What Is StubHub and How Does It Work?
StubHub is an American ticket exchange and resale company that enables people to buy and sell tickets for sports, concerts, theater, festivals, and other live events through its websites and mobile apps.[2] Operating under the StubHub brand in North America and viagogo internationally, it has become one of the largest secondary ticketing marketplaces in the world, serving customers in over 200 countries and territories and supporting dozens of languages and currencies.[2][5]
The platform connects individual fans and professional sellers with buyers, using an asset-light marketplace model that generates revenue primarily through service fees on each transaction.[3] StubHub’s apps and site offer interactive venue maps and digital ticket delivery, making it easier for fans to compare seats, purchase last-minute tickets, or resell extras when plans change.[2]
StubHub’s IPO and Financial Performance in 2025
In September 2025, StubHub completed its long-awaited initial public offering on the New York Stock Exchange under the ticker STUB, raising about $800 million at a valuation of roughly $8.6 billion.[1][2] The IPO followed regulatory-driven restructuring that separated StubHub’s North American business from Viagogo’s international operations, paving the way for the company to stand alone in public markets.[1][2]
Post-IPO filings reveal robust top-line growth but also significant one-time costs. For the third quarter of 2025, StubHub reported Gross Merchandise Sales of approximately $2.4 billion, up 11% year over year, with revenue of $468 million and adjusted EBITDA of $67 million, reflecting 21% growth versus Q3 2024.[3][4] At the same time, its first financial report as a public company showed a net loss of about $1.3 billion, largely driven by a $1.4 billion stock-based compensation charge linked to the IPO, illustrating the high price of going public even as the underlying marketplace remains profitable on a transactional basis.[6]
How StubHub Is Shaping the Live Events Economy
Through its global footprint and large transaction volume, StubHub plays a growing role in how live events are priced, discovered, and experienced. The company’s 2025 Year in Live Experiences report describes fans as a defining economic force in live entertainment, with demand data from millions of ticket purchases influencing where artists tour, how teams price games, and which events attract international audiences.[5][7] With over 40 million tickets sold and more than 1 million unique sellers on the platform, StubHub’s marketplace has become a barometer of real-time fan interest across sports, music, comedy, and theater.[3][5]
StubHub’s asset-light model and data capabilities also enable it to pursue new partnerships and categories, from primary ticket issuance to upcoming collaborations such as a Major League Baseball partnership slated for 2026.[3] For fans, this translates into broader access, more flexible resale options, and increasingly personalized discovery of events, while for regulators it raises ongoing questions around transparency, fees, and consumer protection. As live events continue to rebound globally, StubHub’s public status and scale position it as a central player in the evolving ticketing and live experiences landscape.[2][3][5]