Vivid Seats Inc. (NASDAQ: SEAT) shares are experiencing a notable upswing in the US financial market today. As of last check in current session, the stock of Vivid Seats has seen a rise of 6.09%, reaching a trading value of $8.10. This surge in SEAT stock is a direct response to the company’s recent disclosure of its participation in a significant upcoming event.
Vivid Seats (SEAT) has officially announced that its Chief Executive Officer, Stan Chia, and Chief Financial Officer, Lawrence Fey, are scheduled to attend the UBS Global Technology Conference on Wednesday, November 29, 2023.
In a recent development, Vivid Seats successfully acquired Vegas.com, a prominent entertainment marketplace catering to individuals exploring Las Vegas. This acquisition was executed through a cash and stock transaction valued at approximately $240 million.
The company has shared key performance indicators, reporting a noteworthy increase in Total Marketplace orders from 2,572,000 to 3,022,000 in Q3 2022. Additionally, Total Resale orders have risen from 90,000 to 110,000 during the same period last year.
Vegas.com operates as a comprehensive two-sided marketplace and serves as the ultimate hub for live event enthusiasts visiting Las Vegas. Functioning as the authoritative entity in the local market, Vegas.com offers an extensive event inventory comprising shows, attractions, and tours in Las Vegas—one of the world’s most sought-after destinations for both leisure and business travel.
Notably, Vegas.com provides an end-to-end travel shopping experience, encompassing flights and hotels. The strategic acquisition of Vegas.com is poised to augment SEAT’s scale and presence in the entertainment capital of the U.S. and beyond. This transaction is expected to amplify the company’s influence and market share in this pivotal sector, introducing unique inventory through strategic partnerships and presenting long-term synergistic advantages. Notably, this move will also expand the Total Addressable Market (TAM) by over $6 billion for Vivid Seats.
