Business
Vivid Seats Tops Marketplace GOV Records Again & Reports 2021 Results
Full Year 2021 Marketplace GOV of $2.4 billion and Revenues of $443 million CHICAGO, March 10, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT)
About this update from Vivid Seats Inc.
[{"type":"text","content":"Full Year 2021 Marketplace GOV of $2.4 billion and Revenues of $443 million\nCHICAGO, March 10, 2022 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”, “we” or the “Company”), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the fourth quarter and year ended December 31, 2021. Full Year 2021 Key Operational and Financial Metrics: Marketplace Gross Order Value (\"Marketplace GOV\") of $2.4 billionRevenues of $443.0 millionNet loss of $19.1 millionAdjusted EBITDA of $109.9 million The Company's strong financial performance in 2021 enabled numerous investments including an updated Vivid Seats brand, significant product enhancements and an upgraded version of our loyalty program, Vivid Seats Rewards. In addition, in December Vivid Seats acquired Betcha Sports, a real money daily fantasy sports app that provides our customers a unique and innovative way to engage in daily fantasy sports gaming. “2021 was a comeback year as we saw a rapid return of live events starting in Q2 alongside the roll-out of COVID-19 vaccination programs across the country,” said Stan Chia, Vivid Seats CEO. “Nothing beats the thrill of live, and we continue to stay focused on helping fans create memorable experiences effortlessly. As we close out our first fiscal year as a public company with another record setting quarter, our strong financial results coupled with our strategic investments position us well for 2022 and beyond.” Fourth Quarter 2021 Key Operational and Financial Metrics: Marketplace GOV of $876.5 millionRevenues of $163.9 millionNet income of $0.3 millionAdjusted EBITDA of $27.5 million Fourth quarter 2021 performance set new company records for Marketplace GOV and Revenues despite the ongoing impact of COVID-19 and, most recently, the Omicron variant. Fourth quarter performance also enabled the Company to exceed the high end of its full year guidance across each of Marketplace GOV, Revenues and Adjusted EBITDA. “Vivid Seats gained momentum with another record setting quarter for Marketplace GOV and revenues,” said Lawrence Fey, CFO. “In the fourth quarter, we invested significant amounts in our new brand. These investments drove meaningful improvements in awareness wh...