Here are 1-3 brief analogies for Stubhub:

• eBay for event tickets.

• The secondary market equivalent of Ticketmaster.

• Online Secondary Ticket Marketplace: An online platform facilitating the buying and selling of secondary market tickets for a wide range of live events and experiences globally, operating under the StubHub and viagogo brands.

Stubhub primarily serves individual customers. Its major customers can be categorized as follows:

1. Ticket Purchasers (Fans and Event Attendees): These are individuals who use Stubhub's marketplace to find and buy tickets for a wide variety of live events, including concerts, sporting events, theater performances, and other experiences. They are the ultimate consumers seeking access to live entertainment.
2. Ticket Sellers (Individuals and Small-scale Resellers): These are individuals or smaller entities who utilize Stubhub's platform to list and sell tickets they possess. This includes individuals who may have surplus tickets, can no longer attend an event, or those who engage in professional ticket reselling.

Eric H. Baker, CEO / President

Eric H. Baker is the co-founder of StubHub, which he established in 2000 alongside Jeff Fluhr while attending Stanford Graduate School of Business. After departing StubHub in 2005, Baker founded the competing global ticketing platform viagogo in 2006, expanding into international markets. In 2019, he orchestrated viagogo's $4.05 billion acquisition of StubHub from eBay, subsequently becoming the CEO of the combined entity, StubHub Holdings, Inc. Prior to his entrepreneurial ventures, Baker worked at Bain Capital and McKinsey & Company.

Connie James, Chief Financial Officer

Connie James serves as the Chief Financial Officer of StubHub. In November 2025, she was noted for discussing the company's strategy related to interest earned on delayed refunds and seller payments.

Nayaab Islam, President

Nayaab Islam serves as the President of StubHub, having been named to the position in 2022. Previously, Islam held the title of Head of Product for StubHub.

Art Yegorov, Head of Technology / CTO

Art Yegorov serves as the Head of Technology, and also holds the title of CTO, at StubHub.

Jeff Zwelling, Chief Operating Officer

Jeff Zwelling serves as the Chief Operating Officer of StubHub.

Key Risks to StubHub's Business

1. Regulatory Scrutiny and Changes: StubHub operates within a complex and evolving global regulatory landscape, facing extensive exposure to laws concerning data privacy, consumer protection, and ticketing across various jurisdictions. The company is subject to a wave of regulatory actions targeting secondary ticket resale, including proposed legislation for price caps and bans on speculative tickets in regions like California and New York. Regulators, such as the Federal Trade Commission (FTC), are also actively scrutinizing "drip pricing" practices, where additional fees are added late in the transaction process. StubHub has previously faced threats of legal action for allegedly misleading customers regarding ticket validity and availability, indicating an ongoing challenge in meeting consumer protection standards.
2. Competition and Disintermediation from the Primary Ticketing Market: StubHub encounters intense competition from both primary and other secondary ticketing providers. The company's business model, which historically operates "without controlling the box office or venue access," makes it vulnerable to strategies employed by primary ticket sellers and event organizers. These entities, including major players like Live Nation (Ticketmaster), are increasingly moving into the secondary market or implementing policies that could limit the supply of tickets available to platforms like StubHub or make resales more difficult. StubHub's strategic pivot towards "original issuance ticketing" reflects its effort to mitigate this risk and achieve a more defensible position against competitors and regulators.
3. Dependence on the Live Events Industry: The core of StubHub's business is heavily dependent on the volume, popularity, and availability of live events, such as sports, concerts, and theater. The company's revenue and profitability are directly tied to consumer demand for tickets to these events. Factors that could disrupt the live events industry, including economic downturns affecting discretionary spending, changes in consumer entertainment preferences, or unforeseen global events like pandemics, would directly reduce the supply of tickets and demand on StubHub's platform, thereby impacting its financial performance. The business also experiences pronounced seasonality linked to major sports and concert tours.

StubHub operates in the live event ticketing market, primarily focusing on secondary ticketing and expanding into primary ticket sales.

Addressable Market Sizes for StubHub's Main Products and Services:

• Global Secondary Ticketing Market for Live Events:

  • In 2023, the global secondary tickets market was valued at approximately USD 2.85 billion and is projected to reach USD 6.56 billion by 2032, growing at a CAGR of 9.7% during the forecast period (2024-2032).
  • Other estimates place the global secondary ticketing market at USD 6.58 billion in 2024.
  • Another valuation states the market reached USD 3.41 billion in 2026 and is projected to grow at an 8.74% CAGR to USD 5.19 billion by 2031.

• North American Secondary Ticketing Market for Live Events:

  • StubHub estimates the secondary ticketing market in North America to be approximately $17.5 billion.
  • North America held the largest share of the global secondary tickets market at 45%. The U.S. alone accounted for approximately 41% of global resale transactions in 2024.

• Global Primary Ticketing Market for Live Events:

  • The primary issuance market is estimated to be $132 billion in 2024.
  • The global online event ticketing market, which encompasses primary sales, was valued at USD 56.7 billion in 2024 and is projected to reach USD 99.31 billion by 2032.
  • Another estimate for the global online event ticketing market puts its value at USD 63.39 billion in 2024, with a projected growth to USD 117.04 billion by 2034.

StubHub (STUB) anticipates several key drivers to fuel its revenue growth over the next two to three years:

• International Expansion: StubHub expects faster growth from its international markets, operated under the viagogo brand, which currently represent approximately 15% of its Gross Merchandise Sales (GMS). The company views this overseas business as a major long-term growth runway, aiming to replicate its domestic scale and deepen localization globally.
• North American Market Growth and Market Share Gains: The company plans to continue increasing its GMS within the North American market, where it holds a significant share, estimated at around 50% of the secondary ticketing market. This involves both overall market expansion and capturing additional market share.
• Strategic Shift to Product-Led, AI-Enabled Direct Issuance: StubHub is pivoting towards a product-led and AI-enabled supply strategy for direct ticket issuance. This initiative aims to reduce friction for partners and enable scalable self-serve distribution tools, prioritizing long-term, durable, and automated growth over immediate revenue gains in the near term.
• Improved Marketing Efficiency: The company is focused on refining its marketing efficiency to achieve higher returns while sustaining its market share gains. This optimization of sales and marketing expenses is expected to contribute to overall financial performance.
• Leveraging Core Resale Marketplace and Consistent Unit Economics: StubHub's core resale marketplace is projected to remain a significant driver, supported by consistent take rates (around 20% of GMS) and strong adjusted gross margins (above 80%). The company expects substantial profit growth from this established segment, demonstrating the structural strength of its business model.

Share Issuance

• StubHub Holdings, Inc. completed its Initial Public Offering (IPO) on September 17, 2025, raising approximately $800 million by offering 34 million shares at $23.50 per share.
• The company stated its intention to use the proceeds primarily to reduce debt and for general corporate purposes.
• In March 2026, an S-8 filing was made for securities to be offered to employees through benefit plans.

Inbound Investments

• In 2020, Viagogo acquired StubHub from eBay for $4.05 billion, forming the combined entity that eventually went public as StubHub Holdings, Inc.
• StubHub Holdings is backed by various institutional investors and private equity firms, including Madrone Capital Partners and Bessemer Venture Partners, with Madrone Capital Partners holding 22.1% after the IPO.

Capital Expenditures

• For the fiscal year ended December 31, 2025, StubHub Holdings reported approximately $35 million in capital expenditures, derived from $193 million in net cash provided by operating activities and $158 million in Free Cash Flow.
• These investments are strategically focused on growth initiatives, including a shift to a product-led direct issuance strategy and the launch of an advertising business.