NEW YORK (CelebrityAccess) – Major League Baseball (MLB) has a new secondary ticket marketplace. SeatGeek will replace StubHub – effective immediately, as MLB’s official ticketing reseller. The NY-based company inked a five-year pact worth an average of $20 million per season, reports Forbes.
“Baseball is the largest spectator sport in the world in terms of total attendance, and the nature of the league’s 162-game season makes it ripe for innovation on the ticket resale side of the business,” said SeatGeek co-founder Russ D’Souza.
SeatGeek was founded in 2009 and is valued at $1.2 billion, according to PitchBook. In 2022, the company raised a $238 million Series E from investors, including Utah Jazz owner Ryan Smith.
SeatGeek makes its money from transaction fees. The agreement with MLB adds to the company’s sports portfolio. It includes the NFL’s Arizona Cardinals, Baltimore Ravens, Dallas Cowboys, New Orleans Saints, and Washington Commanders. Forbes reported that SeatGeek is paying the Commanders $10 million to $12 million a year for four years. Also, SeatGeek landed a partner in collegiate sports ticketing giant Paciolan for its secondary rights. That deal starts in July. The company has NASCAR, MLS, and the NBA’s Cleveland Cavaliers, New Orleans Pelicans and Jazz.
“Better resale product helps generate more season-ticket holder sales,” D’Souza said. “We think this is the ultimate win-win.”
