The BIG Ticket: Notes on StubHub's Prospectus
Hey!
Scott Friedman talked about the notes I took digging through StubHub’s prospectus. His Twitter Spaces is here.
He said I would be sharing something more in today’s note, but I’m not fully finished yet.
To hold you over, I’m going to give you a few high level thoughts on the prospectus.
If you haven’t looked at it.
Here are some of the notes I made that I’m thinking about as I write a larger piece:
How is StubHub justifying its reported valuation of over $16B when Seat Geek has been trying to go public at $1.35B since 2023? That’s 12x more.
Is 2023 an aberration for StubHub? That was the big Taylor Swift year.
How is StubHub’s positioning of its use of Artificial Intelligence, Machine Learning, and sports gambling going to be different than every other business that offers them up as advantages?
Give me some context around that 84% number for aided brand awareness. How the question is asked matters. FYI, the gold standard in brand tracking is unaided awareness.
Never mentioned brand associations. Ticketmaster might have an aided brand awareness number higher than 84%, but the brand associations matter a lot.
Why is the importance of sellers undersold here?
If you’ve worked through the prospectus, let me know what you think.
I’m going to put together another roundup as I get more feedback.
It will take me a few days to complete my StubHub thinking.
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