Sacra estimates that StubHub generated $828 million in revenue in the first half of 2025, reflecting 3% growth compared to the same period in 2024. The company's revenue totaled $1.77 billion for full-year 2024, an increase of 30% from the prior year.

StubHub's revenue growth has shown volatility, driven largely by major touring events. The company experienced strong growth during 2023 and 2024, supported by Taylor Swift's Eras tour, which contributed to annual growth rates of 30% during that period. In 2025, with fewer large-scale tours, growth has slowed significantly.

StubHub processes over 40 million ticket transactions annually through its marketplace, with revenue derived primarily from transaction fees charged to both buyers and sellers. Gross merchandise sales reached $8.6 billion in 2024, implying a take rate of approximately 20%.

StubHub’s revenue is underpinned by repeat behavior and scale: over 40 million annual ticket transactions, 30M+ active buyers, and an average order value of ~$250. The company’s model monetizes emotional urgency and high-intent transactions, with 1.6 transactions per buyer annually.

StubHub plans to go public in September 2025 following multiple delays attributed to market conditions and trade policy concerns.

The company was acquired by co-founder Eric Baker from eBay in 2020 for an undisclosed amount, with backing from investors including WestCap, Madrone Capital Partners, and Bessemer Venture Partners. Baker holds approximately 13% of the company’s equity but controls 90% of voting power through a special class of shares, each carrying 100 votes.

Since the 2020 buyback, StubHub has raised over $2 billion in equity financing. The most recent funding round occurred in March 2022, when WestCap purchased $2 million in Class A shares.

StubHub operates as a two-sided marketplace connecting ticket buyers and sellers for live events, including sports, concerts, theater, and other entertainment. The platform facilitates transactions for over 1 million sellers and more than 40 million annual buyers across 200 countries.

For buyers, the platform includes search and discovery tools that organize events by date, venue, and performer. The Best Value algorithm identifies tickets priced below market value, while interactive venue maps and augmented reality features allow users to preview sight lines from specific seats before purchasing.

Buyers can set price alerts for specific events and receive notifications when ticket prices fall below their target. Tickets are delivered as digital barcodes compatible with team apps, mobile wallets, or the StubHub app.

For sellers, the platform offers listing tools, pricing recommendations, and payment processing. StubHub manages the transaction process and provides its FanProtect guarantee, ensuring tickets are valid or replaced and refunded.

The platform supports 33 languages and 48 currencies, with mobile apps serving as the primary interface for most transactions.

StubHub operates a B2C marketplace model, generating revenue through transaction fees on ticket sales. The company collects approximately 20% of gross merchandise value via a combination of seller fees and buyer service charges.

The business leverages network effects, where an increase in sellers attracts more buyers, and vice versa. StubHub's scale enables it to provide a broader inventory and more competitive pricing compared to smaller competitors.

Historically, the company has employed drip pricing, displaying lower base prices initially and adding fees during checkout. Recent Federal Trade Commission regulations mandating all-in pricing have affected conversion rates and growth. StubHub estimates these rules have reduced the North American secondary market by 10%.

StubHub is diversifying beyond marketplace facilitation into direct ticket sales, which currently account for approximately 1% of gross sales volume. This initiative allows the company to achieve higher margins by bypassing the seller commission structure.

The business model is seasonal and event-driven, with revenue peaking during major concert and sports seasons. High-profile touring acts, such as Taylor Swift, can significantly influence annual performance, presenting both opportunities and risks.

Ticketmaster controls approximately 70% of primary ticketing relationships with major U.S. venues, leveraging exclusive partnerships to drive both primary sales and secondary resale through its platform. As a subsidiary of Live Nation, it integrates these functions to create a self-reinforcing ecosystem.

AXS employs a similar strategy through its affiliation with AEG, managing key venues such as Crypto.com Arena and combining primary and secondary ticketing within its network.

These vertically integrated models provide access to captive inventory unavailable to StubHub, increasing its reliance on paid customer acquisition strategies.

SeatGeek markets itself as a mobile-first platform with a focus on user experience and transparent pricing. The company has established partnerships with prominent sports organizations and has gained market share through its product design.

Vivid Seats follows a comparable marketplace approach but has faced significant challenges, with its stock declining over 80% and revenue dropping 21% in the first half of 2025. These results underscore the competitive pressures within the secondary ticketing market.

New entrants are targeting StubHub's model by offering no-fee structures, emphasizing last-minute inventory, or utilizing blockchain-based authentication. These companies often concentrate on specific niches or geographic regions to differentiate their offerings.

Certain platforms prioritize mobile-first experiences or social features designed to attract younger users, which could gradually erode StubHub's customer base.

StubHub is expanding into primary ticket sales, targeting the $132 billion original issuance market and $22 billion in unsold primary inventory. The company currently generates over $100 million in direct issuance gross merchandise sales, identifying this segment as a key area for growth.

Primary ticketing enables StubHub to achieve higher margins by utilizing its existing demand generation and pricing capabilities. Initial partnerships with venues and promoters serve as early indicators of potential for broader market entry.

StubHub's high-intent traffic presents opportunities for advertising revenue, with management estimating a $19 billion digital advertising market. Revenue streams include native ad units, promoted listings, and brand partnerships, all of which offer high-margin potential.

Integration with sports betting provides an additional monetization channel, with the global sports betting market valued at $93 billion. StubHub can generate revenue through data licensing and affiliate partnerships that convert browsing activity into betting transactions.

International growth leverages StubHub's presence in 200 countries to address the 5.4% projected annual growth in global live entertainment through 2034. The platform's support for 33 languages and 48 currencies facilitates deeper penetration into existing and new markets.

Theater and performing arts represent an untapped vertical, with a 2025 partnership with ATG Entertainment adding 16 U.S. venues and access to 18 million annual theater-goers. Partnerships with festivals and niche events further diversify inventory beyond sports and major concerts.

Regulatory pressure: New Federal Trade Commission rules mandating all-in pricing have reduced StubHub's growth, with the company reporting a 10% decline in the North American secondary market. Further regulations targeting fee structures or marketplace practices could compress margins and lower conversion rates.

Event dependency: StubHub's revenue is closely tied to major touring acts and sporting events, which are beyond the company's control. The absence of high-profile tours, such as Taylor Swift's Eras tour, has slowed growth from 30% to 3%, highlighting the business's exposure to fluctuations in the entertainment industry.

Vertical integration: Competitors such as Ticketmaster and AXS maintain control over primary ticketing relationships, securing exclusive inventory access and customer acquisition advantages. As more venues consolidate primary and secondary operations, StubHub faces growing challenges in competing for inventory without the leverage of a captive supply.