2 fans holding a sign for tickets at Taylor Swift show

(Richard Lautens/Getty Images)

StubHub’s IPO filing shows it spent $2 billion on sales and marketing since 2022, 48% of its revenue

The ticketing company is finally going public after abandoning IPO plans last year.

3/24/25 9:44AM

StubHub, an online platform where fans — and, of course, touts posing as fans — go to resell and exchange tickets for sports matches, concerts, and other shows, filed for an initial public offering on the New York Stock Exchange on Friday. Though details aren’t yet finalized, the company’s reportedly looking to raise over $1 billion at a market value of $16.5 billion, according to sources cited in the Financial Times.

Hottest ticker in town?

In July last year, StubHub said it would be postponing plans for a potential summer IPO amid “stagnant market conditions” and a lack of other major consumer offerings. However, seemingly buoyed by some $1.77 billion revenues in 2024, helped by resale demand for Taylor Swift’s 149-date Eras Tour, the 25-year-old ticket seller is now pressing on with plans to hit the market as “STUB.”

Still, while the company’s sales rose last year, its associated operating costs did too, sending operating income to $138 million for 2024, compared to $253 million the year before.

StubHub’s biggest expense? Getting its name out there.

Even though it’s long been one of the biggest players in the resale game, having been acquired by eBay in 2007 and then resold to merge with co-founder Eric Baker’s European equivalent, Viagogo, in 2022, StubHub is still spending a lot of money each year to establish itself as the go-to resale platform. Last year, for example, the company spent a whopping $828 million on sales and marketing, most of which went on “fixed and variable marketing and advertising expenses,” per the filing. That was 47% of the company’s revenue; in 2022, it was a genuinely mind-boggling 63% of the company’s takings.

For a platform that often faces criticism from its users about a lack of support on fake tickets, ticket touts, price gouging, and technical issues, the company’s operations and support budget looks pretty measly. Last year, the company spent just $59 million on operations and support — its sales and marketing spend was nearly 14x that amount.

Max Knoblauch1h

The Trump administration is reportedly planning a 50% made-in-America requirement for USMCA tariff relief

Qualifying for USMCA-related lower tariffs may soon require more US-made vehicle components, according to reporting by the Wall Street Journal.

The Trump administration is reportedly planning to introduce a 50% US content requirement for vehicles covered by the trade pact to receive lower tariffs. The content would be measured by cost, according to the WSJ.

There currently isn’t any US-specific requirement for those lower tariff rates, but in order to receive preferential tariffs, vehicles are must contain at least 75% regional content (components made in North America). Per Reuters reporting, the Trump admin is seeking to raise the Regional requirement to 82%.

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Overall, Tesla will likely have the easiest time qualifying for any stricter requirements. The automaker’s vehicles contained the highest amount of US/Canadian content in 2025, according to American University research. Ford, GM, and Stellantis all scored lower. Notably: the underlying government data that many domestic content measurements rely on intentionally combines US and Canadian components, so it’s difficult to know exactly how much of any given vehicle is specifically US-made.

Exclusive | Trump Administration Wants Autos Under USMCA to Be at Least 50% Made in America

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Tom Jones8h

The $640,000 Luce makes the average Ferrari look like a bargain

Put aside the shape; put aside the smoothing out of Ferrari’s iconic sharp edges; put aside, even, the calls from former Chairman and President Luca Cordero di Montezemolo to “take the Prancing Horse off.” On the grounds of price alone, Luce detractors might have a point.

By now, many of us will have read the criticisms of Ferrari’s first fully electric vehicle, as the Luce — which was unveiled to the world earlier this week and promptly saw the company’s shares crash out in New York and Milan — gets subtly shaded by competitors online and not-so-subtly shaded by basically everyone else.

What makes all of this worse for Ferrari is that, even by the luxury car maker’s notoriously high standards, they’ve slapped a pretty hefty price tag on the Luce, and the company’s CEO, Benedetto Vigna, has already been forced to defend the €550,000 ($640,000) price point, saying yesterday that it’s “fair to pay for innovation,” per Reuters.

While Ferrari’s cars have been getting more expensive of late, as recently as 2022, Ferrari’s average revenue per car sold was around $340,000. At nearly twice that price, this new electric model is obviously proving a little much (visually, conceptually, and financially) for many loyal and long-standing fans of the Prancing Horse to stomach.