Vivid Seats is an online secondary ticket marketplace that connects buyers and sellers of live event tickets — primarily concerts, sports, and theater. Vivid Seats does not hold ticket inventory; it acts as an intermediary, earning service and delivery fees on each transaction. Revenue is driven by Gross Order Value (the total value of tickets sold on the platform) multiplied by a take rate, which has run roughly 16-17% in recent periods. Customer acquisition relies heavily on paid search (Google and Bing), where competitors bid for top placement. Vivid Seats also operates Skybox, a free ERP tool used by professional ticket brokers to manage and list inventory, which drives seller stickiness and transaction volume on the platform. Beyond the core U.S. marketplace, Vivid Seats owns Vegas.com, an online marketplace for Las Vegas shows, hotels, and attractions, and Wavedash, a ticket marketplace in Japan, with a nascent European expansion underway. The company's loyalty program, which offers repeat buyers rewards including a "free 11th ticket" model, is a key retention tool — roughly 61% of 2024 orders came from repeat buyers. Vivid Seats' near-term priorities include shifting volume to its mobile app (where customers are stickier and less exposed to paid search competition), cutting costs by $60M in annualized savings, and building distribution partnerships — including deals with United Airlines and ESPN — to drive traffic outside of the competitive paid search channel.