v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Subsidiaries  
Disaggregation of Revenue [Line Items]  
Revenue Recognition

3. Revenue Recognition

We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. As discussed in Note 4, Segment Reporting, we have determined that we have two operating and reportable segments: Marketplace and Resale.

The following tables present Marketplace revenues by business model and event category for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Owned Properties revenues

 

$

88,714

 

 

$

109,232

 

Private Label Offering revenues

 

 

8,812

 

 

 

24,508

 

Marketplace revenues

 

$

97,526

 

 

$

133,740

 

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Concert revenues

 

$

43,570

 

 

$

58,154

 

Sport revenues

 

 

29,542

 

 

 

38,598

 

Theater revenues

 

 

20,104

 

 

 

31,533

 

Other revenues

 

 

4,310

 

 

 

5,455

 

Marketplace revenues

 

$

97,526

 

 

$

133,740

 

During the three months ended March 31, 2026, we recognized Resale revenues of $28.3 million, compared to Resale revenues of $30.3 million during the three months ended March 31, 2025.

At March 31, 2026, Deferred revenue in the Condensed Consolidated Balance Sheets was $19.1 million, which primarily relates to the Vivid Seats Rewards Program. Stamps earned under the Vivid Seats Rewards Program expire in two to three years, if not converted to credits, and credits expire in two to four years, if not redeemed. We expect to recognize all outstanding deferred revenue within the next seven years.

At December 31, 2025, $20.0 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was recognized as revenue during the three months ended March 31, 2026.

At December 31, 2024, $23.8 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was recognized as revenue during the three months ended March 31, 2025.