SEAT Latest Report

Financial Performance

Based on the provided financial data, Vivid Seats' total operating revenue as of December 31, 2024 was RMB199,813,000, up 0.76% from RMB198,303,000 in 2023. This modest growth indicates a lack of momentum in revenue growth, possibly related to industry conditions and the company's operating strategy.

Key Financial Data

1. Total operating revenue in 2024 was RMB199,813,000, up 0.76% from 2023, reflecting stability but lack of significant growth.

2. Marketing, sales, and general and administrative expenses were RMB144,433,000, up from RMB136,861,000 in 2023, which may affect overall profits.

3. Third-quarter operating revenue was US$576 million, up 11.89% YoY, showing an improvement in quarterly performance.

Industry Comparison

1. Overall industry analysis: The online ticketing industry's overall revenue growth is slow, with some companies facing revenue declines due to market share competition. Although the overall market is recovering, the industry's growth is limited by the shift in post-pandemic consumption patterns.

2. Peer comparison analysis: Compared to other companies in the same industry, Vivid Seats' total operating revenue growth rate in 2024 is at a mid-level. Although it maintains revenue stability, its growth potential is insufficient compared to some rapidly growing competitors, such as Ticketmaster.

Summary

Vivid Seats' revenue growth in 2024 shows a certain stability but a slow growth rate, mainly affected by intensified market competition, changes in consumer demand, and increased marketing expenses. Although the company has improved its quarterly performance, the overall industry environment and its positioning may limit its further growth potential.

Opportunities

1. The significant growth in revenue from transportation tickets in the online ticketing industry may provide new market opportunities for Vivid Seats.

2. Steady growth in paid users and service visits indicates increasing consumer demand for online ticketing services.

3. The high sentiment in the live performance industry brings more revenue opportunities, especially in concerts and festivals.

Risks

1. Intensified market competition may put pressure on Vivid Seats' market share and pricing strategy.

2. Changes in consumer demand, especially in high economic uncertainty, may lead to slower revenue growth.

3. Increased marketing expenses may affect the company's profit margin, especially in the case of revenue growth stagnation.