Vivid Seats Inc. (siège): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Vivid Seats Inc. (siège), un marché de billets en ligne dynamique qui a révolutionné la façon dont les fans accèdent à des divertissements en direct. Cette plate-forme numérique relie ingénieusement les vendeurs de billets et les acheteurs à travers les sports, les concerts et les arts du spectacle, offrant une expérience de billetterie transparente et transparente qui transforme le marché secondaire traditionnel. Avec sa technologie de pointe, son marché robuste et sa approche centrée sur l'utilisateur, Vivid Seats a taillé un créneau unique dans le paysage de billetterie en direct compétitif, offrant aux amateurs de musique, aux amateurs de sport et aux amateurs d'événements ayant un accès inégalé à leurs expériences préférées .

Vivid Seats Inc. (siège) - Modèle commercial: partenariats clés

Plates-formes de billetterie d'événements en direct et marchés

Vivid Seats maintient des partenariats stratégiques avec plusieurs plateformes de billetterie en ligne:

Plate-forme partenaire	Détails du partenariat	Part des revenus
Stubhub	Intégration du marché secondaire des billets	Commission de 15 à 20%
Siège	Échange d'inventaire de billets	Taux de commission de 17%

Ligues sportives professionnelles et lieux de divertissement

Vivid Seats collabore avec les principales organisations sportives et de divertissement:

• Partenaire officiel du marché de la revente de la NBA
• Le revendeur de billets autorisé de la Major League Baseball (MLB)
• Partenariat dans la LNH pour la distribution des billets numériques

Partners de traitement de la technologie et des paiements

Partenaire technologique	Service fourni	Valeur du contrat annuel
Bande	Traitement des paiements	3,2 millions de dollars
Salesforce	Gestion de la relation client	1,8 million de dollars

Collaborateurs de marketing et de publicité

Les partenariats marketing clés comprennent:

• Réseau Google Ads
• Partenaires marketing Facebook
• Plateformes publicitaires programmatiques

Vendeurs et courtiers de billets de revente

Vivid Seats entretient des relations avec des courtiers de billets professionnels:

Réseau de courtiers	Volume	Commission moyenne
Brokers de billets indépendants	250 000 billets par an	12-18% de commission
Revendeurs de billets d'entreprise	150 000 billets par an	15% de commission

Vivid Seats Inc. (siège) - Modèle d'entreprise: activités clés

Opérations du marché des billets en ligne

Des sièges vifs ont traité 29,5 millions de billets en 2022, avec une valeur de transaction brute de 1,2 milliard de dollars. La plate-forme relie les vendeurs et les acheteurs sur plus de 65 000 événements par an.

Métrique	2022 Performance
Total des billets traités	29,5 millions
Valeur de transaction brute	1,2 milliard de dollars
Total des événements couverts	65,000+

Développement et maintenance de la plate-forme technologique

Des sièges vifs ont investi 22,4 millions de dollars de frais de technologie et de développement En 2022, en nous concentrant sur l'amélioration de la plate-forme et l'expérience utilisateur.

• Téléchargements d'applications mobiles: 5,2 millions
• Trafic de site Web: 35 millions de visiteurs uniques mensuels
• Time de disponibilité de la plate-forme: 99,9%

Stratégies d'acquisition et de rétention des clients

Le coût d'acquisition des clients en 2022 était d'environ 15 $ par nouvel utilisateur, avec un taux de rétention de la clientèle de 62%.

Métrique d'acquisition	Valeur
Coût d'acquisition des clients	15 $ par utilisateur
Taux de rétention de la clientèle	62%

Prix ​​dynamique et gestion des stocks

Vivid Seats utilise des algorithmes avancés gérant simultanément plus de 500 000 listes de billets, avec des ajustements de prix en temps réel.

• Prix ​​moyen du billet: 124 $
• Fréquence d'ajustement des prix: toutes les 15 minutes
• Taux de rafraîchissement des stocks: continu

Marketing et exécution de campagne promotionnelle

Les dépenses de marketing en 2022 ont atteint 87,6 millions de dollars, représentant 22% des revenus totaux.

Métrique marketing	2022 Performance
Dépenses marketing totales	87,6 millions de dollars
Marketing en% des revenus	22%
Canaux de marketing numérique	Médias sociaux, recherche, affilié

Vivid Seats Inc. (siège) - Modèle commercial: Ressources clés

Plateforme de technologie de billetterie avancée

Vivid Seats exploite une plate-forme de billetterie numérique propriétaire avec les spécifications techniques suivantes:

Métrique de la plate-forme	Spécification
Transactions de plate-forme par an	17,2 millions de billets
Valeur de transaction brute de plate-forme	1,1 milliard de dollars (2022)
Téléchargements d'applications mobiles	Plus de 5 millions

Grand marché numérique et réseau d'utilisateurs

Les caractéristiques du réseau comprennent:

• Total des utilisateurs enregistrés: 8,5 millions
• Visiteurs de site Web mensuels uniques: 12,3 millions
• Catégories d'événements couvertes: sports, concerts, théâtre, divertissement en direct

Analyse des données et algorithmes de tarification

Capacités technologiques:

Fonction d'analyse	Capacité
Algorithme de tarification en temps réel	Prix ​​dynamique motivé par l'apprentissage
Gestion des stocks prédictifs	Prévision de l'offre de billets alimentée par l'IA

Solide reconnaissance de la marque

Métriques de performance de la marque:

• Part de marché sur le marché secondaire des billets: 12,4%
• Évaluation de satisfaction du client: 4.2 / 5
• Taux client répété: 37%

Infrastructure cloud évolutive

Spécifications d'infrastructure:

Métrique d'infrastructure	Spécification
Plate-forme cloud	Amazon Web Services (AWS)
Dépenses annuelles d'infrastructure cloud	4,2 millions de dollars
Time de disponibilité du système	99.99%

Vivid Seats Inc. (siège) - Modèle d'entreprise: propositions de valeur

Large sélection de billets d'événements en direct

Depuis le quatrième trimestre 2023, Vivid Seats propose des billets dans plusieurs catégories d'événements:

Catégorie d'événements	Inventaire approximatif de billets
Concerts	1,2 million de billets
Sportif	850 000 billets
Théâtre	350 000 billets
Spectacles de comédie	200 000 billets

Prix ​​transparents et transactions sécurisées

Performance financière liée aux transactions de billets:

• Volume de transaction brute en 2023: 1,47 milliard de dollars
• Valeur de transaction de billet moyenne: 124 $
• Pourcentage de frais de transaction: 11,4%

Plates-formes conviviales

Métriques d'utilisation de la plate-forme:

Plate-forme	Utilisateurs actifs mensuels
Application mobile	3,2 millions
Plate-forme Web	5,7 millions

Authenticité et livraison des billets

Statistiques de vérification des billets et de livraison:

• Garantie d'authenticité des billets: 100%
• Taux de livraison de billets numériques: 92%
• Temps de livraison de billets physiques: 3-5 jours ouvrables

Prix ​​compétitifs

Données de comparaison des prix:

Comparaison du marché	Pièces de sièges vifs	Prix ​​moyen du concurrent
Concerts	$87	$96
Événements sportifs	$112	$128
Théâtre	$95	$105

Vivid Seats Inc. (siège) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

Vivid Seats propose une plate-forme en ligne complète avec 4,5 millions d'utilisateurs enregistrés au troisième trimestre 2023. La plate-forme numérique traite environ 17 millions de visiteurs uniques mensuels.

Métrique de la plate-forme	Statistique
Utilisateurs enregistrés	4,5 millions
Visiteurs uniques mensuels	17 millions
Téléchargements d'applications mobiles	2,3 millions

Canaux de support client 24/7

VIVID SEATS fournit au support client multicanal avec des temps de réponse en moyenne de 2 à 4 heures sur les plates-formes numériques.

• Support de chat en direct
• Assistance par e-mail
• Support téléphonique
• Assistance aux médias sociaux

Recommandations de billets personnalisés

La plate-forme utilise des algorithmes de recommandation dirigés par l'IA qui génèrent des suggestions de billets personnalisées avec un taux d'engagement des utilisateurs de 65%.

Programme de fidélité et système de récompenses

Le programme de récompenses des sièges Vivid comprend 250 000 membres de fidélité actifs avec une dépense annuelle moyenne de 375 $ par membre.

Métrique du programme de fidélité	Valeur
Membres de fidélité active	250,000
Dépenses moyennes des membres	$375
Taux de rétention du programme de fidélité	42%

Avis des utilisateurs et engagement communautaire

La plate-forme comprend plus de 500 000 avis générés par les utilisateurs avec une note moyenne de 4,2 sur 5 étoiles.

• Total des avis des utilisateurs: 500 000
• Note moyenne: 4.2 / 5
• Examiner le taux de vérification: 87%

Vivid Seats Inc. (siège) - Modèle commercial: canaux

Application mobile

Application mobile VIVID SESTES disponible sur les plates-formes iOS et Android avec une note de 4,7 / 5 sur Apple App Store à partir de 2024. Téléchargements d'applications: 2,5 millions d'utilisateurs au total. Les ventes de billets mobiles représentent 62% des transactions totales de plate-forme.

Plate-forme	Utilisateurs actifs mensuels	Pourcentage de vente de billets
ios	1,3 million	35%
Androïde	1,2 million	27%

Plate-forme Web

Trafic de site Web: 18,5 millions de visiteurs uniques mensuels. Taux de conversion: 3,4%. Revenus de plate-forme Web annuelle: 487 millions de dollars.

Marketing des médias sociaux

• Followers Instagram: 450 000
• Fondeurs Twitter: 210 000
• Fans Facebook: 380 000
• Dépenses de marketing des médias sociaux: 6,2 millions de dollars par an

Envoyer des campagnes de marketing par e-mail

Email Base d'abonné: 3,7 millions. Taux d'ouverture moyen: 22,5%. Taux de clics moyen: 4,8%. Revenus de marketing par e-mail annuel: 72 millions de dollars.

Réseaux de marketing d'affiliation

Réseau	Taux de commission	Les revenus annuels générés
Jonction de commission	8%	42 millions de dollars
Shareasale	7%	35 millions de dollars
Rayon d'impact	6%	28 millions de dollars

Vivid Seats Inc. (siège) - Modèle d'entreprise: segments de clientèle

Fans de sport

Des sièges vifs ciblent les fans de sport dans les ligues et événements majeurs:

Ligue	Volume	Prix ​​moyen des billets
NFL	1,2 million de billets	285 $ par billet
NBA	850 000 billets	175 $ par billet
MLB	1,5 million de billets	95 $ par billet
Dans la LNH	600 000 billets	125 $ par billet

Concerts de concert et d'événements musicaux

Répartition du segment des billets d'événements musicaux:

• Concerts pop: 35% des ventes de billets de musique
• Concerts de rock: 25% des ventes de billets de musique
• Événements hip-hop / rap: 20% des ventes de billets musicaux
• Musique country: 12% des ventes de billets de musique
• Musique de danse électronique (EDM): 8% des ventes de billets de musique

Théâtre et passionnés des arts du spectacle

Type de performance	Volume annuel des billets	Prix ​​moyen des billets
Spectacles de Broadway	450 000 billets	225 $ par billet
Théâtre local	250 000 billets	85 $ par billet
Opéra / classique	100 000 billets	195 $ par billet

Participants à l'événement d'entreprise

Distribution des billets d'événements d'entreprise:

• Conférences: 45% des ventes de billets d'entreprise
• Affiches commerciales: 30% des ventes de billets d'entreprise
• Séminaires professionnels: 15% des ventes de billets d'entreprise
• Retrait des entreprises: 10% des ventes de billets d'entreprise

Jeunes professionnels urbains

Groupe d'âge	Fréquence d'achat de billets	Dépenses annuelles moyennes
25-34 ans	6-8 événements par an	1 200 $ par an
35 à 44 ans	4-6 événements par an	950 $ par an

Vivid Seats Inc. (siège) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Pour l'exercice 2023, Vivid Seats a déclaré des frais de technologie et de développement de 31,4 millions de dollars, ce qui représente 14,7% des revenus totaux.

Catégorie de coûts	Dépenses annuelles	Pourcentage de revenus
Développement de logiciels	22,1 millions de dollars	10.4%
Infrastructure cloud	6,3 millions de dollars	3.0%
Cybersécurité	3,0 millions de dollars	1.4%

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 86,2 millions de dollars, ce qui représente 40,5% des revenus totaux.

• Publicité numérique: 52,3 millions de dollars
• Marketing d'affiliation: 18,7 millions de dollars
• Campagnes promotionnelles: 15,2 millions de dollars

Frais de traitement des paiements

Les coûts de traitement des paiements pour 2023 étaient de 15,6 millions de dollars, ce qui représente 7,3% des revenus totaux.

Mode de paiement	Pourcentage de frais de traitement	Coût annuel
Transactions de carte de crédit	2.9%	10,2 millions de dollars
Portefeuilles numériques	1.5%	3,7 millions de dollars
Transferts de banque	0.5%	1,7 million de dollars

Infrastructure de support client

Les dépenses du support client en 2023 s'élevaient à 12,8 millions de dollars, soit 6,0% des revenus totaux.

• Salaires du personnel de soutien: 8,5 millions de dollars
• Technologie du service client: 2,6 millions de dollars
• Formation et développement: 1,7 million de dollars

Frais généraux et frais administratifs opérationnels

Les dépenses opérationnelles et administratives totales pour 2023 étaient de 27,5 millions de dollars, ce qui représente 12,9% des revenus totaux.

Catégorie de coûts	Dépenses annuelles	Pourcentage de revenus
Rémunération des dirigeants	9,3 millions de dollars	4.4%
Dépenses de bureau	5,6 millions de dollars	2.6%
Frais juridiques et professionnels	7,2 millions de dollars	3.4%
Assurance	2,4 millions de dollars	1.1%

Vivid Seats Inc. (siège) - Modèle d'entreprise: Strots de revenus

Commission des ventes de billets

Les sièges vifs génèrent des revenus grâce à un modèle basé sur la commission sur la vente de billets. Au troisième trimestre 2023, la société a signalé un Valeur de transaction brute de 577,5 millions de dollars.

Métrique	Valeur	Période
Valeur de transaction brute	577,5 millions de dollars	Q3 2023
Taux de commission	10-15%	Par transaction

Frais de service par transaction

La société facture des frais de service sur chaque transaction de billets, avec une structure de frais moyen comme suit:

• Frais de service standard: 10-15% du prix du billet
• Frais de traitement: 5 $ à 10 $ par billet

Abonnements à l'adhésion premium

Vivid Seats propose un programme d'adhésion premium avec les caractéristiques suivantes:

Niveau d'adhésion	Frais annuels	Avantages clés
VIP VIP VIP	99 $ / an	Frais de service réduits, support prioritaire

Monétisation des données

La société tire parti de ses vastes données sur le marché des billets pour des sources de revenus supplémentaires:

• Autorisation de tarification des billets
• Analyse des comportements des consommateurs
• Rapports sur les tendances du marché

Partenariats publicitaires et promotionnels

Les sièges vifs génèrent des revenus grâce à des canaux de publicité stratégique et de partenariat:

Type de partenariat	Revenus estimés	Notes
Parrainages de marque	Environ 5 à 10 millions de dollars par an	Marques sportives et de divertissement
Publicité numérique	2 à 5 millions de dollars par an	Publicité sur la plate-forme et le réseau

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.