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StubHub Holdings connects fans looking for live-event tickets with sellers through StubHub and viagogo. Its core business is ticket resale: individual and professional sellers list and price tickets, and fans buy them through the marketplace. Buyers and sellers pay fees for arranging these transactions, generally linked to the transaction value. These fees account for nearly all revenue.
The marketplace needs a broad seller base to keep enough tickets available and attract buyers. Sales depend on third parties staging popular events and fans being willing and able to attend, so major tours, sports schedules and cancellations affect activity. StubHub also relies heavily on Google and other search engines to bring visitors to its websites.
Ticketing laws constrain the business: some markets cap resale prices or restrict resale, and U.S. rules require advertised ticket prices to include mandatory fees. Exclusive brand licenses also restrict the company’s use of the StubHub name in certain markets outside the United States and Canada.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
StubHub Holdings’ results hinge on popular live events and demand for resale tickets, with privately held SeatGeek another important ticketing rival missing from this list.
Vivid Seats Inc. competes with StubHub Holdings for buyers and sellers of resale concert, sports and theater tickets; both connect fans with sellers and earn transaction fees. Watch Vivid Seats’ Marketplace service and delivery fee revenue for a read on the ticket demand StubHub competes to capture.
Live Nation Entertainment competes with StubHub Holdings in ticket resale, but also promotes concerts whose popularity drives StubHub’s fee-paying ticket transactions. Live Nation earns concert revenue mainly from ticket buyers and pays artists, so its tour sales and cancellations help show whether concert supply and demand are supporting StubHub.
Liberty Live Holdings shares exposure to the concert and ticket demand that drives StubHub Holdings through its approximately 30% stake in Live Nation as of December 31, 2025. Watch Live Nation’s concert ticket sales: they fund its payments to artists and indicate demand for the live events on which StubHub earns transaction fees.
Madison Square Garden Entertainment Corp. hosts and produces the kinds of live events whose ticket resales generate fees for StubHub Holdings, while mainly charging promoters to use its venues. Its event schedule and guest attendance offer a view of live-event supply and demand, rather than StubHub’s resale activity itself.
Madison Square Garden Sports sells Knicks and Rangers home-game tickets to fans, while StubHub Holdings earns fees on sports-ticket resales whose volume and prices depend on fan demand. MSG Sports adjusts single-game ticket prices during the season to match demand, making those prices a useful signal for StubHub’s sports-ticket business.
Madison Square Garden Sports Corp. earningsMSGS
MSG Sports’ report will show what demand and pricing for Knicks and Rangers single-game tickets suggest about the sports-ticket resale activity that generates fees for StubHub.
Read MSG Sports’ account of single-game ticket demand alongside its in-season pricing. Strong demand that supports prices suggests fans are willing to pay for these games, a better backdrop for the value and volume of StubHub’s sports resales. Softer demand and pricing pressure would point to less support for those resale transactions.
Live Nation Entertainment Inc. earningsLYV
Live Nation’s report will show whether concert ticket sales and cancellations support the live-event activity that generates transaction fees for StubHub.
Read Live Nation’s concert ticket sales alongside cancellations. Strong sales with few cancellations mean more events are likely to take place and provide tickets that can trade on StubHub, supporting potential fee-generating transactions. Weak sales or more cancellations would leave fewer live-event opportunities to support those fees.
Vivid Seats Inc. earningsSEAT
Vivid Seats’ report will show how its Marketplace service and delivery fee revenue is changing, offering a read on the activity and competition StubHub faces for resale buyers and sellers.
Watch Vivid Seats’ Marketplace service and delivery fee revenue. Growth means more fee-generating activity on its platform, but may also mean it is capturing more resale transactions. A decline points to weaker fee activity there, but does not by itself show that demand has shifted to StubHub. The report helps distinguish changes in resale-market activity from competition over which marketplace captures it.
StubHub Holdings, Inc. earningsThis company
StubHub earns fees from ticket transactions, and this report will show whether transaction growth is translating into more fee revenue.
Read gross merchandise sales (GMS—the total buyers pay for ticket transactions and fulfillment) alongside transaction-fee revenue and the average fee rate. If GMS and fee revenue both grow while the rate stays broadly steady, more transactions are producing more revenue. If GMS grows but the rate falls and fee revenue is flat or down, activity is not converting into revenue as well, leaving StubHub’s ability to monetize its marketplace under pressure.
