Revenue Recognition

3 Months Ended

Mar. 31, 2022

Hoya Intermediate, LLC

Disaggregation of Revenue [Line Items]

Revenue Recognition

3. Revenue Recognition

We recognize revenue in accordance with ASC 606. We have two reportable segments: Marketplace and Resale.

Through the Marketplace segment, we act as an intermediary between ticket buyers and sellers. We earn revenue processing ticket sales from our Owned Properties, consisting of the Vivid Seats website and mobile applications, and from our Private Label offering, which is comprised of numerous distribution partners.

Marketplace revenues consisted of the following (in thousands):

	Three Months Ended March 31,
	2022		2021
Marketplace revenues:
Owned Properties	$	83,666	$	18,196
Private Label		26,850		3,797
Total Marketplace revenues	$	110,516	$	21,993

Marketplace revenues consisted of the following event categories (in thousands):

	Three Months Ended March 31,
	2022		2021
Marketplace revenues:
Concerts	$	58,673	$	7,014
Sports		38,915		14,138
Theater		12,615		783
Other		313		58
Total Marketplace revenues	$	110,516	$	21,993

Within the Resale segment, we sell tickets we hold in inventory on resale ticket marketplaces. Resale revenues were $20.3 million during the three months ended March 31, 2022, and $2.1 million during the three months ended March 31, 2021, respectively.

At March 31, 2022, Deferred revenue in the Condensed Consolidated Balance Sheets was $28.2 million, which primarily relates to Vivid Seats Rewards, our loyalty program.

At December 31, 2021, $25.1 million was recorded as deferred revenue, of which $4.0 million was recognized as revenue during the quarter ended March 31, 2022. At December 31, 2020, $6.0 million was recorded as deferred revenue, of which $0.6 million was recognized as revenue during the quarter ended March 31, 2021.