1. Executive Summary The term “Vivid Seats Pirates” refers to a class of high-volume sellers (often brokers) operating on the Vivid Seats platform who engage in speculative or “ghost” ticketing . These sellers list tickets they do not yet own, at prices that undercut competitors, only to cancel the buyer’s order post-payment if they cannot acquire the tickets at a lower cost before the event. This practice creates a “pirate” economy: buyers pay upfront, wait weeks or months, and are left with last-minute cancellations, refunds (not replacements), and significantly higher market prices to rebook.