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Ticketing Week! SeatGeek's fresh $200m, NY all-in price laws, The PPC wars won't end and an oldie but repeaty
Three Things I Learned In Saas, Sports, Tech & Live Events:
Ticketing rumors and happening this week:
1. SeatGeek raised $238m from, essentially, the group that made up the cancelled SPAC. That's a sizable show of confidence. It means more deals are on the way. This late in the game (Series C), raises that size aren't speculative. They are usually meant to fund well-defined objectives which are already in the pipeline. The baseball deal is the most obvious (don't sleep on Ticketmaster making a run too), but we're sure there are more. Rumors of the deal were all over the ticket broker conferences in Vegas in July - even pinning the number at "just over $200m."
2. Rumors are Logitix hired a banker with the plan of making a run at competitors and then flipping the combined entity. Heard it from enough people we believe it to be true.
3. New York passed the "all-in" pricing law where ticket sites have to show the final price with all fees added in. Bad news for many who have built significant businesses manipulating fees through the buy process. Matter of time before we see other states follow. Just the first in what will be many regulations headed towards ticketing (as we discussed here in 2019. Covid simply delayed the inevitable.)
4. Vivid Seats took a dig at StubHub in their quarterly call claiming the competition is overpaying for PPC in an effort to "relive past glory." Back when there was discussion about Vivid Seats buying StubHub, one of the immediate synergies was how, together, they'd have to pay much less in the PPC wars. Looks like it is going the other way. CAC is expensive in the marketplace game.
5. Time kills all deals- part infinity. UCL and Crypto.com were set to do a $100m deal - the largest yet for UEFA. Had a mentor tell me about how he lost his business when they failed to sign the paperwork on time on 9/10/01. We've walk from some deals mid negotiation as better ones have shown up. If you really want the deal, get it done.
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By Tony Knopp
5
11 ratings
Three Things I Learned In Saas, Sports, Tech & Live Events:
Ticketing rumors and happening this week:
1. SeatGeek raised $238m from, essentially, the group that made up the cancelled SPAC. That's a sizable show of confidence. It means more deals are on the way. This late in the game (Series C), raises that size aren't speculative. They are usually meant to fund well-defined objectives which are already in the pipeline. The baseball deal is the most obvious (don't sleep on Ticketmaster making a run too), but we're sure there are more. Rumors of the deal were all over the ticket broker conferences in Vegas in July - even pinning the number at "just over $200m."
2. Rumors are Logitix hired a banker with the plan of making a run at competitors and then flipping the combined entity. Heard it from enough people we believe it to be true.
3. New York passed the "all-in" pricing law where ticket sites have to show the final price with all fees added in. Bad news for many who have built significant businesses manipulating fees through the buy process. Matter of time before we see other states follow. Just the first in what will be many regulations headed towards ticketing (as we discussed here in 2019. Covid simply delayed the inevitable.)
4. Vivid Seats took a dig at StubHub in their quarterly call claiming the competition is overpaying for PPC in an effort to "relive past glory." Back when there was discussion about Vivid Seats buying StubHub, one of the immediate synergies was how, together, they'd have to pay much less in the PPC wars. Looks like it is going the other way. CAC is expensive in the marketplace game.
5. Time kills all deals- part infinity. UCL and Crypto.com were set to do a $100m deal - the largest yet for UEFA. Had a mentor tell me about how he lost his business when they failed to sign the paperwork on time on 9/10/01. We've walk from some deals mid negotiation as better ones have shown up. If you really want the deal, get it done.