StubHub operates the largest global secondary ticketing marketplace, connecting buyers and sellers of tickets to live events — concerts, sports, theater, and other experiences. StubHub operates under two brands: StubHub in North America, where it holds roughly 50% of the secondary market, and viagogo internationally, covering 200+ countries. North America accounts for roughly 85% of gross merchandise sales (GMS), with international growing faster. StubHub's business model is a pure marketplace: it takes a fee on each transaction (roughly 19-20% of GMS) without taking inventory risk, resulting in adjusted gross margins above 80%. The primary cost is sales and marketing to attract buyers and sellers. The marketplace benefits from a flywheel — more buyers attract more sellers, which attracts more buyers — and a favorable cash flow profile, since StubHub collects from buyers at checkout but pays sellers after the event, generating a persistent float. For large "power sellers," StubHub offers ReachPro, a point-of-sale tool that embeds StubHub into sellers' pricing and fulfillment workflows. Beyond its core resale business, StubHub is pursuing two growth initiatives: direct issuance, where sports teams, venues, and festival promoters list tickets directly on the platform alongside resellers; and advertising, including sponsored listings and brand partnerships. Both are early-stage with limited near-term revenue contribution.