Revenue Recognition

6 Months Ended

Jun. 30, 2022

Hoya Intermediate, LLC

Disaggregation of Revenue [Line Items]

Revenue Recognition

4. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Marketplace revenues:
Owned Properties	$	98,564	$	84,535	$	182,230	$	102,731
Private Label		31,350		20,113		58,200		23,910
Total Marketplace revenues	$	129,914	$	104,648	$	240,430	$	126,641

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Marketplace revenues:
Concerts	$	65,816	$	49,843	$	124,489	$	56,857
Sports		51,285		48,005		90,200		62,143
Theater		11,856		6,515		24,471		7,298
Other		957		285		1,270		343
Total Marketplace revenues	$	129,914	$	104,648	$	240,430	$	126,641

Within the Resale segment, we sell tickets we hold in inventory on resale ticket marketplaces. Resale revenues were $17.8 million and $38.0 million during the three and six months ended June 30, 2022, respectively, and $10.9 million and $13.0 million during the three and six months ended June 30, 2021, respectively.

At June 30, 2022, Deferred revenue in the Condensed Consolidated Balance Sheets was $32.7 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 $2.0 million and $6.0 million was recognized as revenue during the three and six months ended June 30, 2022, respectively. At December 31, 2020, $6.0 million was recorded as deferred revenue, of which $3.2 million and $3.8 million was recognized as revenue during the three and six months ended June 30, 2021, respectively.