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.
Don’t forget the FREE webinar on understanding buyers in uncertain times.
April 1st, 2025 at 1 PM Eastern!
Join us in the Talking Tickets Slack Channel.