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Revenue Recognition | 3 Months Ended
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Mar. 31, 2026
Subsidiaries |
Disaggregation of Revenue [Line Items] |
Revenue Recognition | 3. Revenue Recognition We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. As discussed in Note 4, Segment Reporting, we have determined that we have two operating and reportable segments: Marketplace and Resale. The following tables present Marketplace revenues by business model and event category for the three months ended March 31, 2026 and 2025 (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Owned Properties revenues |  | $ | 88,714 |  |  | $ | 109,232 |
Private Label Offering revenues |  |  | 8,812 |  |  |  | 24,508 |
Marketplace revenues |  | $ | 97,526 |  |  | $ | 133,740 |
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Concert revenues |  | $ | 43,570 |  |  | $ | 58,154 |
Sport revenues |  |  | 29,542 |  |  |  | 38,598 |
Theater revenues |  |  | 20,104 |  |  |  | 31,533 |
Other revenues |  |  | 4,310 |  |  |  | 5,455 |
Marketplace revenues |  | $ | 97,526 |  |  | $ | 133,740 |
During the three months ended March 31, 2026, we recognized Resale revenues of $28.3 million, compared to Resale revenues of $30.3 million during the three months ended March 31, 2025. At March 31, 2026, Deferred revenue in the Condensed Consolidated Balance Sheets was $19.1 million, which primarily relates to the Vivid Seats Rewards Program. Stamps earned under the Vivid Seats Rewards Program expire in two to three years, if not converted to credits, and credits expire in two to four years, if not redeemed. We expect to recognize all outstanding deferred revenue within the next seven years. At December 31, 2025, $20.0 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was rec ognized as revenue during the three months ended March 31, 2026. At December 31, 2024, $23.8 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was recognized as revenue during the three months ended March 31, 2025.

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