Core Insights - StubHub Holdings Inc. had a challenging debut on the New York Stock Exchange, with shares opening at $24.50/$25.50, an increase of up to 8.5% from the initial offering price of $23.50, but ultimately closing down 6.4% at $22 after raising $800 million in its IPO [1][2]. Company Performance - StubHub's IPO was oversubscribed multiple times, indicating strong investor interest [5]. - The company reported a net loss of $76 million on revenue of $827.9 million for the first half of 2025, compared to a net loss of $24 million on revenue of $803.5 million in the same period of 2024 [7]. - Gross merchandise sales increased to $4.4 billion in the first half of 2025, up from $3.9 billion in the same period last year [7]. Market Context - The US IPO market has been robust recently, raising approximately $5.3 billion since the Labor Day holiday, excluding special purpose acquisition companies [4]. - StubHub's IPO comes amid increased scrutiny of the ticket industry, particularly regarding practices at Live Nation Inc.'s Ticketmaster, which is under investigation by the US Federal Trade Commission [8]. Strategic Moves - StubHub has shifted focus towards new ticket issuance, which currently represents a small portion of its sales, and has entered a multi-year partnership with Major League Baseball to offer tickets to games [6].

Core Insights - StubHub Holdings, Inc. made its debut on the New York Stock Exchange with an opening price of $25.35 per share after pricing its IPO at $23.50, raising $800 million for the company [1][2][3] IPO Launch - The IPO was priced at $23.50 per share, generating $800 million for StubHub [2] - StubHub's stock trades under the ticker symbol STUB, marking a successful entry after two postponements due to market conditions [3] Market Context - The listing contributes to a recent surge in tech IPOs as the U.S. market recovers from a period of inactivity, with several companies going public in recent months [4] Investors - Madrone Partners was the largest shareholder before the IPO, holding 24.5% of Class A STUB shares, followed by WestCap with 12.3% and Bessemer Venture Partners with 8.8% [5] Financial Performance - StubHub's revenue primarily comes from ticket sales, with over 40 million tickets sold in 2024 by around one million sellers [6] - In Q1 2025, revenue increased by 10% year-over-year to $397.6 million, although the company reported a net loss of $35.9 million compared to a loss of $29.7 million the previous year [6] - Gross merchandise sales reached $2.08 billion during the same period [6] Price Action - On the first day of trading, StubHub shares fell by 4.8% to $22.37 [7]

Core Insights - SEGG Media Corporation has appointed Simon Lewis, former President of Live Nation Europe, to a senior consultancy role to oversee the strategic development of Concerts.com and TicketStub.com following a $10 million acquisition of these platforms [1][2][3] Company Developments - The appointment of Simon Lewis is aimed at accelerating SEGG Media's positioning in the ticketing, content, and live streaming sectors, leveraging his extensive experience in the live entertainment industry [2][3] - SEGG Media's strategy focuses on rapid growth and smart development, with plans to differentiate its ticketing platforms from competitors and build a new customer base [3] Industry Context - There is significant excitement in the live entertainment industry, which SEGG Media aims to capitalize on through strategic partnerships and brand integrations [3] - Simon Lewis's background includes pivotal roles in shaping the global concert industry and advising on major acquisitions, enhancing SEGG Media's credibility in the market [4]

Accessibility StatementSkip Navigation NEW YORK, Sept. 16, 2025 /PRNewswire/ -- StubHub Holdings, Inc. ("StubHub"), a leading global secondary ticketing marketplace for live events, today announced the pricing of its initial public offering of 34,042,553 shares of its Class A common stock at a public offering price of $23.50 per share. In addition, StubHub has granted the underwriters a 30-day option to purchase up to an additional 5,106,382 shares of its Class A common stock at the initial public offering ...

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]

Core Viewpoint - StubHub Holdings Inc. is preparing for a US initial public offering (IPO) with plans to expand its business into primary ticket sales, aiming to raise up to $851 million, amidst strong demand for its offering [1][3]. Group 1: Business Expansion - The company is transitioning from primarily a secondary ticket marketplace to include direct ticket sales, identifying a $153 billion opportunity in this market, which is perceived as less vulnerable to regulatory and competitive risks [3][4]. - StubHub's direct ticket sales generated over $100 million last year, a small fraction of its total gross ticket sales of $8.7 billion, with significant contributions from a partnership with the New York Yankees for the 2024 World Series tickets [4]. Group 2: Financial Performance - The company has reported declining EBITDA margins, which fell from 26% in 2023 to 17% last year, and further to 12% in the first half of 2025, attributed to increased spending on market share acquisition in the direct issuance market [9]. - StubHub's long-term adjusted EBITDA margin target is set between 35% to 40%, which is significantly higher than its current performance [9]. Group 3: Market Position and Comparisons - Management has compared StubHub to other consumer platforms like Etsy and Shopify, highlighting its financial model characterized by double-digit growth, strong margins, and favorable cash flow dynamics [6][7]. - However, analysts express skepticism regarding brand loyalty due to the non-exclusive nature of the tickets sold on the platform, alongside concerns about high sales and marketing expenditures impacting long-term profitability [8].

Core Insights - SEGG Media Corporation has acquired Concerts.com and TicketStub.com, capitalizing on the growing excitement in the live entertainment and ticketing sectors, particularly in light of StubHub's IPO aiming for a valuation of nearly $9 billion [1][4] Company Strategy - The acquisition of a 51% controlling stake in DotCom Ventures Inc. for $10 million strategically positions SEGG Media to leverage the expanding global live entertainment and ticketing markets, with the secondary ticketing market projected to exceed $4.8 billion by 2030 [2] - SEGG Media is developing an updated platform for Concerts.com and TicketStub.com to enhance user experience and integrate future businesses within its ecosystem, including Veloce and Quadrant, which collectively attract over 500 million monthly views [3] - The global sports ticketing sector is expected to grow at a CAGR of 9.4% through 2032, supporting SEGG Media's strategy of merging sports, entertainment, and gaming to enhance shareholder value [3] Market Positioning - The acquisition aligns with SEGG Media's vision to create an integrated live-entertainment ecosystem that combines ticketing, streaming, and sports media, thereby strengthening its balance sheet and driving revenue growth [4] - The company aims to engage fans through innovative live events and streaming, positioning Sports.com at the center of its global distribution strategy [3]

Industry Disruption Opportunity - On-chain ticketing solutions represent a significant opportunity for disruption in the ticketing industry [1] - The ticketing industry is ripe for disruption [1] Blockchain Technology Adoption - Fully on-chain ticketing solutions are being developed [1] - AVAX currently has live on-chain ticketing solutions with partners like Sports Illustrated [1] Potential for User Growth - On-chain ticketing solutions are believed to be a major unlock for users with crypto [1]

Financial Data and Key Metrics Changes - The company expects strong Q3 performance with double-digit AOI growth anticipated for both Ticketmaster and the sponsorship business [13] - Deferred revenue numbers are strong, indicating a high degree of confidence in fan count and top-line growth [14] - Ticketmaster's deferred revenue increased by 22%, suggesting a shift of approximately $25 million of AOI from the first half to the second half of the year [58] Business Line Data and Key Metrics Changes - Concert segment revenue for the first half of the year increased by nearly $100 million, representing a growth of approximately 30% [56] - Sponsorship growth has been relatively low in the first half but is expected to grow double digits for the full year [57] - Ticketmaster faced headwinds from foreign exchange impacts and lower revenue per ticket in international markets [59] Market Data and Key Metrics Changes - The company sees significant growth opportunities in Latin America, particularly in Mexico and Brazil, where market share is currently small [9][10] - The APAC region, especially Japan, is viewed as a major growth opportunity following a recent acquisition [80] Company Strategy and Development Direction - The company is focusing on expanding its venue portfolio globally, leveraging local expertise to mitigate risks associated with new venue development [52][54] - There is an emphasis on innovation in sponsorship, particularly through festival naming rights and other creative partnerships [41] - The company aims to capitalize on AI to enhance customer service efficiency and improve profitability for event organizers [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the concert business, expecting a strong finish to the year despite potential challenges from the World Cup affecting stadium availability [33][36] - The company believes that the global demand for live events will continue to grow, driven by younger consumers eager to attend shows [78] Other Important Information - The company is experiencing strong consumer demand, with record increases in on-site spending observed at events like Lollapalooza [15] - The company is committed to reinvesting cash savings from operational efficiencies into further venue development and growth opportunities [46] Q&A Session Summary Question: Update on Assessa and Latin America strategy - Management highlighted the successful partnership with Assessa and the growth potential in Mexico and Brazil, indicating a strong future outlook for Latin America [9][10] Question: Insights on Concert segment for Q3 - Management expressed confidence in strong ticket sales and deferred revenue, anticipating a robust stadium quarter [14] Question: Ticketmaster's growth outlook - Management reassured that Ticketmaster's growth prospects remain strong, with significant international opportunities and ongoing client additions [20] Question: Impact of AI on Ticketmaster - Management discussed the transformative potential of AI in enhancing efficiency and profitability across various operations [24] Question: Trends in secondary ticketing market - Management noted a positive impact from moving pricing back to the primary market, benefiting both Ticketmaster and concert promoters [30] Question: Venue development risks - Management emphasized the importance of local expertise in venue development, mitigating risks through careful market analysis [52][54] Question: Growth in APAC region - Management identified Japan as a key growth market following a recent acquisition, with plans to leverage this presence to expand further in the region [80]

Financial Data and Key Metrics Changes - The company expects double-digit AOI growth for the year, with concerts for the first half of the year up nearly $100 million, representing a 30% increase compared to last year [55][56] - Ticketmaster's deferred revenue increased by 22%, indicating strong future revenue recognition, although the segment faced $16 million in FX headwinds [58][59] Business Line Data and Key Metrics Changes - The concert segment is experiencing significant growth, particularly in stadiums, with a strong sell-through of shows and increased on-site spending [12][14] - Ticketmaster is expected to see double-digit AOI growth in the third quarter, driven by strong ticket sales and sponsorship business [12][13] Market Data and Key Metrics Changes - The company sees substantial growth opportunities in Latin America, particularly in Mexico and Brazil, where market share is currently low [6][8][9] - The APAC region, especially Japan, is viewed as a significant growth opportunity following a recent acquisition, with expectations of building a strong business presence [77][78] Company Strategy and Development Direction - The company is focusing on expanding its venue portfolio globally, leveraging local expertise to mitigate risks associated with new venue developments [52][54] - There is an emphasis on enhancing sponsorship opportunities, particularly through festivals, which are seen as key assets for brand engagement [40][41] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the concert business, expecting a strong finish to the year despite potential challenges from the World Cup affecting stadium availability [32][34] - The company is confident in the long-term growth prospects of Ticketmaster, citing international expansion and the addition of new clients as key drivers [18][21] Other Important Information - The company is actively utilizing AI to improve efficiency in customer service and operational processes, which is expected to enhance profitability [22][23] - The company anticipates a drop in non-controlling interest (NCI) by approximately $50 million in 2026 due to strategic cash management [44] Q&A Session Summary Question: Update on Assessa and Latin America strategy - Management highlighted the successful partnership with Assessa and the growth potential in Mexico and Brazil, indicating a strong future outlook for Latin America [5][6] Question: Insights on Concert segment trends for Q3 - Management noted strong deferred revenue and a significant increase in stadium attendance, projecting a robust Q3 performance [10][12] Question: Future of Ticketmaster and growth expectations - Management expressed confidence in Ticketmaster's growth, emphasizing international expansion and the addition of new clients as key factors [18][21] Question: Impact of AI on Ticketmaster's growth - AI is expected to enhance efficiency in customer service and operational processes, contributing to profitability [22][23] Question: Venue development risks and learnings - Management stated that venue development is not seen as a significant risk due to local expertise and careful market analysis [52][54] Question: Insights on APAC region and venue growth - Management sees significant opportunities in the APAC region, particularly in Japan, and expects growth from both new and existing venues [77][80]