Vivid Seats Inc. Revenue Disclosure
4. Revenue Recognition
We recognize revenue in accordance with ASC 606. As discussed in Note 5, Segment Reporting, we have determined that we have two operating and reportable segments: Marketplace and Resale.
The following tables present Marketplace revenues by business model and event category for the years ended December 31, 2025, 2024, and 2023 (in thousands):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Owned Properties revenues |
|
$ |
393,521 |
|
|
$ |
533,086 |
|
|
$ |
462,263 |
|
Private Label Offering revenues |
|
|
56,988 |
|
|
|
114,805 |
|
|
|
135,125 |
|
Marketplace revenues |
|
$ |
450,509 |
|
|
$ |
647,891 |
|
|
$ |
597,388 |
|
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Concert revenues |
|
$ |
186,139 |
|
|
$ |
283,192 |
|
|
$ |
308,507 |
|
Sport revenues |
|
|
142,564 |
|
|
|
202,220 |
|
|
|
199,837 |
|
Theater revenues |
|
|
102,108 |
|
|
|
137,715 |
|
|
|
83,273 |
|
Other revenues |
|
|
19,698 |
|
|
|
24,764 |
|
|
|
5,771 |
|
Marketplace revenues |
|
$ |
450,509 |
|
|
$ |
647,891 |
|
|
$ |
597,388 |
|
During the year ended December 31, 2025, we recognized Resale revenues of $120.3 million, compared to Resale revenues of $127.7 million and $115.5 million during the years ended December 31, 2024 and 2023, respectively.
At December 31, 2025, Deferred revenue in the Consolidated Balance Sheets was $20.0 million, which primarily relates to the Vivid Seats Rewards Program. Stamps earned under the Vivid Seats Rewards Program expire in to three years, if not converted to credits, and credits expire in to four years, if not redeemed. We expect to recognize all outstanding deferred revenue within the next seven years.
At December 31, 2024, $23.8 million was recorded as Deferred revenue in the Consolidated Balance Sheets, of which $15.4 million was recognized as revenue during the year ended December 31, 2025.
At December 31, 2023, $34.7 million was recorded as Deferred revenue in the Consolidated Balance Sheets, of which $25.8 million was recognized as revenue during the year ended December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 15, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.