Company Overview - StubHub is pursuing an IPO aiming for a valuation of $9.2 billion, transitioning from a secondary market to a direct primary ticket sales platform [1][3] - The company seeks to raise up to $851 million in its debut on the New York Stock Exchange [1][3] Financial Performance - StubHub reported $1.77 billion in revenue for 2024, a 30% increase from $1.37 billion in 2023 [4] - However, profitability has declined, with a loss of $2.8 million in 2024 compared to a profit of $405 million in 2023 [5] - Adjusted EBITDA margins fell from 26% in 2023 to 17% in 2024, and further to 12% in the first half of 2025, below the long-term goal of 35-40% [5] Market Dynamics - The ticketing industry is experiencing a shift, with StubHub aiming to capitalize on the $153 billion primary ticket sales market while facing competition from Ticketmaster [3][9] - Ticketmaster is under scrutiny from regulators regarding compliance with the BOTS Act, which could impact its operations and market position [6][8] Consumer Trends - High-income households are reallocating discretionary spending towards live entertainment, indicating a shift towards an "experience-first" economy [10] - There is a widening gap in demand, with premium events remaining strong while middle-income households are reducing spending [11] - Consumers value reliable digital access, suggesting that platforms providing smooth purchasing experiences are likely to build lasting loyalty [11]