StubHub’s Public Debut Caps Eric Baker’s Two-Decade Entrepreneurial Journey
Ticket resale platform StubHub officially went public on Wednesday, closing its initial offering with a valuation surpassing $7 billion despite shares ending 6% below the $23.50 IPO price. The milestone underscores the tenacity of co-founder Eric Baker, whose two-decade journey to this point involved multiple setbacks and strategic maneuvers.
Founding and Early Challenges
Eric Baker and Jeff Fluhr launched StubHub in 2000 while attending Stanford Graduate School of Business, shortly after the dotcom crash. Despite a challenging market environment, Baker reflected in a 2022 Bessemer Venture Partners podcast that the downturn eliminated weaker competitors, allowing survivors like StubHub to build sustainable businesses.
By 2004, differences in vision between Baker and Fluhr led to Baker’s departure from the company.
Viagogo and Reacquisition of StubHub
Undeterred, Baker relocated to London in 2005 and founded Viagogo, a European ticket resale platform modeled on StubHub. He faced many challenges growing Viagogo but maintained ambitions of merging it with his original company.
The opportunity arose in 2019 when eBay, which had acquired StubHub in 2007, decided to spin off the ticket reseller. Baker led a buyout backed by investors including WestCap, Madrone Capital Partners, and Bessemer Venture Partners to acquire StubHub for $4.05 billion.
Pandemic Impact and Recovery
Shortly after the merger, the COVID-19 pandemic devastated the live events industry, causing StubHub’s revenue to plummet amid widespread cancellations and lockdowns. The company survived the downturn, and as live events resumed, StubHub experienced significant revenue growth driven by high-profile tours such as Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and the Super Bowl.
In the first quarter of 2025, StubHub reported a 10% revenue increase year-over-year, reaching $397.6 million.
Ownership and Outlook
According to filings, Eric Baker holds a 4.7% stake in the company, while investors Madrone Partners, WestCap, and Bessemer Venture Partners own 24.5%, 12.3%, and 8.8%, respectively.
Reflecting on the IPO, Baker noted in his founder’s letter that the company had overcome numerous obstacles, including the unprecedented challenges posed by the pandemic, to reach this public milestone.
Marina Temkin is a venture capital and startups reporter at TechCrunch. Contact: marina.temkin@techcrunch.com.
FinOracleAI — Market View
StubHub’s IPO, while closing below the initial price, demonstrates investor confidence in the company’s recovery and growth potential in the live event ticketing market. The rebound in revenue driven by major entertainment events provides a strong foundation, though risks remain from potential disruptions in live events or economic downturns impacting discretionary spending.
Investors should monitor upcoming event schedules and competitive dynamics in ticket resale platforms as key indicators for StubHub’s sustained performance.
Impact: positive
