Buy Now, Pay Later (BNPL) Klarna has partnered with online ticket reseller Vivid Seats to offer ticket buyers the ability to make four interest-free installments on live concerts, sporting events and entertainment. entertainment, according to a Wednesday, September 23. ) Press release. The payment plan option will roll out later this year. No precise date has been communicated.
In a recent Reopening the Insights report that Klarna ordered, nearly 70% of consumers said they intended to attend events in person within the next six months. Seventy percent of those polled said they were willing to pay more now than they would have before the pandemic for an in-person entertainment experience.
Fueled in large part by pent-up demand for live events resulting from the pandemic, Chicago-based Vivid Seats was due to make its initial public offering (IPO) in April, as reported by PYMNTS. After linking with Horizon, a special purpose acquisition company (SPAC), the combined value of the companies was estimated at $ 1.95 billion.
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Horizon plans to merge with Vivid Seats, which will continue to be the upcoming public company, according to the press release. A registration statement has been filed with the Securities and Exchange Commission, along with a proxy statement / prospectus and other related documents to be used at the shareholders’ meeting to authorize the proposed merger, the statement said. .
The Vivid Seats Marketplace supports 12 million customers and 3,400 ticket resellers transacting over 200,000 listed events.
Building on its success, Klarna is planning an IPO as early as next year. The Swedish company said gross merchandise volume grew by more than $ 8 billion in the past year, with app installs rising 115 percent and cumulative app downloads of 36 million. In the United States, the total number of app downloads stands at 13 million, representing a compound annual growth rate (CAGR) of 236%, measured from 2018 to 2021.
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