Vivid Seats Inc. (SEAT): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Vivid Seats Inc. (SEAT), einem dynamischen Online-Ticketmarktplatz, der den Zugang von Fans zu Live-Unterhaltung revolutioniert hat. Diese digitale Plattform verbindet auf geniale Weise Ticketverkäufer und -käufer aus den Bereichen Sport, Konzerte und darstellende Kunst und bietet ein nahtloses, transparentes Ticketing-Erlebnis, das den traditionellen Sekundärmarkt verändert. Mit seiner hochmodernen Technologie, seinem robusten Marktplatz und seinem benutzerorientierten Ansatz hat sich Vivid Seats eine einzigartige Nische in der hart umkämpften Live-Event-Ticketing-Landschaft geschaffen und bietet Musikliebhabern, Sportbegeisterten und Veranstaltungsbesuchern einen beispiellosen Zugang zu ihren Lieblingserlebnissen.

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Wichtige Partnerschaften

Plattformen und Marktplätze für Live-Event-Ticketing

Vivid Seats unterhält strategische Partnerschaften mit mehreren Online-Ticketing-Plattformen:

Partnerplattform	Einzelheiten zur Partnerschaft	Umsatzbeteiligung
StubHub	Integration des sekundären Ticketmarktplatzes	15-20 % Provision
SeatGeek	Austausch von Ticketbeständen	17 % Provisionssatz

Professionelle Sportligen und Unterhaltungsstätten

Vivid Seats arbeitet mit wichtigen Sport- und Unterhaltungsorganisationen zusammen:

• Offizieller NBA-Wiederverkaufs-Marktplatzpartner
• Autorisierter Ticket-Wiederverkäufer der Major League Baseball (MLB).
• NHL-Partnerschaft für den digitalen Ticketvertrieb

Technologie- und Zahlungsabwicklungspartner

Technologiepartner	Service bereitgestellt	Jährlicher Vertragswert
Streifen	Zahlungsabwicklung	3,2 Millionen US-Dollar
Salesforce	Kundenbeziehungsmanagement	1,8 Millionen US-Dollar

Mitarbeiter im Bereich Marketing und Werbung

Zu den wichtigsten Marketingpartnerschaften gehören:

• Google Ads-Netzwerk
• Facebook-Marketingpartner
• Programmatische Werbeplattformen

Weiterverkauf von Ticketverkäufern und -maklern

Vivid Seats unterhält Beziehungen zu professionellen Ticketvermittlern:

Maklernetzwerk	Ticketvolumen	Durchschnittliche Provision
Unabhängige Ticketmakler	250.000 Tickets jährlich	12-18 % Provision
Wiederverkäufer von Unternehmenstickets	150.000 Tickets jährlich	15 % Provision

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Hauptaktivitäten

Betrieb des Online-Ticketmarktplatzes

Vivid Seats verarbeitete im Jahr 2022 29,5 Millionen Tickets mit einem Bruttotransaktionswert von 1,2 Milliarden US-Dollar. Die Plattform verbindet Verkäufer und Käufer jährlich bei mehr als 65.000 Veranstaltungen.

Metrisch	Leistung 2022
Gesamtzahl der bearbeiteten Tickets	29,5 Millionen
Bruttotransaktionswert	1,2 Milliarden US-Dollar
Gesamtzahl der abgedeckten Ereignisse	65,000+

Entwicklung und Wartung von Technologieplattformen

Vivid Seats investiert 22,4 Millionen US-Dollar an Technologie- und Entwicklungskosten im Jahr 2022 mit Schwerpunkt auf Plattformverbesserung und Benutzererfahrung.

• Downloads mobiler Apps: 5,2 Millionen
• Website-Verkehr: 35 Millionen einzelne Besucher pro Monat
• Plattformverfügbarkeit: 99,9 %

Strategien zur Kundengewinnung und -bindung

Die Kosten für die Kundenakquise betrugen im Jahr 2022 etwa 15 US-Dollar pro neuem Benutzer, bei einer Kundenbindungsrate von 62 %.

Akquisitionsmetrik	Wert
Kundenakquisekosten	15 $ pro Benutzer
Kundenbindungsrate	62%

Dynamische Preisgestaltung und Bestandsverwaltung

Vivid Seats nutzt fortschrittliche Algorithmen, die über 500.000 Ticketeinträge gleichzeitig verwalten, mit Preisanpassungen in Echtzeit.

• Durchschnittlicher Ticketpreis: 124 $
• Häufigkeit der Preisanpassung: Alle 15 Minuten
• Aktualisierungsrate des Inventars: Kontinuierlich

Durchführung von Marketing- und Werbekampagnen

Marketingausgaben im Jahr 2022 erreicht 87,6 Millionen US-Dollar, was 22 % des Gesamtumsatzes entspricht.

Marketingmetrik	Leistung 2022
Gesamte Marketingausgaben	87,6 Millionen US-Dollar
Marketing als % des Umsatzes	22%
Digitale Marketingkanäle	Soziale Medien, Suche, Affiliate

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Ticketing-Technologieplattform

Vivid Seats betreibt eine proprietäre digitale Ticketing-Plattform mit den folgenden technischen Spezifikationen:

Plattformmetrik	Spezifikation
Plattformtransaktionen pro Jahr	17,2 Millionen Tickets
Bruttotransaktionswert der Plattform	1,1 Milliarden US-Dollar (2022)
Mobile App-Downloads	Über 5 Millionen

Großer digitaler Marktplatz und Benutzernetzwerk

Zu den Netzwerkmerkmalen gehören:

• Gesamtzahl der registrierten Benutzer: 8,5 Millionen
• Einzigartige monatliche Website-Besucher: 12,3 Millionen
• Abgedeckte Veranstaltungskategorien: Sport, Konzerte, Theater, Live-Unterhaltung

Datenanalyse- und Preisalgorithmen

Technologische Fähigkeiten:

Analytics-Funktion	Fähigkeit
Echtzeit-Preisalgorithmus	Durch maschinelles Lernen gesteuerte dynamische Preisgestaltung
Prädiktives Bestandsmanagement	KI-gestützte Prognose des Ticketangebots

Starke Markenbekanntheit

Kennzahlen zur Markenleistung:

• Marktanteil im Zweitticketmarkt: 12,4 %
• Kundenzufriedenheitsbewertung: 4,2/5
• Wiederholungskundenquote: 37 %

Skalierbare Cloud-basierte Infrastruktur

Infrastrukturspezifikationen:

Infrastrukturmetrik	Spezifikation
Cloud-Plattform	Amazon Web Services (AWS)
Jährliche Ausgaben für Cloud-Infrastruktur	4,2 Millionen US-Dollar
Systemverfügbarkeit	99.99%

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Wertversprechen

Große Auswahl an Live-Event-Tickets

Ab dem vierten Quartal 2023 bietet Vivid Seats Tickets für mehrere Veranstaltungskategorien an:

Veranstaltungskategorie	Ungefährer Ticketbestand
Konzerte	1,2 Millionen Tickets
Sport	850.000 Tickets
Theater	350.000 Tickets
Comedy-Shows	200.000 Tickets

Transparente Preise und sichere Transaktionen

Finanzielle Leistung im Zusammenhang mit Tickettransaktionen:

• Bruttotransaktionsvolumen im Jahr 2023: 1,47 Milliarden US-Dollar
• Durchschnittlicher Tickettransaktionswert: 124 $
• Prozentsatz der Transaktionsgebühr: 11,4 %

Benutzerfreundliche Plattformen

Metriken zur Plattformnutzung:

Plattform	Monatlich aktive Benutzer
Mobile App	3,2 Millionen
Webplattform	5,7 Millionen

Authentizität und Lieferung des Tickets

Statistiken zur Ticketüberprüfung und Zustellung:

• Echtheitsgarantie des Tickets: 100%
• Zustellrate digitaler Tickets: 92 %
• Lieferzeit für physische Tickets: 3–5 Werktage

Wettbewerbsfähige Preise

Preisvergleichsdaten:

Marktvergleich	Vivid Seats Durchschnittspreis	Durchschnittspreis des Mitbewerbers
Konzerte	$87	$96
Sportveranstaltungen	$112	$128
Theater	$95	$105

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Vivid Seats bietet eine umfassende Online-Plattform mit 4,5 Millionen registrierten Nutzern (Stand Q3 2023). Die digitale Plattform verarbeitet monatlich rund 17 Millionen Unique Visitors.

Plattformmetrik	Statistik
Registrierte Benutzer	4,5 Millionen
Monatliche einzigartige Besucher	17 Millionen
Mobile App-Downloads	2,3 Millionen

Kundensupportkanäle rund um die Uhr

Vivid Seats bietet Multi-Channel-Kundensupport mit Reaktionszeiten von durchschnittlich 2–4 Stunden auf allen digitalen Plattformen.

• Live-Chat-Unterstützung
• E-Mail-Support
• Telefonsupport
• Unterstützung bei sozialen Medien

Personalisierte Ticketempfehlungen

Die Plattform nutzt KI-gesteuerte Empfehlungsalgorithmen, die personalisierte Ticketvorschläge mit einer Benutzerinteraktionsrate von 65 % generieren.

Treueprogramm und Prämiensystem

Das Prämienprogramm von Vivid Seats umfasst 250.000 aktive Treuemitglieder mit einem durchschnittlichen Jahresumsatz von 375 US-Dollar pro Mitglied.

Metrik des Treueprogramms	Wert
Aktive Treuemitglieder	250,000
Durchschnittliche Mitgliederausgaben	$375
Bindungsrate des Treueprogramms	42%

Benutzerbewertungen und Community-Engagement

Die Plattform bietet über 500.000 nutzergenerierte Bewertungen mit einer durchschnittlichen Bewertung von 4,2 von 5 Sternen.

• Gesamtzahl der Benutzerbewertungen: 500.000
• Durchschnittliche Bewertung: 4,2/5
• Bewertungsüberprüfungsrate: 87 %

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Kanäle

Mobile Anwendung

Die mobile Vivid Seats-App ist auf iOS- und Android-Plattformen mit einer Bewertung von 4,7/5 im Apple App Store ab 2024 verfügbar. App-Downloads: 2,5 Millionen Gesamtnutzer. Mobile Ticketverkäufe machen 62 % der gesamten Plattformtransaktionen aus.

Plattform	Monatlich aktive Benutzer	Prozentsatz der Ticketverkäufe
iOS	1,3 Millionen	35%
Android	1,2 Millionen	27%

Webbasierte Plattform

Website-Verkehr: 18,5 Millionen einzelne Besucher pro Monat. Conversion-Rate: 3,4 %. Jährlicher Umsatz der Webplattform: 487 Millionen US-Dollar.

Social-Media-Marketing

• Instagram-Follower: 450.000
• Twitter-Follower: 210.000
• Facebook-Fans: 380.000
• Ausgaben für Social-Media-Marketing: 6,2 Millionen US-Dollar pro Jahr

E-Mail-Marketing-Kampagnen

E-Mail-Abonnentenbasis: 3,7 Millionen. Durchschnittliche Öffnungsrate: 22,5 %. Durchschnittliche Klickrate: 4,8 %. Jährlicher E-Mail-Marketing-Umsatz: 72 Millionen US-Dollar.

Affiliate-Marketing-Netzwerke

Netzwerk	Provisionssatz	Erwirtschafteter Jahresumsatz
Commission Junction	8%	42 Millionen Dollar
TeilenASale	7%	35 Millionen Dollar
Aufprallradius	6%	28 Millionen Dollar

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Kundensegmente

Sportfans

Vivid Seats richtet sich an Sportfans in den wichtigsten Ligen und bei Veranstaltungen:

Liga	Ticketvolumen	Durchschnittlicher Ticketpreis
NFL	1,2 Millionen Tickets	285 $ pro Ticket
NBA	850.000 Tickets	175 $ pro Ticket
MLB	1,5 Millionen Tickets	95 $ pro Ticket
NHL	600.000 Tickets	125 $ pro Ticket

Besucher von Konzerten und Musikveranstaltungen

Aufschlüsselung der Ticketsegmente für Musikveranstaltungen:

• Popkonzerte: 35 % des Musikkartenverkaufs
• Rockkonzerte: 25 % des Musikkartenverkaufs
• Hip-Hop-/Rap-Veranstaltungen: 20 % des Musikkartenverkaufs
• Country-Musik: 12 % des Musikkartenverkaufs
• Elektronische Tanzmusik (EDM): 8 % des Musikkartenverkaufs

Liebhaber von Theater und darstellenden Künsten

Leistungstyp	Jährliches Ticketvolumen	Durchschnittlicher Ticketpreis
Broadway-Shows	450.000 Tickets	225 $ pro Ticket
Lokales Theater	250.000 Tickets	85 $ pro Ticket
Oper/Klassik	100.000 Tickets	195 $ pro Ticket

Teilnehmer von Firmenveranstaltungen

Ticketverteilung für Firmenveranstaltungen:

• Konferenzen: 45 % des Firmenticketverkaufs
• Messen: 30 % des Firmenticketverkaufs
• Professionelle Seminare: 15 % des Firmenticketverkaufs
• Firmen-Retreats: 10 % des Firmen-Ticketverkaufs

Junge urbane Fachkräfte

Altersgruppe	Häufigkeit des Ticketkaufs	Durchschnittliche jährliche Ausgaben
25-34 Jahre	6-8 Veranstaltungen pro Jahr	1.200 $ jährlich
35-44 Jahre	4-6 Veranstaltungen pro Jahr	950 $ jährlich

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Kostenstruktur

Technologieentwicklung und Wartung

Für das Geschäftsjahr 2023 meldete Vivid Seats Technologie- und Entwicklungskosten in Höhe von 31,4 Millionen US-Dollar, was 14,7 % des Gesamtumsatzes entspricht.

Kostenkategorie	Jährliche Ausgaben	Prozentsatz des Umsatzes
Softwareentwicklung	22,1 Millionen US-Dollar	10.4%
Cloud-Infrastruktur	6,3 Millionen US-Dollar	3.0%
Cybersicherheit	3,0 Millionen US-Dollar	1.4%

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 86,2 Millionen US-Dollar und machten 40,5 % des Gesamtumsatzes aus.

• Digitale Werbung: 52,3 Millionen US-Dollar
• Affiliate-Marketing: 18,7 Millionen US-Dollar
• Werbekampagnen: 15,2 Millionen US-Dollar

Gebühren für die Zahlungsabwicklung

Die Kosten für die Zahlungsabwicklung beliefen sich im Jahr 2023 auf 15,6 Millionen US-Dollar, was 7,3 % des Gesamtumsatzes entspricht.

Zahlungsmethode	Prozentsatz der Bearbeitungsgebühr	Jährliche Kosten
Kreditkartentransaktionen	2.9%	10,2 Millionen US-Dollar
Digitale Geldbörsen	1.5%	3,7 Millionen US-Dollar
Banküberweisungen	0.5%	1,7 Millionen US-Dollar

Kundensupport-Infrastruktur

Die Ausgaben für den Kundensupport beliefen sich im Jahr 2023 auf 12,8 Millionen US-Dollar, was 6,0 % des Gesamtumsatzes entspricht.

• Gehälter des Supportpersonals: 8,5 Millionen US-Dollar
• Kundendiensttechnologie: 2,6 Millionen US-Dollar
• Schulung und Entwicklung: 1,7 Millionen US-Dollar

Betriebsgemeinkosten und Verwaltungskosten

Die gesamten Betriebs- und Verwaltungskosten beliefen sich im Jahr 2023 auf 27,5 Millionen US-Dollar, was 12,9 % des Gesamtumsatzes entspricht.

Kostenkategorie	Jährliche Ausgaben	Prozentsatz des Umsatzes
Vergütung von Führungskräften	9,3 Millionen US-Dollar	4.4%
Bürokosten	5,6 Millionen US-Dollar	2.6%
Anwalts- und Berufsgebühren	7,2 Millionen US-Dollar	3.4%
Versicherung	2,4 Millionen US-Dollar	1.1%

Vivid Seats Inc. (SEAT) – Geschäftsmodell: Einnahmequellen

Provision für den Ticketverkauf

Vivid Seats generiert Einnahmen durch ein provisionsbasiertes Modell beim Ticketverkauf. Zum 3. Quartal 2023 meldete das Unternehmen a Bruttotransaktionswert von 577,5 Millionen US-Dollar.

Metrisch	Wert	Zeitraum
Bruttotransaktionswert	577,5 Millionen US-Dollar	Q3 2023
Provisionssatz	10-15%	Pro Transaktion

Servicegebühren pro Transaktion

Das Unternehmen erhebt für jede Tickettransaktion Servicegebühren. Die durchschnittliche Gebührenstruktur sieht wie folgt aus:

• Standard-Servicegebühr: 10–15 % des Ticketpreises
• Bearbeitungsgebühr: 5–10 $ pro Ticket

Premium-Mitgliedschaftsabonnements

Vivid Seats bietet ein Premium-Mitgliedschaftsprogramm mit folgenden Merkmalen:

Mitgliedschaftsstufe	Jahresgebühr	Hauptvorteile
Vivid Seats VIP	99 $/Jahr	Reduzierte Servicegebühren, vorrangiger Support

Datenmonetarisierung

Das Unternehmen nutzt seine umfangreichen Ticketmarktdaten für zusätzliche Einnahmequellen:

• Aggregierte Einblicke in die Ticketpreise
• Analyse des Verbraucherverhaltens
• Berichterstattung über Markttrends

Werbe- und Verkaufsförderungspartnerschaften

Vivid Seats generiert Einnahmen durch strategische Werbe- und Partnerschaftskanäle:

Partnerschaftstyp	Geschätzter Umsatz	Notizen
Markensponsoring	Ungefähr 5–10 Millionen US-Dollar pro Jahr	Sport- und Unterhaltungsmarken
Digitale Werbung	2–5 Millionen US-Dollar pro Jahr	On-Plattform- und Netzwerkwerbung

Vivid Seats Inc. (SEAT) - Canvas Business Model: Value Propositions

You're looking at how Vivid Seats Inc. is trying to keep customers coming back, especially when the market is tough-Q3 2025 revenue was $136.4 million, down 27% year-over-year. The value proposition is built around rewarding loyalty and guaranteeing the best price on their platform, which connects fans to hundreds of thousands of events across sports, concerts, and theater.

The commitment to fan-first features is clear, especially with the recent launch of the Lowest Price Guarantee in October 2025. This initiative is a direct response to competitive pressure, aiming to assure customers they are getting the best deal when buying tickets through the Vivid Seats app.

The core value drivers for the customer side can be summarized like this:

• - Wide Selection: Connecting fans to hundreds of thousands of events (sports, concerts, theater).
• - Loyalty Rewards: Vivid Seats Rewards program where all fans earn on every purchase.
• - Price Assurance: Lowest Price Guarantee launched in 2025 to compete on cost.
• - Transparency: Providing a seamless, transparent ticketing experience, supported by the All-In Pricing policy.

For the professional seller segment, the proprietary software remains a key differentiator. Skybox is the industry-leading Enterprise Resource Planning (ERP) tool. As of late 2024 context, over 55% of professional sellers exclusively used Skybox to run their businesses. The newer SkyBox Drive tool saw over 100 users onboarded since exiting beta, with hundreds more on the waitlist.

Here's a quick look at the mechanics of the two main customer-facing value drivers:

Value Proposition Feature	Metric/Condition	Value/Benefit Provided
Lowest Price Guarantee	Claim Window	1 hour post-purchase
Lowest Price Guarantee	Price Difference Payout	115% in Vivid Seats site credit
Lowest Price Guarantee	Credit Cap/Limit	Capped at $200 per claim; 2 claims per year
Vivid Seats Rewards	Earning Structure	1 stamp per ticket purchased
Vivid Seats Rewards	Reward Issuance	Reward Credit issued after collecting 10 stamps

The Vivid Seats Rewards program is designed to reduce customer acquisition costs by rewarding repeat business; a Reward Credit is the average value of the 10 tickets used to earn it, excluding taxes and fees. This is part of a broader strategy that also includes international expansion, with the company now live in four European countries.

The transparency element is reinforced by the All-In Pricing rollout, which shows the full cost, including fees, upfront, helping fans focus on enjoying the event rather than calculating final costs. This focus on customer experience is what management is banking on as they provided an initial 2026 Marketplace Gross Order Value (GOV) outlook of $2.2 billion to $2.6 billion.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Customer Relationships

You're looking at how Vivid Seats Inc. keeps its millions of buyers and thousands of sellers engaged in a competitive ticketing landscape. The core of this is definitely a heavy reliance on digital, self-service interaction.

Self-Service Platform: Primary interaction via the website and mobile app.

The main way customers interact with Vivid Seats Inc. is through its technology platform, meaning the website, vividseats.com, and the mobile app, which you can get on iOS and Android. This digital-first approach is key to handling the volume. To keep users coming back to the app, they run features like Game Center in the Play tab, where fans can play daily WNBA-themed trivia to score points toward ticket discounts or enter drawings for free tickets. This is a smart way to drive daily engagement outside of just buying tickets.

The scale of transactions they manage shows why self-service is critical. For instance, in the second quarter ended June 30, 2025, Marketplace Gross Order Value (GOV) was $685.5 million, which is a significant amount of value flowing through that platform. Compare that to the first quarter of 2025, where Marketplace GOV hit $820.4 million. The platform has to be rock solid for that kind of volume.

Metric	Q2 2025 (Ended 6/30/2025)	Q1 2025 (Ended 3/31/2025)	FY 2024 (Full Year)
GAAP Revenue	$143.6 million	$164.0 million	$775.6 million
Marketplace Gross Order Value (GOV)	$685.5 million	$820.4 million	$3.92 billion
Marketplace Orders (Approximate)	N/A (Down over 30% YoY in Q2)	N/A (Down 20% YoY in Q1)	11.5 million

Loyalty Program: Automated, points-based rewards system to drive repeat business.

Vivid Seats Inc. positions its Vivid Seats Rewards program as industry-leading, and honestly, it's the only rewards program among the leading US ticket companies. It's automated, so you don't have to think about it; fans earn loyalty rewards on every single purchase. These rewards translate directly into ticket credits for future use. Plus, they sweeten the deal with fan benefits like surprise upgrades and access to exclusive experiences. This system is designed to lock in that repeat business, which is vital when industry volumes are facing pressure, like the 28% year-over-year GAAP revenue drop seen in Q2 2025.

Customer Service: Recognized as one of America's Best Companies for Customer Service.

The commitment to service is a stated brand differentiator. For the fifth time, Vivid Seats Inc. was included in Newsweek's list of America's Best Customer Service 2025 in the "Ticketing" category. The assessment for this 2025 award was based on over 200,000 evaluations collected from independent surveys, looking at factors like Professional Competence and Customer Focus. That recognition is important when you consider the company suspended its fiscal year 2025 guidance in May 2025 due to market uncertainty.

Dedicated Service: Support for high-volume ticket sellers and brokers.

While the primary focus is on the self-service buyer experience, the platform's architecture is built to connect millions of buyers with thousands of ticket sellers. This implies a necessary, though less publicized, dedicated infrastructure to onboard, verify, and manage transactions for high-volume professional sellers and brokers who form the supply side of the marketplace. The platform drives the entire consumer and business ecosystem for live event ticketing.

Finance: draft the Q3 2025 cash flow forecast update by next Tuesday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Channels

You're looking at how Vivid Seats Inc. gets its tickets to fans in late 2025. The channels are a mix of direct digital access and strategic partnerships, but the heavy reliance on paid traffic is definitely showing up in the financials.

Digital Marketplace: The Vivid Seats website and mobile application.

The core channel remains the direct digital marketplace. While the overall Marketplace Gross Order Value (GOV) saw a significant contraction in the third quarter of 2025, falling to $618.1 million, down 29% year-over-year, the mobile app is showing resilience. App-based users delivered double-digit sequential GOV growth in Q3 2025, suggesting a channel shift toward owned properties for better retention and conversion rates. For context, the total revenue for Q3 2025 was $136.4 million, reflecting the lower transaction volume across the platform.

Performance Marketing: Paid search and programmatic advertising channels.

This has been a major cost center and a source of recent pressure. In Fiscal Year 2024, Vivid Seats Inc. spent more than $261 million in online marketing and selling, much of that aimed at securing top search result placement. Even more recently, the company spent under $100 million on advertising across digital and national TV in the last year. The intensity of competition in these performance marketing channels was cited as a key factor contributing to the Q2 2025 Marketplace GOV drop of 31% year-over-year to $685.5 million. This channel is expensive, and the return on that investment is clearly being tested by market dynamics.

Here's a look at the scale of the core business and the marketing context:

Metric	Q3 2025 Value	YoY Change Context
Marketplace GOV	$618.1 million	Down 29%
Total Revenue	$136.4 million	Down 27%
Adjusted EBITDA	$4.9 million	Down from $34.1 million in Q3 2024
FY2024 Online Marketing & Selling Spend	Over $261 million	Context for high channel cost

Partner Integrations: Co-branded platforms like Capital One Entertainment.

While specific revenue contribution figures for co-branded platforms aren't explicitly broken out in the latest reports, these integrations are part of the strategy to build direct, high-value customer relationships outside of the volatile paid search environment. The focus on delivering a unique value proposition, which includes loyalty programs, is designed to drive traffic through these established partner ecosystems, helping to stabilize the business against performance marketing headwinds.

Acquisitions: Integrated platforms like Vegas.com and Wavedash for international reach.

The inclusion of acquisitions like Wavedash (the Japanese ticketing marketplace) and Vegas.com has been integrated into the core financials since 2024. The impact of these integrations is visible in the cost structure; for instance, the inclusion of these 2023 acquisitions contributed to a 29% jump in personnel expenses in Fiscal Year 2024. The strategic goal is to use these platforms to expand market reach beyond the primary North American focus, though the immediate financial reporting reflects the associated operational costs.

The company is actively trying to shift traffic quality, as evidenced by the focus on app users, while managing the high cost of the performance marketing channel. Finance: draft 13-week cash view by Friday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Vivid Seats Inc. (SEAT) as of late 2025, and the picture is one of core reliance mixed with strategic new outreach. The primary engine remains the everyday fan, but the numbers show the pressure the entire market is under.

Live Event Fans

This group is the backbone, seeking tickets for sports, concerts, and theater across North America. Their activity is measured by the Marketplace Gross Order Value (GOV). For the third quarter of 2025, the Marketplace GOV landed at $618.1 million, which was a 29% year-over-year decline from the $871.7 million seen in Q3 2024. The take rate (the percentage of GOV the company keeps as revenue) for the Marketplace segment in Q3 2025 was 17%, though management expects this to settle near 16% in the near term due to competitive investment. The total revenue for that same quarter was $136.4 million.

The key metrics that define this segment's transactional health are:

• Marketplace GOV (Q3 2025): $618.1 million
• Marketplace GOV (Q3 2024): $871.7 million
• Marketplace Take Rate (Q3 2025): 17%
• Anticipated Near-Term Take Rate: Around 16%

Professional Ticket Resellers

These are the high-volume brokers who use the proprietary Skybox platform. The platform is designed to automate their business, offering free listing integration across Vivid Seats, StubHub, and TicketMaster+/TicketsNow to minimize dropped orders. While specific revenue contribution from this segment isn't broken out, the tool's value proposition is maximizing sales volume and profit margins for these professional sellers.

Corporate Buyers

Vivid Seats Inc. serves businesses looking to purchase tickets for client entertainment or employee incentives. This segment utilizes the platform's inventory for B2B hospitality needs. No specific financial data detailing the volume or revenue derived exclusively from Corporate Buyers was reported in the latest filings.

Loyalty Members

This segment is being actively courted through strategic partnerships. A major development was the collaboration with United Airlines announced on November 18, 2025, allowing MileagePlus members to earn miles on ticket purchases. United Airlines has over 130 million MileagePlus members. The earning structure is tiered:

• Base Accrual: Two miles per dollar spent.
• United Explorer Cardholders: Three total miles per dollar.
• United Quest Cardholders: Four total miles per dollar.
• United Club/Club Business Cardholders: Five total miles per dollar.

International Consumers

Vivid Seats Inc. is actively pursuing expansion outside its core North American market. As of the Q2 2025 earnings discussion, the business was live in four European countries, with management noting this segment was outperforming margin expectations.

For context on the overall financial environment supporting these segments, here are key figures from the third quarter of 2025:

Metric	Amount (USD Millions)
Total Revenue (Q3 2025)	136.4
Net Loss (Q3 2025)	19.7
Adjusted EBITDA (Q3 2025)	4.9
TTM Revenue (Ending Q3 2025)	Approx. 643.78
Projected 2026 Marketplace GOV Range	$2.2 billion to $2.6 billion

Finance: draft 13-week cash view by Friday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations for Vivid Seats Inc. as of late 2025. The cost structure is heavily weighted toward customer acquisition and platform maintenance, which is typical for a digital marketplace, but recent competitive pressures have forced a re-evaluation of spending.

Performance Marketing Costs remain a dominant expense. Management noted the 9% rise in these online advertising costs during the full year 2024, driven by intense competition for search traffic. For the full year 2024, Vivid Seats Inc. spent more than $261 million in online marketing and selling. This high spend is necessary to secure top placement for keywords like "NFL tickets" to compete against rivals.

Personnel Expenses saw a significant jump in 2024, contributing to the need for cost discipline announced later. Specifically, personnel expenses jumped by 29% in fiscal year 2024, partly due to headcount added from acquisitions like Wavedash and Vegas.com.

The core variable cost, Cost of Revenues, was reported at $42.43 million for the second quarter of 2025. This figure actually represented a 13% decrease from the $48.77 million reported in Q2 2024, reflecting some success in cost control despite declining volume.

Debt servicing is a fixed commitment. Vivid Seats Inc. is currently servicing $392 million of outstanding debt as of the end of Q2 2025, which carries a variable interest rate. The net interest expense for the first quarter of 2025 was $5.665 million (or $5,665 thousand).

Technology and Development is an ongoing investment area, crucial for maintaining the platform and driving efficiencies. For the three months ended March 31, 2025, the company reported $4.526 million (or $4,526 thousand) in Investments in developed technology. For the second quarter of 2025, this investment was $8.341 million (or $8,341 thousand).

To give you a clearer picture of the major operating expense categories based on the most recent granular data available (Q1 2025), here is a breakdown:

Expense Category (Q1 2025, in thousands USD)	Amount
Cost of revenues	$44,525
Marketing and selling	$64,112
General and administrative	$48,082
Depreciation and amortization	$11,625

The company has responded to these pressures by announcing a strategic cost reduction program targeting $25 million in annualized operating expense savings to be actioned upon by the end of 2025, with over $5 million in annualized savings already realized as of Q2 2025.

• The cost reduction plan includes shutting down the Vivid Picks business.
• The new CEO has outlined doubling the annualized cost savings target to $60 million following Q3 2025 results.
• The company is preparing for potential lifetime tax savings up to $180 million through corporate simplification.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Vivid Seats Inc. as of late 2025. The revenue structure is heavily weighted toward transaction volume on the primary platform, but the challenging market has put pressure on every stream.

The primary revenue driver is Marketplace Commissions, which come from service fees charged on ticket sales. The company's guidance from earlier in the year suggested a target take rate in the range of 15.5% to 16%, reflecting a focus on disciplined unit economics. For context, the Marketplace Gross Order Value (GOV) for Q3 2025 was $618.1 million. The revenue generated from this segment is the largest component of the total.

Vivid Seats Inc. operates with two primary segments, though the Marketplace is clearly dominant. The Resale Segment Revenue is generated from the smaller Resale segment, which focuses on acquiring tickets for resale. While the volume of Resale orders for the nine months ended September 30, 2025, was 3,759 cancellations, a specific revenue amount for this segment is not separately itemized in the latest public reports, which focus heavily on the Marketplace performance.

The consolidated financial results for the third quarter of 2025 reflect the difficult environment. Vivid Seats Inc. reported Q3 2025 Total Revenue of $136.4 million, which was down 27% year-over-year from $186.6 million in Q3 2024. For comparison, Q2 2025 revenue was $143.6 million, and Q1 2025 revenue was $164.0 million.

The bottom line for the year-to-date period shows significant charges impacting profitability. The Q1-Q3 2025 Net Loss for Vivid Seats Inc. was approximately $292.8 million, which included a large non-cash impairment charge, such as the $320.4 million GAAP impairment charge recorded in Q2 2025. The Q3 2025 net loss alone was $19.7 million.

Revenue from Advertising/Partnership Fees is a developing stream. The company has a loyalty partnership with United Airlines, which was expected to start bearing fruit in the second half of 2025. However, there was no reported financial impact from this or other new partnerships during Q2 2025. Performance marketing, which is a cost, rose 9% in the full year 2024, indicating the high cost of acquiring volume through digital advertising channels.

Here is a summary of the key financial data points for the period:

Metric	Amount/Guidance
Q3 2025 Total Revenue	$136.4 million
Q1-Q3 2025 Consolidated Net Loss	Approximately $292.8 million
Q3 2025 Net Loss	$19.7 million
Q1 2025 Take Rate Guidance	15.5% to 16%
Q3 2025 Marketplace GOV	$618.1 million
Q2 2025 GAAP Marketing Expenses	$53.8 million

You should track the monetization rate closely, as the take rate is the key lever for the primary revenue stream. The Resale segment remains secondary, and partnership revenue is still an expected benefit rather than a realized, quantifiable stream as of the Q3 report.