Ticket reseller StubHub went public on Wednesday. Although StubHub’s shares closed 6% below their IPO price of $23.50, valuing the company at over $7 billion, the public debut itself is a testament to the co-founder’s decades-long perseverance.
StubHub CEO Eric Baker co-founded the company with Jeff Fluhr in 2000 while they were attending the Stanford Graduate School of Business. This was shortly after the dotcom bubble burst and NASDAQ crashed, but the pair didn’t give up.
“Stupid competitors went away and many of us got a real opportunity to build a lasting business after getting through that dip,” he said on a Bessemer Venture Partners podcast in 2022.
A couple of years later, the business was growing, but Baker and Fluhr didn’t see eye-to-eye on the direction of the company. In 2004, Baker was pushed from the company.
A year later, Baker relocated to London, where he founded Viagogo, a StubHub for Europe. Growing Viagogo had plenty of challenges, but he dreamt of merging it with StubHub, according to the podcast.
In 2019, when eBay decided to spin off StubHub — it had purchased the ticket seller in 2007 — Baker seized the opportunity. He secured backing from investors, including WestCap, Madrone Capital Partners, and Bessemer Venture Partners, purchasing the company for $4.05 billion.
Just after the merger was completed, the COVID-19 pandemic hit. With live events cancelled and global quarantines in effect, the company’s revenue collapsed.
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The company scraped by and when live events rebounded, the ticket reseller revenue grew significantly driven by hugely popular events like Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and the Super Bowl.
In the first quarter of 2025, StubHub’s revenue grew by 10% to $397.6 million in the first quarter compared to the same period last year.
“Reflecting on our journey, I am amazed at how far we’ve come,” he said in his S-1 founder’s letter when he was, after years of planning to go public, on the precipice of an opening day. “We have successfully navigated numerous challenges, including the unprecedented impact of COVID-19, which brought a halt to live events in 2020.”
According to the S1, Baker owns 4.7% of the company, meanwhile StubHub’s investors Madrone Partners, WestCap, and Bessemer Venture Partners hold 24.5%, 12.3%, and 8.8%, respectively.
