23 March 2017). "[https://techcrunch.com/2017/03/23/vivid-seats-for-sale/ Online ticket marketplace Vivid Seats is looking to sell for $1.5 billion].". Techcrunch.com. Retrieved 23 May 2017.</ref> and to be the third-largest online ticket reseller.<ref>Elahi, Amina (24 March 2017). "[http://www.chicagotribune.com/bluesky/originals/ct-vivid-seats-for-sale-bsi-20170324-story.html Could Vivid Seats, a Chicago-based online ticket site, sell for $1.5 billion?] {{Webarchive|url=https://web.archive.org/web/20170523084741/http://www.chicagotribune.com/bluesky/originals/ct-vivid-seats-for-sale-bsi-20170324-story.html |date=2017-05-23 }}". Chicago Tribune. Retrieved 17 May 2017.</ref><ref>Tan, Gillian (22 June 2016). "[https://www.bloomberg.com/gadfly/articles/2016-06-22/stubhub-ebay-s-next-ticket-to-ride StubHub Is EBay's Next Ticket to Ride] {{Webarchive|url=https://web.archive.org/web/20171029050536/https://www.bloomberg.com/gadfly/articles/2016-06-22/stubhub-ebay-s-next-ticket-to-ride |date=2017-10-29 }}". Bloomberg. Retrieved 23 May 2017.</ref>
</ref><ref>Tan, Gillian (22 June 2016). "[https://www.bloomberg.com/gadfly/articles/2016-06-22/stubhub-ebay-s-next-ticket-to-ride StubHub Is EBay's Next Ticket to Ride]". Bloomberg. Retrieved 23 May 2017.
</ref>


==History==
==History==


Vivid Seats was founded in Chicago, Illinois, in 2001 by Jerry Bednyak and Eric Vassilatos.<ref>McLean, Tessa (3 March 2015). "[http://www.builtinchicago.org/2015/03/27/3-ways-bootstrapped-business-built-culture. How bootstrapped Vivid Seats attracted 100+ new hires in each of the last 2 years]". BuiltInChicago.com. Retrieved 17 September 2014.
Vivid Seats was founded in Chicago, Illinois, in 2001 by Jerry Bednyak and Eric Vassilatos.<ref>{{cite web|last=McLean|first=Tessa|date=March 3, 2015|url=http://www.builtinchicago.org/2015/03/27/3-ways-bootstrapped-business-built-culture|title=How bootstrapped Vivid Seats attracted 100+ new hires in each of the last 2 years|work=BuiltInChicago.com|access-date=April 14, 2020|archive-date=April 14, 2019|archive-url=https://web.archive.org/web/20190414013031/https://www.builtinchicago.org/2015/03/27/3-ways-bootstrapped-business-built-culture|url-status=live}}</ref>
</ref>


Vivid Seats has been invested in by two private equity companies, [[Vista Equity Partners]] in 2016 and [[GTCR]] in 2017. GTCR bought a majority stake<ref>Ecker, Danny (16 March, 2017). "[http://www.chicagobusiness.com/article/20170516/BLOGS04/170519885/gtcr-buys-stake-in-ticket-reseller-vivid-seats GTCR buys stake in ticket reseller Vivid Seats]"</ref> for $575 million. <ref> Paul Hastings (7 May 2018) "[https://www.paulhastings.com/news/details/?id=46aeb46a-2334-6428-811c-ff00004cbded]"</ref>
Vivid Seats has been invested in by two private equity companies, [[Vista Equity Partners]] in 2016 and [[GTCR]] in 2017. GTCR bought a majority stake<ref>Ecker, Danny (16 March 2017). "[http://www.chicagobusiness.com/article/20170516/BLOGS04/170519885/gtcr-buys-stake-in-ticket-reseller-vivid-seats GTCR buys stake in ticket reseller Vivid Seats]"</ref> for $575 million.<ref>Paul Hastings (7 May 2018) "[https://www.paulhastings.com/news/details/?id=46aeb46a-2334-6428-811c-ff00004cbded] {{Webarchive|url=https://web.archive.org/web/20180511012622/https://www.paulhastings.com/news/details/?id=46aeb46a-2334-6428-811c-ff00004cbded|date=2018-05-11}}"</ref>


Vivid Seats is a member of the [[Internet Association]], which advocates for [[net neutrality]].[<ref>Zhou, Li (15 March 2018). [https://www.politico.com/newsletters/morning-tech/2018/03/15/net-neutrality-advocates-bring-expertise-to-state-fights-133692?tab=most-read Net neutrality advocates bring expertise to state fights]. Retrieved 16 March 2018. Politico.com </ref>].
Vivid Seats is a member of the [[Internet Association]], which advocates for [[net neutrality]].<ref>{{cite news |last=Zhou |first=Li |date=March 15, 2018 |url=https://www.politico.com/newsletters/morning-tech/2018/03/15/net-neutrality-advocates-bring-expertise-to-state-fights-133692?tab=most-read |title=Net neutrality advocates bring expertise to state fights |access-date=March 16, 2018 |work=Politico |archive-date=March 17, 2018 |archive-url=https://web.archive.org/web/20180317102100/https://www.politico.com/newsletters/morning-tech/2018/03/15/net-neutrality-advocates-bring-expertise-to-state-fights-133692?tab=most-read |url-status=live }}</ref>

The company went public on October 19, 2021 after a merger earlier in 2021 with Horizon Acquisition Corporation, a [[Special-purpose acquisition company|SPAC]]. It trades on the NYSE and Nasdaq as SEAT.<ref name=EnomotoOct2021 /><ref name=OwusuOct2021 /> Todd Boehly is chairman of Horizon Acquisitions Corporation, which announced that “Eldridge Industries, LLC (“Eldridge”), an affiliate of Horizon’s sponsor, Horizon Sponsor, LLC, has entered into an agreement with DraftKings (NASDAQ: DKNG) to make a private placement PIPE investment in connection with the closing of the previously announced merger between Horizon and Vivid Seats.”<ref>{{cite news |url=https://www.globenewswire.com/news-release/2021/10/14/2314420/0/en/Horizon-Acquisition-Corp-Announces-PIPE-Investment-by-DraftKings.html |title=Horizon Acquisition Corp. Announces PIPE Investment by DraftKings |work=Globe News Wire |date=October 14, 2021 |access-date=October 19, 2021 |archive-date=October 19, 2021 |archive-url=https://web.archive.org/web/20211019230210/https://www.globenewswire.com/news-release/2021/10/14/2314420/0/en/Horizon-Acquisition-Corp-Announces-PIPE-Investment-by-DraftKings.html |url-status=live }}</ref>


==Operations==
==Operations==


Vivid Seats is a middleman between ticket buyers and sellers, taking a 10% commission once tickets have sold<ref>[https://support.vividseats.com/support/home Frequently Asked Questions Vivid Seats]. Retrieved 16 May 2017.</ref> and additionally charging buyers service fees (circa 20 to 40%<ref>https://www.techjunkie.com/vivid-seats-vs-stubhub/</ref>) and shipping charges.<ref>[https://support.vividseats.com/support/home Frequently Asked Questions Vivid Seats]. Retrieved 16 May 2017.</ref> In 2013, Vivid Seats began supplying ticketing information via [[Google Now]].<ref>Staff (15 May 2013). "Vivid Seats Ticketing Information Available in Google Now" MarketWired. Retrieved 22 September 2014.
Vivid Seats is a middleman between ticket buyers and sellers, taking a 10% commission once tickets have sold<ref name="FAQ">[https://support.vividseats.com/support/home Frequently Asked Questions Vivid Seats] {{Webarchive|url=https://web.archive.org/web/20161106190107/http://support.vividseats.com/support/home |date=2016-11-06 }}. Retrieved 16 May 2017.</ref> and additionally charging buyers service fees (circa 20–40%<ref>{{Cite web | url=https://www.techjunkie.com/vivid-seats-vs-stubhub/ | title=Vivid Seats vs. StubHub – Which Ticket-Buying Platform is Better? | access-date=2017-09-14 | archive-date=2017-09-14 | archive-url=https://web.archive.org/web/20170914125446/https://www.techjunkie.com/vivid-seats-vs-stubhub/ | url-status=live }}</ref>) and shipping charges.<ref name="FAQ" />
</ref>


==Partnerships==
==Partnerships==


In February 2017, [[ESPN]] made Vivid Seats its official ticket provider, replacing [[StubHub]].<ref>Fisher, Eric (16 February 2017). "[http://www.sportsbusinessdaily.com/Daily/Morning-Buzz/2017/02/16/ESPN-Vivid.aspx ESPN signs deal with Vivid Seats, opting out of pact with StubHub]". Sports Business Daily. Retrieved 16 May 2017.
In February 2017, [[ESPN]] made Vivid Seats its official ticket provider, replacing [[StubHub]].<ref>Fisher, Eric (16 February 2017). "[http://www.sportsbusinessdaily.com/Daily/Morning-Buzz/2017/02/16/ESPN-Vivid.aspx ESPN signs deal with Vivid Seats, opting out of pact with StubHub] {{Webarchive|url=https://web.archive.org/web/20170219182229/http://www.sportsbusinessdaily.com/Daily/Morning-Buzz/2017/02/16/ESPN-Vivid.aspx |date=2017-02-19 }}". Sports Business Daily. Retrieved 16 May 2017.</ref>
</ref>


In April 2017, [[Time Inc.]] made Vivid Seats the official ticket provider for [[Sports Illustrated]].<ref>Velasco, Haley (8 April 2017). "[http://www.thedrum.com/news/2017/04/08/time-inc-chooses-vivid-seats-official-ticketing-partner-the-sports-illustrated-group Time Inc. chooses Vivid Seats as official ticketing partner for the Sports Illustrated Group]". The Drum. Retrieved 16 May 2017.</ref>
In April 2017, [[Time Inc.]] made Vivid Seats the official ticket provider for [[Sports Illustrated]].<ref>Velasco, Haley (8 April 2017). "[http://www.thedrum.com/news/2017/04/08/time-inc-chooses-vivid-seats-official-ticketing-partner-the-sports-illustrated-group Time Inc. chooses Vivid Seats as official ticketing partner for the Sports Illustrated Group] {{Webarchive|url=https://web.archive.org/web/20170507011717/http://www.thedrum.com/news/2017/04/08/time-inc-chooses-vivid-seats-official-ticketing-partner-the-sports-illustrated-group |date=2017-05-07 }}". The Drum. Retrieved 16 May 2017.</ref>


Also in 2017, Vivid Seats entered into partnerships with the [[University of Tennessee]], the [[University of Rhode Island]], and the [[Preakness Stakes]]. It has existing partnerships with entities such as the [[University of Notre Dame]] and [[Duke University]].<ref>Staff (15 January 2018). [https://www.sportsbusinessdaily.com/Journal/Issues/2018/01/15/In-Depth/Vivid-Seats.aspx Vivid Seats’ active dealmaking]. Sports Business Journal. Retrieved 27 March 2018.</ref>
Also in 2017, Vivid Seats entered into partnerships with the [[University of Tennessee]], the [[University of Rhode Island]], and the [[Preakness Stakes]]. It has existing partnerships with entities such as the [[University of Notre Dame]] and [[Duke University]].<ref>Staff (15 January 2018). [https://www.sportsbusinessdaily.com/Journal/Issues/2018/01/15/In-Depth/Vivid-Seats.aspx Vivid Seats’ active dealmaking] {{Webarchive|url=https://web.archive.org/web/20180328041237/https://www.sportsbusinessdaily.com/Journal/Issues/2018/01/15/In-Depth/Vivid-Seats.aspx |date=2018-03-28 }}. Sports Business Journal. Retrieved 27 March 2018.</ref>

In August 2018, Vivid Seats was named the official ticketing partner of the [[Los Angeles Clippers]]<ref>{{cite web|title=Vivid Seats Named Official Ticketing Partner of the LA Clippers|url=https://www.nba.com/clippers/vivid-seats-named-official-ticketing-partner-la-clippers|publisher=National Basketball Association|date=August 13, 2018|access-date=September 12, 2018}}</ref> of the [[NBA]].


==Expansion==
==Expansion==


In 2014, Vivid Seats moved its corporate headquarters to Chicago's West Loop while also retaining office space for its operations team nearby<ref>Ori, Ryan (21 May 2014). "[http://www.chicagobusiness.com/realestate/20140521/CRED03/140529968/vivid-seats-punches-ticket-to-west-loop-office-building Vivid Seats punches ticket to West Loop office building]". ChicagoBusiness.com. Retrieved 17 September 2014.</ref> to accommodate new employees, 100 having been hired in the last year.<ref>Boehm, Connor (29 May 2014). "[http://www.builtinchicago.org/blog/rapid-growth-vivid-seats-moving-its-headquarters With 400 percent growth, Vivid Seats expands its headquarters]". BuiltInChicago.com. Retrieved 17 September 2014.</ref>
In 2014, Vivid Seats moved its corporate headquarters to Chicago's West Loop while also retaining office space for its operations team nearby<ref>Ori, Ryan (21 May 2014). "[http://www.chicagobusiness.com/realestate/20140521/CRED03/140529968/vivid-seats-punches-ticket-to-west-loop-office-building Vivid Seats punches ticket to West Loop office building] {{Webarchive|url=https://web.archive.org/web/20230731195541/https://www.chicagobusiness.com/article/20140521/CRED03/140529968/vivid-seats-moving-headquarters-to-sterling-bay-s-111-n-canal-in-west-loop |date=2023-07-31 }}". ChicagoBusiness.com. Retrieved 17 September 2014.</ref> to accommodate new employees, 100 having been hired in the last year.<ref>Boehm, Connor (29 May 2014). "[http://www.builtinchicago.org/blog/rapid-growth-vivid-seats-moving-its-headquarters With 400 percent growth, Vivid Seats expands its headquarters] {{Webarchive|url=https://web.archive.org/web/20170908020638/http://www.builtinchicago.org/blog/rapid-growth-vivid-seats-moving-its-headquarters |date=2017-09-08 }}". BuiltInChicago.com. Retrieved 17 September 2014.</ref>

In April 2019, Vivid Seats acquired Toronto-based software company Fanxchange.<ref>{{cite web|url=https://www.chicagobusiness.com/john-pletz-technology/vivid-seats-buys-toronto-company-plans-hiring-spree|title=Vivid Seats buys Toronto company, plans hiring spree|publisher=Chicago Business|author=John Pletz|date=11 April 2019|access-date=11 April 2019|archive-date=11 April 2019|archive-url=https://web.archive.org/web/20190411195342/https://www.chicagobusiness.com/john-pletz-technology/vivid-seats-buys-toronto-company-plans-hiring-spree|url-status=live}}</ref>

In November 2023, Vivid Seats acquired Vegas.com, a travel website that informs users on shows and attractions in Las Vegas, for $240 million in a cash-and-stock deal. <ref>{{Cite web |last=Thomas |first=Lauren |title=WSJ News Exclusive {{!}} Vivid Seats Makes Big Bet on Las Vegas |url=https://www.wsj.com/business/deals/vivid-seats-makes-big-bet-on-las-vegas-e1d482d1 |access-date=2023-11-08 |website=WSJ |language=en-US}}</ref>


==References==
==References==
Line 62: Line 62:


==External links==
==External links==
* {{Official website|http://www.vividseats.com/}}
* {{Official website|https://www.vividseats.com}}


[[Category:2001 establishments in Illinois]]
[[Category:2001 establishments in Illinois]]
[[Category:Companies based in Chicago]]
[[Category:Companies based in Chicago]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Ticket sales companies]]
[[Category:Ticket sales companies]]

Latest revision as of 23:59, 8 August 2024

Vivid Seats Inc.
Company typePublic
IndustryTicket exchange
Ticket resale
Founded2001; 24 years ago (2001) in Chicago, Illinois, United States
FoundersJerry Bednyak and Eric Vassilatos
Headquarters
Chicago, Illinois
,
United States
Area served
Worldwide
Key people
  • David Donnini (chairman of the board,[1])
  • Stan Chia (chief executive officer),[2]
ProductsTickets for sports, concerts, theater, entertainment events
Revenue$1.5 billion
Number of employees
500 (2018)[3]
Websitewww.vividseats.com

Vivid Seats Inc. (stylized as vıvıdseats) is an American ticket exchange and resale company.[4] The company went public on October 19, 2021, after a merger earlier in that year with Horizon Acquisition Corporation, a SPAC. It trades on the NYSE and Nasdaq as SEAT.[5][6]

In 2017, it was reported to have a turnover of $1 billion[7][8] and to be the third-largest online ticket reseller.[9][10]

History

[edit]

Vivid Seats was founded in Chicago, Illinois, in 2001 by Jerry Bednyak and Eric Vassilatos.[11]

Vivid Seats has been invested in by two private equity companies, Vista Equity Partners in 2016 and GTCR in 2017. GTCR bought a majority stake[12] for $575 million.[13]

Vivid Seats is a member of the Internet Association, which advocates for net neutrality.[14]

The company went public on October 19, 2021 after a merger earlier in 2021 with Horizon Acquisition Corporation, a SPAC. It trades on the NYSE and Nasdaq as SEAT.[5][6] Todd Boehly is chairman of Horizon Acquisitions Corporation, which announced that “Eldridge Industries, LLC (“Eldridge”), an affiliate of Horizon’s sponsor, Horizon Sponsor, LLC, has entered into an agreement with DraftKings (NASDAQ: DKNG) to make a private placement PIPE investment in connection with the closing of the previously announced merger between Horizon and Vivid Seats.”[15]

Operations

[edit]

Vivid Seats is a middleman between ticket buyers and sellers, taking a 10% commission once tickets have sold[16] and additionally charging buyers service fees (circa 20–40%[17]) and shipping charges.[16]

Partnerships

[edit]

In February 2017, ESPN made Vivid Seats its official ticket provider, replacing StubHub.[18]

In April 2017, Time Inc. made Vivid Seats the official ticket provider for Sports Illustrated.[19]

Also in 2017, Vivid Seats entered into partnerships with the University of Tennessee, the University of Rhode Island, and the Preakness Stakes. It has existing partnerships with entities such as the University of Notre Dame and Duke University.[20]

In August 2018, Vivid Seats was named the official ticketing partner of the Los Angeles Clippers[21] of the NBA.

Expansion

[edit]

In 2014, Vivid Seats moved its corporate headquarters to Chicago's West Loop while also retaining office space for its operations team nearby[22] to accommodate new employees, 100 having been hired in the last year.[23]

In April 2019, Vivid Seats acquired Toronto-based software company Fanxchange.[24]

In November 2023, Vivid Seats acquired Vegas.com, a travel website that informs users on shows and attractions in Las Vegas, for $240 million in a cash-and-stock deal. [25]

References

[edit]
  1. ^ "Vivid Seats Announces Post-Merger Public Company Board of Directors" (Press release). GlobeNewswire. August 16, 2021.
  2. ^ "The Thr33: OC Convention Center Reups with Centerplate, Vivid Seats Names Stan Chia CEO & Innings Fest Announces Lineup". Amplify. Archived from the original on July 31, 2023. Retrieved Nov 2, 2018.
  3. ^ "Vivid Seats Company Profile". Built In Chicago. 2018. Archived from the original on 2018-05-29. Retrieved 2018-05-28.
  4. ^ "Contact Us Archived 2017-08-31 at the Wayback Machine" Vivid Seats. Retrieved 17 September 2014.
  5. ^ a b Enomoto, Joshua (October 18, 2021). "When is the Vivid Seats IPO Date?". Benzinger. Archived from the original on October 19, 2021. Retrieved October 19, 2021.
  6. ^ a b Owusu, Tony (October 18, 2021). "Vivid Seats Rises in Market Debut Following SPAC Merger". The Street. Archived from the original on October 19, 2021. Retrieved October 19, 2021.
  7. ^ Yoshitsugu, Sachiko (2 June 2012). "Fast Fifty No. 8: Vivid Seats Ltd Archived 2019-06-03 at the Wayback Machine.". ChicagoBusiness.com. Retrieved 18 September 2014.
  8. ^ Roof, Katie (23 March 2017). "Online ticket marketplace Vivid Seats is looking to sell for $1.5 billion.". Techcrunch.com. Retrieved 23 May 2017.
  9. ^ Elahi, Amina (24 March 2017). "Could Vivid Seats, a Chicago-based online ticket site, sell for $1.5 billion? Archived 2017-05-23 at the Wayback Machine". Chicago Tribune. Retrieved 17 May 2017.
  10. ^ Tan, Gillian (22 June 2016). "StubHub Is EBay's Next Ticket to Ride Archived 2017-10-29 at the Wayback Machine". Bloomberg. Retrieved 23 May 2017.
  11. ^ McLean, Tessa (March 3, 2015). "How bootstrapped Vivid Seats attracted 100+ new hires in each of the last 2 years". BuiltInChicago.com. Archived from the original on April 14, 2019. Retrieved April 14, 2020.
  12. ^ Ecker, Danny (16 March 2017). "GTCR buys stake in ticket reseller Vivid Seats"
  13. ^ Paul Hastings (7 May 2018) "[1] Archived 2018-05-11 at the Wayback Machine"
  14. ^ Zhou, Li (March 15, 2018). "Net neutrality advocates bring expertise to state fights". Politico. Archived from the original on March 17, 2018. Retrieved March 16, 2018.
  15. ^ "Horizon Acquisition Corp. Announces PIPE Investment by DraftKings". Globe News Wire. October 14, 2021. Archived from the original on October 19, 2021. Retrieved October 19, 2021.
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  17. ^ "Vivid Seats vs. StubHub – Which Ticket-Buying Platform is Better?". Archived from the original on 2017-09-14. Retrieved 2017-09-14.
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  20. ^ Staff (15 January 2018). Vivid Seats’ active dealmaking Archived 2018-03-28 at the Wayback Machine. Sports Business Journal. Retrieved 27 March 2018.
  21. ^ "Vivid Seats Named Official Ticketing Partner of the LA Clippers". National Basketball Association. August 13, 2018. Retrieved September 12, 2018.
  22. ^ Ori, Ryan (21 May 2014). "Vivid Seats punches ticket to West Loop office building Archived 2023-07-31 at the Wayback Machine". ChicagoBusiness.com. Retrieved 17 September 2014.
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  25. ^ Thomas, Lauren. "WSJ News Exclusive | Vivid Seats Makes Big Bet on Las Vegas". WSJ. Retrieved 2023-11-08.
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