SeatGeek

Market position

Described as a competitor to Ticketmaster in primary ticketing and to StubHub in resale, and referenced alongside Eventbrite as a ticketing competitor in coverage of Live Nation's DOJ antitrust settlement, under which Live Nation agreed to offer a standalone third-party ticketing system to competitors. It was valued at $1 billion pre-money in its August 2022 round and named to Fast Company's Most Innovative Companies list in the live events category in 2018 and 2019.

Positioning rests on an early advocacy of open ticketing networks (verified tickets sellable across many platforms rather than a single closed system), consumer-facing transparency features such as all-in pricing and Deal Score, a refund policy the company describes as industry-first, the SeatGeek Swaps return-for-credit feature, and a combined primary plus secondary offering.

Technology

A mobile-first consumer app and website with ticket search and aggregation, the Deal Score seat-rating algorithm (factoring price, section and visibility), View From Seat previews, mobile ticket delivery and transfer, and the Rally in-app event-day platform. Enterprise box-office software capability was expanded through the acquisition of Israeli ticketing software company Toptix, and pandemic-era tooling (SeatGeek Adapt) supported timed entry, social distancing and mobile concessions.

Go-to-market

Distribution combines a direct-to-consumer web and mobile app (including a referral credit program for new buyers), partnerships and league-level deals (Major League Soccer's open ticketing network, NFL distribution partnership), club and venue box-office contracts, and open-ticketing arrangements allowing third-party sites to sell inventory. Stadium naming rights (SeatGeek Stadium in Bridgeview, Illinois) were also used for brand exposure.

Consumers attending live sports, concerts, festivals and Broadway/theater events; and enterprise clients including professional sports franchises, leagues, arenas and stadiums, and theater operators.

Geography

Headquartered in New York City with a worldwide service area. Operations extend to the United Kingdom (Premier League clubs including Manchester City and Liverpool, Lord's Cricket Ground, Lloyd Webber Theatre Group in London) and Israel via the acquired Toptix business.

History

After launching as a secondary-market ticket aggregator, SeatGeek raised seed and Series A financing in 2010-2011, including an investment from Ashton Kutcher and Guy Oseary's A-Grade Investments. It acquired ticket search engine FanSnap in 2013 and partnered with Broadway ticketing service Telecharge the same year. A $62 million Series C led by Technology Crossover Ventures in 2015 supported its shift into full resale marketplace competition with StubHub. In 2016 it entered primary ticketing with a league-wide Major League Soccer open-ticketing agreement and Sporting Kansas City as its first box-office client, followed in 2017 by Seattle Sounders FC, the New Orleans Saints and Pelicans, and the acquisition of Israeli ticketing software firm Toptix. In 2018 it became an NFL distribution partner, replaced Ticketmaster as the Dallas Cowboys' primary box-office partner, secured naming rights to SeatGeek Stadium, and was selected by Manchester City; in 2019 it became the ticketing partner of Lord's Cricket Ground. In 2020 it signed Liverpool F.C., faced and settled a COVID-refund class action, and launched SeatGeek Adapt. In 2021 it added Jujamcyn Theaters, the Brooklyn Nets and Barclays Center, launched Rally and SeatGeek Swaps, and added Laurel J. Richie to its board. An October 2021 agreement to go public via RedBall Acquisition Corp. was abandoned in June 2022, followed by a $238 million private round in August 2022.

Risks & controversies

In April 2020 SeatGeek faced a class action lawsuit alleging it refused cash refunds for events canceled during the COVID-19 pandemic; the company denied wrongdoing, said it acted in accordance with its published terms of use and offered customers a cash option, and the case was later settled and closed. Its planned SPAC listing was abandoned in June 2022 due to unfavorable market conditions. COVID-19 also sharply reduced revenue, from $142.2 million in 2019 to $33.2 million in 2020. Consumer app reviews cite ticket-display issues such as missing grandstand information.