Eric Baker’s long, winding road to taking StubHub public

StubHub, the well-known ticket resale platform, made its public debut on Wednesday, though its shares ended the day 6% lower than the initial offering price of $23.50, giving the company a valuation exceeding $7 billion. This milestone reflects the tenacity of co-founder Eric Baker, who has persevered through numerous challenges since the company's inception. Founded in 2000 alongside Jeff Fluhr while they were attending Stanford's Graduate School of Business, StubHub emerged in the aftermath of the dotcom bubble burst. Despite the difficult market conditions, Baker remained optimistic, noting in a 2022 podcast that the downturn cleared the way for serious entrepreneurs to build lasting businesses. However, in 2004, a difference in vision between Baker and Fluhr led to Baker's departure from the company. He relocated to London and established Viagogo, a competing ticket platform in Europe. Although he faced numerous obstacles in growing Viagogo, he held onto the ambition of one day merging it with StubHub. In 2019, an opportunity arose when eBay, which had acquired StubHub in 2007, decided to divest the company. Seizing the moment, Baker secured investment from firms like WestCap, Madrone Capital Partners, and Bessemer Venture Partners to buy StubHub for $4.05 billion. Just as the integration was finalized, the COVID-19 pandemic struck, leading to a dramatic decline in revenue as live events were canceled worldwide. Despite these setbacks, StubHub rebounded as live events returned, with ticket sales surging for major events like Taylor Swift's Eras Tour and the Super Bowl. By the first quarter of 2025, StubHub reported a revenue increase of 10%, reaching $397.6 million compared to the previous year. Reflecting on the journey, Baker expressed pride in the company's resilience, particularly during the unprecedented challenges posed by the pandemic. In his S-1 founder’s letter, he acknowledged the remarkable progress made, stating, 'We have successfully navigated numerous challenges.' Baker holds a 4.7% stake in StubHub, while significant investors such as Madrone Partners, WestCap, and Bessemer Venture Partners own 24.5%, 12.3%, and 8.8%, respectively.