Vivid Seats Reports Net Income Loss, Revenue Increase In Q2 Earnings

Ticketing marketplace Vivid Seats announced a $1.2 million net income loss alongside nearly $200 million in revenue during its Quarter 2 Earnings Report.

The loss is down $38.3 million in net income at this point last year. For six months — from January 1 to June 30, 2024 — net income equalled $9.5 million, compared to a whopping $68.6 million during the same period in 2023. However, the ticketer also revealed revenues rose 20% year-on-year to $198 million this quarter, and GOV (Gross Order Value) reached $998 million at the end of the quarter — a slight jump from $954 million during the same period last year.

| READ: Vivid Seats Announced $190M in Revenue for Q1 Earnings | 

Cancellations, however, have negatively impacted marketplace GOV i]n the amount of $21.2 million in Q2, nearly double the $11.7 million from Q2 in 2023.

Find the key points of Q2 results below:

• Marketplace GOV of $998.1 million – up 5% from $953.7 million in Q2 2023
• Revenues of $198.3 million – up 20% from $165.4 million in Q2 2023
• Net loss of $1.2 million – down from net income of $38.3 million in Q2 2023
• Adjusted EBITDA of $44.2 million – up 42% from $31.1 million in Q2 2023

Stan Chia, chief executive of Vivid Seats, noted in a press release that the company “executed with discipline, delivering great results while opportunistically leveraging our unique assets and capabilities” in the second quarter.

“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,” Chia said. “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.”

Additionally, Vivid Seats’ chief financial officer Lawrence Frey said that the company “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.”

Earlier this year, Vivid Seats unveiled its 2024 Environmental, Social, and Governance (ESG) Fact Sheet. The report outlines the company’s progress and achievements in various ESG initiatives over the past year, including their effort to reduce its environmental impact and its charitable foundation Vivid Cheers.