StubHub Holdings, Inc.
StubHub Holdings, Inc. operates a global secondary ticketing marketplace for live events under the StubHub and viagogo brands. The platform connects buyers and sellers of tickets across sports, concerts, theater, festivals, comedy, and other live experiences, with operations spanning more than 200 countries and territories.
Fiscal year 2025 · change from previous year
Development 2023–2025
Business
Share of revenueMarketplace transactions that facilitate resale of live event tickets between buyers and sellers.
Fees charged to buyers for transaction processing, platform access, and customer support.
Fees and tools charged to sellers for listing, pricing, and inventory management.
Revenue from shipping fees and related ticket delivery services.
Products
Reported · share of revenue- Transaction Fees98.2 %
- Other1.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
StubHub serves fans who want access to live events and sellers who need a marketplace to reach those fans and price tickets efficiently. Its customer base spans individual consumers, repeat event buyers, and ticket sellers ranging from casual holders to larger inventory owners. The platform also increasingly targets content rights holders and other primary issuers as potential direct sellers on the marketplace.
Consumers buying tickets for live events because the marketplace offers inventory, convenience, and trust.
Individuals and professional sellers listing tickets to reach a broad audience and optimize pricing.
Frequent users who purchase multiple times and support efficient customer acquisition economics.
Event owners and issuers that may list tickets directly on the platform in the future.
Strategy
The company is focused on expanding its marketplace depth and liquidity by attracting more buyers, more sellers, and more event inventory. It is also investing in product functionality, direct issuance capabilities, and digital advertising to broaden the platform beyond secondary ticketing.
Buyer traffic drives marketplace liquidity and transaction volume.
More inventory improves selection, pricing, and marketplace depth.
Direct issuance could widen the addressable market beyond resale.
Technology supports trust, transaction completion, and global scale.
Geography
StubHub operates globally and states that it serves customers in over 200 countries and territories, with payments accepted in more than 45 currencies. The business is organized around StubHub in North America and viagogo internationally, while brand and intellectual property restrictions limit use of the StubHub name in several non-U.S. jurisdictions.
Risks
StubHub depends on the continued popularity and occurrence of live events, so cancellations, weaker touring schedules, or lower attendance can reduce transaction activity. The business also faces intense competition for both buyers and sellers, plus operational and regulatory risks tied to brand rights, mobile product execution, and platform security.
- Live event supply and demand volatilityImpact: HighLikelihood: Medium
Revenue depends on the number, popularity, and timing of events and tours.
Exposure: Large-scale sports seasons and major concert tours
- Buyer and seller retentionImpact: HighLikelihood: Medium
The marketplace only works if both sides continue to use the platform.
Exposure: Customer acquisition and repeat purchase behavior
- Brand and intellectual property restrictionsImpact: HighLikelihood: Medium
Exclusive license terms limit use of the StubHub brand and platform IP in many jurisdictions.
Exposure: International marketing and brand consistency
- Technology and cybersecurity disruptionImpact: HighLikelihood: Medium
The platform depends on reliable systems to process, secure, and fulfill transactions.
Exposure - Competitive pressureImpact: MediumLikelihood: Medium
Alternative marketplaces compete for both inventory and buyer traffic.
Exposure
Accounting
Judgemental itemsFees are recognized when transactions execute, while ticket principal is generally netted out.
Impact: Affects reported revenue mix and comparability across event types
Management estimates cancellations for events not yet refunded at period end.
Impact: Can materially change revenue and liabilities
Discounts and coupons are recorded as reductions of revenue.
Impact: Affects net revenue and customer acquisition economics
Sports seasons, tours, and event timing create large quarterly swings.
Impact: Impacts revenue, cash needs, and period comparability
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Last updated: 24/09/2026