Vivid Seats

Vivid Seats
Founded 2001 (2001) in Chicago, Illinois, United States
Founders Jerry Bednyak and Eric Vassilato
Revenue $1.5 billion
Website www.vividseats.com

Vivid Seats LLC is an independently owned and operated online ticket reseller.[1]

The privately held company does not disclose financial information. In 2017 it was reported to have a turnover of $1 billion[2][3] and to be the third-largest online ticket reseller.[4][5]

History

Vivid Seats was founded in Chicago, Illinois, in 2001 by Jerry Bednyak and Eric Vassilatos.[6]

Vivid Seats has been invested in by two private equity companies, Vista Equity Partners in 2016 and GTCR in 2017. GTCR bought a majority stake.[7]

Operations

Vivid Seats is a middleman between ticket buyers and sellers, taking a 10% commission once tickets have sold[8] and additionally charging buyers service fees and shipping charges.[9] In 2013, Vivid Seats began supplying ticketing information via Google Now.[10]

Partnerships

In February 2017, ESPN made Vivid Seats its official ticket provider, replacing StubHub.[11]

In April 2017, Time Inc. made Vivid Seats the official ticket provider for Sports Illustrated Group.[12]

Expansion

In 2014, Vivid Seats moved its corporate headquarters to Chicago's West Loop while also retaining office space for its operations team nearby[13] to accommodate new employees, 100 having been hired in the last year.[14]

References

  1. ↑ "Contact Us" Vivid Seats. Retrieved 17 September 2014.
  2. ↑ Yoshitsugu, Sachiko (2 June 2012). "Fast Fifty No. 8: Vivid Seats Ltd.". ChicagoBusiness.com. Retrieved 18 September 2014.
  3. ↑ Roof, Katie (23 March 2017). "Online ticket marketplace Vivid Seats is looking to sell for $1.5 billion.". Techcrunch.com. Retrieved 23 May 2017.
  4. ↑ Elahi, Amina (24 March 2017). "Could Vivid Seats, a Chicago-based online ticket site, sell for $1.5 billion?". Chicago Tribune. Retrieved 17 May 2017.
  5. ↑ Tan, Gillian (22 June 2016). "StubHub Is EBay's Next Ticket to Ride". Bloomberg. Retrieved 23 May 2017.
  6. ↑ McLean, Tessa (3 March 2015). "How bootstrapped Vivid Seats attracted 100+ new hires in each of the last 2 years". BuiltInChicago.com. Retrieved 17 September 2014.
  7. ↑ http://www.chicagobusiness.com/article/20170516/BLOGS04/170519885/gtcr-buys-stake-in-ticket-reseller-vivid-seats
  8. ↑ Frequently Asked Questions Vivid Seats. Retrieved 16 May 2017.
  9. ↑ Frequently Asked Questions Vivid Seats. Retrieved 16 May 2017.
  10. ↑ Staff (15 May 2013). "Vivid Seats Ticketing Information Available in Google Now” MarketWired. Retrieved 22 September 2014.
  11. ↑ Fisher, Eric (16 February 2017). "ESPN signs deal with Vivid Seats, opting out of pact with StubHub". Sports Business Daily. Retrieved 16 May 2017.
  12. ↑ Velasco, Haley (8 April 2017). "Time Inc. has chosen Chicago-based Vivid Seats as official ticketing partner for its Sport Illustrated Group". The Drum. Retrieved 16 May 2017.
  13. ↑ Ori, Ryan (21 May 2014). "Vivid Seats punches ticket to West Loop office building". ChicagoBusiness.com. Retrieved 17 September 2014.
  14. ↑ Boehm, Connor (29 May 2014). "With 400 percent growth, Vivid Seats expands its headquarters". BuiltInChicago.com. Retrieved 17 September 2014.
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