Here are 1-3 brief analogies for Vivid Seats:

• Vivid Seats is like **StubHub for live event tickets.**
• Vivid Seats is like **eBay, but specifically for sports, concert, and theater tickets.**

• Ticket Resale Platform: An online marketplace enabling users to buy and sell tickets for sports, concert, and theater events in the secondary market.
• Loyalty Program (Vivid Seats Rewards): A customer rewards program offering credit for future ticket purchases based on past spending.

Vivid Seats (NYSE: SEAT) - Major Customers

Vivid Seats, Inc. (NYSE: SEAT) operates primarily as a business-to-consumer (B2C) platform. It serves individual customers who are looking to purchase tickets for a wide variety of live events. Therefore, it does not have "major customer companies" in the traditional sense, but rather distinct categories of individual consumers.

The company serves the following primary categories of individual customers:

• Sports Fans: Individuals who purchase tickets for professional and collegiate sporting events, including leagues such as the NFL, NBA, MLB, NHL, NCAA, and more.
• Concert-Goers / Music Lovers: Individuals who buy tickets for live music concerts across all genres, from major arena tours to smaller club shows.
• Theater and Arts Enthusiasts: Individuals who attend Broadway shows, musicals, plays, comedy performances, and other performing arts and cultural events.

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Stan Chia, Chief Executive Officer

Stan Chia was appointed CEO of Vivid Seats in November 2018. Prior to joining Vivid Seats, he served as Chief Operating Officer (COO) at Grubhub, where he played a significant role in expanding Grubhub's restaurant network and was the architect of its delivery network. His career also includes leadership positions at Amazon, where he ran the U.S. retail toys business, as well as roles at Cisco and General Electric, where he developed operational expertise through GE Energy's operations management leadership program. Mr. Chia also served in the Singapore military as an Armored Infantry Lieutenant. Vivid Seats operates with financial and strategic backing from private equity firms GTCR and Vista Equity Partners.

Lawrence Fey, Chief Financial Officer

Lawrence Fey became the Chief Financial Officer of Vivid Seats in April 2020, having previously served on its Board of Directors from July 2017 to February 2020. Before his tenure at Vivid Seats, Mr. Fey was a Managing Director at the private equity firm GTCR from 2005 until 2020. While at GTCR, he gained extensive experience by serving as a member of the Board of Directors for numerous successful investments, including Six3 Systems, CAMP Systems, Zayo Group, Cision, Park Place Technologies, GreatCall, and Simpli.fi, demonstrating a pattern of managing companies backed by private equity firms.

Stefano Langenbacher, Chief Technology Officer

Stefano Langenbacher serves as the Chief Technology Officer at Vivid Seats.

Geoff Lester, Chief Commercial Officer

Geoff Lester is the Chief Commercial Officer for Vivid Seats.

Sarah Doll, Chief People Officer

Sarah Doll holds the position of Chief People Officer at Vivid Seats.

There are two clear emerging threats for Vivid Seats:

• Primary Market's Efforts to Control and Capture Secondary Value: Primary ticket sellers, artists, and sports teams are increasingly implementing strategies to manage and limit the traditional secondary ticketing market. This includes robust "Verified Fan" programs (e.g., Ticketmaster, AXS) designed to filter out bots and professional scalpers, restricting ticket transfers, and utilizing dynamic pricing models that can push primary sale prices closer to secondary market levels. These efforts aim to reduce the supply of tickets available for independent secondary marketplaces like Vivid Seats and, in some cases, bring secondary sales onto platforms controlled by the primary market.

• Emergence of Blockchain and NFT Ticketing: The adoption of blockchain and non-fungible token (NFT) technology for ticketing represents a significant emerging threat. Companies like Ticketmaster have announced plans and conducted pilots for NFT ticketing, and numerous startups are entering this space. If widely adopted, this technology could allow event organizers and artists to maintain immutable records of ticket ownership, control resale rules (e.g., price caps, royalty collection on secondary sales), prevent fraud, and facilitate direct peer-to-peer transfers without the need for traditional secondary marketplaces, thereby disintermediating platforms like Vivid Seats.

The addressable markets for Vivid Seats' main products and services, which include online ticket sales for live events such as sports, concerts, and theater performances, are substantial across both global and U.S. regions.

Global Online Event Ticketing Market

• In 2022, the global online event ticketing market size was estimated at approximately USD 55.40 billion and is projected to reach USD 89.44 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030.
• Another estimate valued the global online event ticketing market at USD 39.8 billion in 2024, with a projection to reach USD 74.42 billion by 2033, exhibiting a CAGR of 7.20% during the forecast period (2025-2033).
• The global live event ticketing market was valued at USD 82.24 billion in 2024 and is expected to grow to USD 110.83 billion in 2032, at a CAGR of 3.8% from 2026 to 2032.

United States Online Event Ticketing Market

• The United States online event ticketing market is expected to reach US$ 28.42 billion by 2033, growing from US$ 18.21 billion in 2024, at a CAGR of 5.07% from 2025 to 2033.

United States Live Events Market (broader market including offline sales)

• The U.S. live events market size is projected to expand from USD 466.13 billion in 2025 to USD 651.53 billion by 2032, registering a CAGR of 4.9% during the assessment period.

Share Repurchases

• Vivid Seats announced a share repurchase program in May 2024, authorizing repurchases of up to $100 million of its Class A common stock.
• In 2023, the company repurchased approximately three million shares.
• The company continues to consider and pursue share repurchases based on valuation and share price.

Share Issuance

• On October 20, 2025, Vivid Seats announced a Corporate Simplification Agreement to eliminate its dual-class stock structure and terminate its Tax Receivable Agreement by issuing 403,022 shares of Class A common stock.
• This transaction is expected to result in a single class of common stock with approximately 10.7 million Class A shares outstanding.
• A 1-for-20 reverse stock split of Class A and Class B common stock became effective on August 5, 2025, with split-adjusted trading commencing on August 6, 2025.

Outbound Investments

• In 2023, Vivid Seats utilized cash flow for two acquisitions aimed at expanding its total addressable market (TAM).
• The company has made strategic investments in technology and marketing to enhance its market position.
• Vivid Seats has initiated international expansion, including operations in four European countries.

Capital Expenditures

• Vivid Seats' projected capital expenditures are $3 million for both 2025 and 2026, and $4 million annually from 2027 to 2029, representing about 1% of revenue.
• The company's capital expenditures include investments in developed technology to drive differentiation and efficiency within its marketplace.
• Historical capital expenditures were reported as $3 million in 2020 and $3 million in 2021.