Report: SeatGeek to Lay Off 15% of Workforce in ‘Abrupt’ Move
The ticketing site SeatGeek is reportedly cutting ties with a number of employees this week.
According to a new report by The Ticketing Business, those familiar with the matter said the ticketer is reducing its workforce by 15% in a cost-cutting exercise that is impacting sites around the world. SeatGeek employees have repeated the 15% figure across LinkedIn, with some employees in New York City and Berlin announcing their departures on Wednesday.
Those affected include software engineers and UX specialists, with one of the employees calling the news “abrupt.”
“Hi everyone! I just learned I’m part of the 15% of layoffs at SeatGeek,” a former Senior UX Researcher at SeatGeek said on LinkedIn. “I’m seeking a new role and would appreciate your support.
Another employee noted on the networking platform that it was “a tough day at SeatGeek with many good people affected.”
TicketNews has reached out to SeatGeek for comment.
The New York-headquartered company, launched by Jack Groetzinger and Russell D’Souza in 2009, has expanded from resale into the primary ticketing market, competing with giants like Live Nation Entertainment’s Ticketmaster and AEG Worldwide’s AXS.
The company reportedly plans to go public with its initial public offering; last year, news broke that SeatGeek was working with Citigroup Inc. and Wells Fargo & Co. on the planned listing, led by Morgan Stanley. SeatGeek is reportedly targeting a valuation in an IPO exceeding $1.35 billion, which was agreed in a 2021 deal set to go public via special purpose acquisition company (SPAC) that was later scrapped.
Over the past year, SeatGeek has inked several partnerships. The company expanded its MLB roster with the addition of 10 teams; the news follows SeatGeek’s move to become the Official Ticket Marketplace of the league. Additionally, it partnered with the National Hockey League’s newest team, the Utah Hockey Club, and was announced as the new Official Ticket Marketplace of the Big 12 conference. Last week, SeatGeek revealed it would move forward as the official ticketing partner of USA Softball through a multi-year deal.
In addition to partnerships, SeatGeek rolled-out a new feature last year dubbed “Parties,” which allows fans to invite, share, and manage tickets as a group.
