What Is Andrea Tantaros Doing Now 2021, Articles I

StubHub operates one of the world's largest online ticket reselling marketplaces. We have accomplished this through a combination with Concord Acquisition Corp ("Concord") (NYSE: CND.U), a publicly traded special purpose acquisition company. Its where consumers from around the world buy tickets to events. While StubHub is legit, many users find that their customer service department leaves a lot to be desired. That fact combined with the ongoing risk of owning a company completely dependent upon the continued transferability of tickets suggests that there is too much risk in buying StubHub for any amount in excess of the next years net earnings. New laws are under consideration in the U.K, the E.U., Canada, and even here in the United States. Companies Marketcap displays them for editorial purposes only. It is free to list and search for tickets on StubHub. Now New York Hates Grubhub", "Grubhub Was Getting 6,000 Orders A Minute During Its Promo Today That Left Restaurant Workers Stressed And Customers Hangry", "Is Anyone Surprised Grubhub's 'Free' Lunch Program Was a Disaster for Restaurant Workers? For over 20 years, StubHub has been the leading marketplace for fans to buy and sell tickets. If either Google or Facebook bought StubHub, it would disadvantage the other 50% of the ticket market which pays for search on these platforms. Discounted offers are only available to new members. It's where consumers from around the world buy tickets to events. SportsPro has contacted StubHub for comment. Why wait to purchase tickets to the next hottest event happening in your area? publicly traded company means an issuer (A) with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. publicly-traded definition: a publicly-traded company is one whose shares can be bought and sold on a stock exchange: . Ticketmaster then imposes a service charge when processing the transaction. So, in preparation for being a standalone company, the first step StubHub took was to alienate a large portion of the suppliers providing them inventory. TicketNews has affiliate links in some of its posts - it may receive a commission if you click a link and purchase tickets or other products. By 2016, the company was delivering in more than 50 markets across the U.S.[38] In July 2018, Grubhub announced that it had expanded its delivery capabilities to 28 new cities in the US. It's the same thing. If want to own a piece of YouTube, you can purchase Alphabet stock. [66][67][68][69] The lawsuit seeks triple damages, including for overcharges, since April 14, 2016, for dine-in and delivery customers in the United States at restaurants using the defendants delivery apps. Twitter has officially become a publicly traded company. 2. They used to charge 10% to the seller, now its 15%. It uses that revenue to pay for operations and advertising, all in hopes of ending the year with a net profit. Although its biggest market by far is the United States, StubHub operates throughout the world. A public company sells company stock on the stock market. Like Ticket Liquidator, Razorgator promises that tickets arrive on time and are valid for entry into the event. Management in publicly held companies is generally compensated at a higher level than management of private companies. StubHub was founded in 2000 with the intention . The Federal Trade Commission just this year finished an extensive investigation, which included reviewing more than 6,400 public comments. They also state that: Due to exceptional circumstances the music and sports industry are currently facing, some refunds may take a little longer than normal to process. However, YouTube is owned by Alphabet Inc. Each option receives a proprietary deal score. Vivid Seats also offers a 100% money-back guarantee if it fails to meet these promises and offersa dedicated, in-house customer service team to its buyers and sellers. I think not. First, it would undoubtedly trigger litigation to define the third rail issue of whether a ticket to an event is the property of the holder or a license issued by the act or team subject to whatever restrictions they may choose to implement. About us. Certain assets from 27 OrderUp markets had already been acquired in 2017. These tickets are sometimes sold for more than face value, sometimes for less. Since most tickets are not refundable, this is a good way to unload some of those tickets and recoup the initial investment by reselling tickets. Deloitte employs 182,000 people in over 150 countries, and member firms serve more than 80 percent of the world's largest companies, as well as large national enterprises, public institutions, and . The plaintiffs filed their class-action Grubhub contractor lawsuit on June 29, 2018, in the U.S. District Court for the Northern District of Illinois.[56]. 78o (d)). Real people understand value. The third-party delivery service reported $1.9 billion in revenue so far this year, but is still losing money. [32], Jonathan Zabusky was named president of Seamless in 2009, and by June 2011, Seamless was re-privatized, as Boston-based Spectrum Equity Associates invested $50 million for a minority stake in the company from Aramark. In September 2005 they paid $2.6 billion for Skype, thinking perhaps that telephony had something to do with online auctions. [61] Following Maloney's statement, on November 11, 2016, the company's shares dropped 5.93%. This also means that sellers can finish up a transaction in record time once the tickets have been transferred to their new owner. Industrial and Consumer Robotics Companies The use of AI -enabled robotics is burgeoning in the industrial and consumer sectors, especially the former , where it's used to do everything from quickly ship packages to explore . Its also impacting Chance the Rappers current ticket availability, which after two days on sale, was approximately every seat in any venue. Founded originally in 1976, it is one of the largest entertainment platforms and merged with Live Nation back in 2009. Control of that supply resides with the promoters, leagues, and producers. Fans fall into two distinct camps. Shares that are publicly traded generally command higher prices than shares that are not publicly traded. Start buying and selling tickets today on StubHub with the peace of mind that comes from knowing you are buying valid tickets. Want to learn step-by-step how I built my Niche Site Empire up to a full-time income? Research prices before you buy. The unified StubHub Holdings has benefited from a quicker than anticipated return to live events and Bloomberg says StubHub has filed the necessary paperwork for a direct listing with the US Securities and Exchange Commission (SEC) and could launch the direct listing later this year. [53] Comparisons were made online between this ad and a similar ad from the grocery store chain Kroger. Meanwhile, sellers incur a 15 percent fee for using StubHub. StubHub is a legit organization that employs more than 12,000 people who are all there to ensure that tickets get bought and sold in a timely manner. The Wallace v. Grubhub Holdings contractor lawsuit alleges that Carmen Wallace and Broderick Bryant and other drivers were misclassified as independent contractors and Grubhub defied wage-and-hour requirements under the Fair Labor Standards Act, the Illinois Minimum Wage Law, and the California Labor Code. As with all booms, the next trend is reversion to the mean. StubHub is an online ticket marketplace where anyone can buy or sell any ticket to any event nationwide. On the secondary resale market, StubHub has been a trusted platform since the company's formation in 2000. Returns as of 03/04/2023. Five of the most valuable U.S. companies today are tech companies, and many consider Tesla, a maker of electric vehicles, to be a tech company as well. Enter ticker in search; headlines will appear . Thats already happening on platforms in Europe. The chart below shows the 10 largest publicly traded companies in the U.S. Technology companies dominate today's public markets, as the chart above makes clear. Throughout 2020, Grubhub released a series of computer-animated television commercials of people ordering food on the app. While you can make some decent money this way, there are other avenues you can use to scalp unwanted or extra tickets that are lower in fees. AEG and OVGare both more viable contenders. When prices get too low, inventory sells, thereby clearing the market and causing prices to rise until supply and demand reach equilibrium. Second, as often as 40% of the time, ticket prices on the secondary market resell below face value, allowing consumers to avoid paying full price. It can be a great way to score tickets to hot events that may have been sold out. The plaintiffs in Wallace v. Grubhub claim that the work of these drivers makes them employees rather than independent contractors. Before StubHub, the only alternatives when tickets were sold out were the local broker or the guy on the street outside the venue. [15], DiningIn, an online ordering and food delivery company based in Brighton, Massachusetts, was acquired by Grubhub in February 2015. Learn more about what it means to be a publicly traded company. Live events are indisputably sexy. Here are the major risk factors facing anyone who might consider taking a run at buying StubHub: 1. [74] Grubhub released a statement the same day stating they let restaurant workers know in advance, but the claim was immediately disputed by workers. RPX was founded in 2008 and has been publicly traded since 2011. beechcraft duke vs baron; StubHub also is making direct deals to purchase tickets which they sell exclusively on their platform. They are trusted by a number of major companies including: StubHub has been around for quite some time, ensuring that you wont get ripped off by some newcomer that doesnt get your tickets to you on time. 2014 Grubhub goes public. The company brings together ticket buyers and sellers and allows them to transact business by using either the . Its an all or nothing result. You want to go to that major sporting event, the theatre, or a live concert but you missed the boat when it came time to buy tickets. That total valuation would likely be much lower if these companies were not publicly traded since becoming a public company is one of the best ways for companies to obtain capital and for investors to build long-term wealth. They are currently not a publicly traded company and do not have a stock symbol. The Company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. Autor de l'entrada Per ; Data de l'entrada martin county clerk of court jobs; whats wrong secretary kim dramawiki a is stubhub a publicly traded company? The company also makes sure that your tickets arrive on time. Check out the pros and cons of GMV. Answer (1 of 6): Not fair to consumers and actually the platform is a criminal violation of 'intents' behind scalping laws. Supply of tickets comes from rights holders the bands, teams or theatrical productions whose tickets are for sale. It may not be your first choice, but you will have to be patient with the platform as they are navigating the many challenges that the pandemic has brought about for the industries they work in. The other way to kill demand is to price every ticket to capture the highest possible price someone may have once paid. The Company offers tickets for live sports, music, and theatre events. Resale markets like StubHub provide three essential services for consumers. Whats the consequence for StubHub if this becomes the global standard? [76], In November 2022, Pennsylvania Attorney General Josh Shapiro sued Grubhub claiming that the service failed to properly disclose that prices for food ordered through GrubHub could be higher than the same item ordered at a restaurant. It may take you some time to track down someone within the customer service department who can actually help you. Effective immediately, all tickets sold through Ticketmaster, Live Nation, or any of their affiliates are only transferable subject to specific terms. Hop on over to StubHub today to learn more about the events you could be attending! Rival Viagogo acquired StubHub from eBay for US$4 billion back in 2019, fulfilling chief executive Eric Bakers ambition of uniting the two companies that he founded under a single banner. [42], In February 2020, the company announced the launch of its new Grubhub+ monthly subscription program, which offers free, unlimited food delivery from partner restaurants for monthly fee. Declining demand is an ever-tightening spiral. Lindsay is the author of this solution article. What is StubHub? The company brings together ticket buyers and sellers and allows them to transact business by using either the company's web site or mobile applications. StubHub sounds like the perfect acquisition: $5 billion in sales, $1 billion in gross revenue, on-trend with millennials, and in the very sexy space of delivering tickets for live experiences around the globe. Will the buyer of StubHub replicate the history of MySpace or Skype? Published by at July 3, 2022. Fans buy from and sell tickets to one another. That means Mom and Pop can't own their slice of the internet", "Facing fury over 'fake websites,' Grubhub says restaurants have it wrong", "Restaurants Are Desperate But You May Not Be Helping When You Use Delivery Apps", "DoorDash, Uber Eats, Grubhub and Postmates make restaurant meals cost more: lawsuit - Four firms' rise has 'come at great cost to American society,' suit claims", "Grubhub, DoorDash, Postmates, Uber Eats are sued over restaurant prices amid pandemic", "GrubHub, Doordash Accused in Suit of Pushing Prices Higher", Grubhub Hit With Lawsuit for Listing Restaurants Without Permission, "It's now illegal for delivery apps to list restaurants without their permission", "Grubhub Offered New York 'Free Lunch.' StubHub fails immediately. In 2019, the company was sued for charging restaurants fees for phone calls taking place on Grubhub-issued phone lines lasting over 45 secondswhether they resulted in orders or not. Too many people are trying to add just one more fee to the cost of a ticket because of their false impression that no price is too high for a live experience. Prices are poised to fall as bands and teams notice the unfilled seats and figure out that a sold out show is better for their brand than bragging rights about how much they collected per ticket. WWE is committed to family-friendly entertainment on its television . Three days after the FTCs workshop in ticketing concluded, the BOSS ACT 2019 was introduced in Congress. Do you remember MySpace, where everyones first friend was Tom? Transfer restrictions could be this simple: tickets will not be transferable if there is any compensation paid for those tickets to the seller beyond the face value plus fees of the tickets. This compensation may impact how and where listings appear. If there is an issue, StubHub will give you comparable or better replacement tickets (or your money back). GrubHubs commissions increased from 7% to as much as 20% for delivery orders which originated on a GrubHub site rather than that of the restaurant itself. Teams, artists, and venues partnered with StubHub. This platform claims to be the leading marketplace for their fans to buy and sell tickets on a user-friendly platform. For a preview of what lower demand looks like, study Major League Baseball. Compare that to when I went to Chipotle recently and bought a $7 sofritas salad. It allows you to purchase event tickets from other users and then print them off the website or an email, or have them mailed to you. They survive on legal loopholes which have never been closed. The company promises that tickets are valid and authentic, delivered prior to the event, and are the same, equal to or better than what the customer ordered. StubHub presents itself as a tech company. Also, I think the same risk factors related to future transferability of tickets would preclude any publicly-traded company from taking on such a substantial risk. Go to the venue's online box office (if they have one) and see if there are still comparable tickets available, and . Are there presales for season ticket holders, subscribers, preferred credit card holders, people with the correct band, venue, promoter, Spotify or Facebook password? Heres what you Dierks Bentley Announces Gravel & Gold Summer Tour Dates, Suga Cancelled Sale, Ticket Pricing Another Verified Mess for Ticketmaster, Eventbrite Plans to Lay Off 8% of Staff; Outsource Other Roles, The Lumineers Announces Plans for 2023 Tour Dates, Ticketing Startup Backed by A-Rod, Marc Lore Launched, Ticketmaster Announced as Major League Soccer Ticketing Partner. Customers can order tickets either through the company's web site or appand can pay by credit or debit card. The company, which set its initial IPO pricing at $26, saw the share . [11], Grubhub's portfolio of brands includes Seamless, AllMenus, MenuPages, LevelUp, and Tapingo. Beyond these items, you need to know the pros and cons of buying or selling your tickets with StubHub before you invest your money in the platform. GMV or gross merchandise value is the total value of goods sold via customer-to-customer (C2C) or e-commerce platforms. The company, which was founded in 2003, offers tickets to concerts, shows, sporting events, and other popular activities. Anyone considering a purchase of StubHub also has to figure out whether its infrastructure is mature once it loses the umbrella of services provided by its corporate parent eBay. But, the current way resale markets operate doesnt build a sustainable relationship with consumers. Also, lets not forget that we are currently in the longest economic expansion on record. 2: Will Federal or State Governments file an Antitrust objection to the buyer? The company, which operates like a brokerage but gives agents a suite of digital tools to better market themselves, raised about $450 million through its IPO. Thats why festivals are losing ground, tours are failing to sell out in otherwise dependable venues and more than 1/3 of all tickets for sale on secondary markets are selling below face value. The main draw of the platform is that ticketholders can sell their unwanted tickets if they find that they are unable to attend an event. New Jersey Congressmen Bill Pascrell and Frank Pallone and Connecticut Senator Richard Blumenthal want to impose regulations on how ticket prices display to consumers. This route has been pursued by several technology firms in recent times, including Roblox, Spotify and Slack. No big deal until I decided to return . However, this alone does not make a tech company. [66][67][68][69] The case is filed in the federal U.S. District Court, Southern District of New York as Davitashvili v GrubHub Inc., 20-cv-3000. SeatGeek operates a search engine that allows buyers to check multiple sources for tickets to events. Giant companies backed by unlimited cash are looking for ways to enter the market. Lets analyze who might want to buy StubHub: Live Nationis the most obvious candidate. [50][51], In July 2022, Amazon struck a deal with Just Eat to offer Prime customers free Grubhub+ membership for a year. Allowing a combination with that much market share seems unlikely to survive regulatory scrutiny or at minimum extensive litigation challenging their ability to complete the transaction. They could mimic the Ticketmaster model and build a ticketing company in part by leveraging their relationships with venues they own or control. a is stubhub a publicly traded company? [80] As part of the settlement,[81] GrubHub will be required to add price disclosures to their menu and checkout-pages. Also, I think the same risk factors related to future transferability of tickets would preclude any publicly-traded company from . Content Pit Review: Is it Possible to Find Fast, Inexpensive, and High Quality Content? The buyer inputs information about the event into the search engine, and it returns dozens of options for purchasing tickets. Like I mentioned above, since Subway's owned by a private company (Doctor's Associates . If the holder of the ticket owns it, then they can sell it regardless of whether the artist, team or promoter approves. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning. The price set for tickets varies endlessly. Tickets are always available for nearly any event, their price fluctuating in real-time based upon supply and demand. Alternately there are those fans who seek the opportunity to obtain tickets at a discount. All tickets are delivered prior to the event, and if an event is permanently canceled, buyers receive a refund. Timberlakes shares were then worth $15 million. Instead, prudence returns in place of profligacy and once more cash is king. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Have questions or want more information? For buyers, receiving the tickets as soon as possible can give them peace of mind when it comes to knowing that they have the tickets in hand. . When the next recession comes, and believe me it will, money for luxury goods like tickets becomes more scarce. How can you lose if you leverage low-cost capital into a high margin business? The company goes from being privately held to publicly traded. Given these issues, I think Vivid may give serious consideration to making an offer, but ultimately theyll figure out the scrutiny this would bring upon them and the risk of the deal failing outweighs any potential accretive benefit.