AEG and Vivid Seats Announce LA Kings and LA Galaxy Partnership
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The partnership between Vivid Seats Inc. and AEG, involving the LA Kings and the LA Galaxy, represents a strategic move in the event ticketing market. As live events continue to recover from pandemic disruptions, such alliances are critical for companies like Vivid Seats to differentiate their services and secure a competitive edge. The integration with AEG's existing ticketing system, AXS, suggests a seamless experience for consumers, which could lead to increased customer satisfaction and retention.
This collaboration could also impact Vivid Seats' revenue streams by potentially increasing the average transaction value through the sale of premium 'Vivid Seats Elite Seats' experiences. Moreover, the loyalty program, Vivid Seats Rewards, may drive repeat purchases, fostering a loyal customer base. Such initiatives are likely to contribute positively to the company's financials and by extension, could influence investor sentiment and the stock's performance.
Entering into a partnership with prominent sports franchises such as the LA Kings and the LA Galaxy allows Vivid Seats to tap into the growing popularity of both NHL and MLS in the United States. The 'Vivid Seats Elite Seats' offering is a strategic marketing tool that leverages the emotional connection fans have with their teams. By providing exclusive experiences and perks, Vivid Seats is not just selling tickets but is also selling a differentiated fan experience, which could lead to increased brand loyalty and enhanced brand recognition.
Additionally, the focus on premium seating and exclusive benefits aligns with a broader trend in sports business where teams and venues are looking to maximize revenue from high-margin products and services. The success of this partnership could serve as a blueprint for similar agreements with other teams and leagues, potentially expanding Vivid Seats' market share in the high-value segment of sports ticketing.
From a financial perspective, the partnership between Vivid Seats and AEG is likely to have several implications. Firstly, the deal may lead to an increase in Vivid Seats' top-line growth as the company capitalizes on the fan bases of the LA Kings and LA Galaxy. The focus on premium seating and the loyalty program could improve the average revenue per user (ARPU), an important metric for companies in the ticketing sector.
However, it's important to monitor the cost associated with providing enhanced experiences, such as complementary merchandise and food, to ensure that the margins justify the investment. Additionally, investors should consider the scalability of such partnerships and whether Vivid Seats can replicate this model with other teams to drive sustainable growth. Long-term success will depend on the company's ability to maintain these partnerships and continuously offer compelling experiences to fans.
CHICAGO, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, and AEG, the world’s leading sports and live entertainment company, have launched a new partnership that makes Vivid Seats an official secondary ticketing marketplace partner of the LA Kings (NHL) and the LA Galaxy (MLS). As part of the agreement, brokered by AEG Global Partnerships, Vivid Seats will enable fans of both teams to purchase tickets to all regular season home games on Vivid Seats’ platform.
This announcement marks Vivid Seats’ first partnership with an NHL team, and builds on its existing MLS team partnerships, as soccer fandom continues to grow across the U.S. As an official partner of both teams, the new relationship will feature dynamic co-branded on-site activations on game days and will provide Vivid Seats’ customers with access to certain designated premium seating areas at Dignity Health Sport Park, home of the LA Galaxy, and Crypto.com Arena, home of the LA Kings.
“We are excited to welcome the LA Kings and the LA Galaxy to our growing roster of team partnerships as we continue to provide Vivid Seats customers with unique and premium experiences,” said Geoff Lester, Chief Commercial Officer at Vivid Seats.
With this new partnership, LA Kings and LA Galaxy fans purchasing tickets via Vivid Seats will now have exclusive access to “Vivid Seats Elite Seats,” an enhanced gameday experience at both Crypto.com Arena (for LA Kings games) and Dignity Health Sports Park (for LA Galaxy games). Section 103, Row 9 at Crypto.com Arena and Section 130, Row D at Dignity Health Sports Park will be designated as “Vivid Seats Elite Seats” for all LA Kings and LA Galaxy home games, providing fans with a premium opportunity to enjoy the game-day action. Along with the exclusive seating areas at each arena, fans that access “Vivid Seats Elite Seats” may benefit from a number of additional perks, which may include field passes, parking passes, complementary team merchandise, as well as complementary food and beverage offerings. “Vivid Seats Elite Seats” customers may also be featured on the center-hung video display screens during LA Kings games at Crypto.com Arena and on the scoreboard at Dignity Health Sports Park during LA Galaxy games.
“This powerful partnership is further enhanced by the existing integration between AXS and Vivid Seats, ultimately enriching the fan experience for both LA Kings and LA Galaxy fans,” said Nick Baker, COO, AEG Global Partnerships. “We look forward to providing our dedicated supporters with even more access to exceptional game-day moments as a result of this relationship.”
Vivid Seats provides exceptional value through the ticket industry’s only loyalty program, Vivid Seats Rewards. By allowing fans to earn loyalty rewards on every purchase that they can redeem for ticket credits, the program provides fans with the opportunity to attend more of their favorite events. In addition to ticket savings, Vivid Seats Rewards includes fan benefits ranging from surprise upgrades to exclusive experiences.
About Vivid Seats
Founded in 2001, Vivid Seats is a leading online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Based on the belief that everyone should “Experience It Live,” the Chicago-based company provides exceptional value by providing one of the widest selections of events and tickets in North America and an industry leading Vivid Seats Rewards program where all fans earn on every purchase. Vivid Seats has been chosen as the official ticketing partner by some of the biggest brands in the entertainment industry including ESPN, New York Post, and the Los Angeles Dodgers. Vivid Seats also owns Vivid Picks, a daily fantasy sports app. Through its proprietary software and unique technology, Vivid Seats drives the consumer and business ecosystem for live event ticketing and enables the power of shared experiences to unite people. Vivid Seats has been recognized by Newsweek as one of America’s Best Companies for Customer Service in ticketing. Fans who want to have the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling 866-848-8499.
ABOUT AEG
Headquartered in Los Angeles, California, AEG is the world’s leading sports and live entertainment company. The company operates in the following business segments: Facilities, which through its affiliation with ASM Global, owns, manages or consults with more than 350 preeminent arenas, stadiums, convention centers and performing arts venues around the world; Music through AEG Presents, which is dedicated to all aspects of live contemporary music performances, including producing and promoting global and regional concert tours, music and special events and world-renowned festivals such as the Coachella Valley Music and Arts Festival; Real Estate, which develops world-class venues, as well as major sports and entertainment districts like Crypto.com Arena and L.A. LIVE, Mercedes Platz in Berlin and The O2 in London; Sports, as the world’s largest operator of high-profile sporting events and sports franchises including the LA Kings, LA Galaxy and Eisbären Berlin; and AEG Global Partnerships, which oversees worldwide sales and servicing of sponsorships including naming rights, premium seating and other strategic partnerships. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 160 million guests annually. More information about AEG can be found at www.aegworldwide.com.
Contacts:
Media
Vivid Seats
Julia Young
Julia.Young@vividseats.com
AEG GLOBAL PARTNERSHIPS
Shannon Donnelly
Shannon.Donnelly@beckmedia.com
Investors
Kate Africk
Kate.Africk@vividseats.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a46a974c-faf0-4a71-bfdd-60e9b67280c2
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