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Vivid Seats vs MSG Knickerbockers: SEAT and MSGK compared
Vivid Seats is the larger company: $104M of revenue in its latest quarter (Q2 2026) against $45.5M for MSG Knickerbockers (Q1 FY27). MSG Knickerbockers is growing faster (+15% against -9% a year earlier). Vivid Seats is more profitable, with an operating margin of -13.8% against -56.0%.
Where the money goes: SEAT and MSGK
Vivid Seats (SEAT) · Q2 2026
Vivid Seats, Q2 2026: revenue $104M (-9% year over year), operating margin -13.8%, net loss $14.3M, operating cash flow −$799K. The chart follows the revenue to costs, profit and cash.
MSG Knickerbockers (MSGK) · Q1 FY27
MSG Knickerbockers, Q1 FY27: revenue $45.5M (+15% year over year), operating margin -56.0%, net loss $31.1M, operating cash flow −$146M. The chart follows the revenue to costs, profit and cash.
| Vivid Seats (SEAT) | MSG Knickerbockers (MSGK) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q1 FY27 |
| Revenue | $104M | $45.5M |
| Revenue growth, Y/Y | -9% | +15% |
| Operating margin | -13.8% | -56.0% |
| Net earnings | −$14.3M | −$31.1M |
| Net margin | -13.8% | -68.4% |
| Operating cash flow | −$799K | −$146M |
Where the revenue comes from
Vivid Seats
- Concerts: $42.4M (41%)
- Sports: $41.7M (40%)
- Theater: $15.9M (15%)
- Other: $3.9M (4%)
MSG Knickerbockers
- League distributions and other: $28.1M (62%)
- Event-related: $6.8M (15%)
- Media rights: $5.4M (12%)
- Sponsorship, signage and suite licenses: $5.1M (11%)
Questions
Which is bigger, Vivid Seats or MSG Knickerbockers?
Vivid Seats is the larger company: $104M of revenue in its latest quarter (Q2 2026) against $45.5M for MSG Knickerbockers (Q1 FY27).
Is Vivid Seats or MSG Knickerbockers growing faster?
MSG Knickerbockers is growing faster (+15% against -9% a year earlier).
Which is more profitable, Vivid Seats or MSG Knickerbockers?
Vivid Seats is more profitable, with an operating margin of -13.8% against -56.0%.
More: Vivid Seats earnings · how Vivid Seats makes money · MSG Knickerbockers earnings · how MSG Knickerbockers makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 4, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.