Maria Ripps: Got it. That makes sense. Thanks Larry. And then secondly, there’s been a lot of sort of increased regulatory scrutiny on the music industry of late with the Justice Department sort of having recently opened an antitrust investigation into Live Nation. So I’d love to hear your view on sort of on the government potentially taking some form of action to promote increased competition and how might that impact your business and the secondary ticketing market more broadly?
Stan Chia: Yes. Sure, hey Maria. Look, I think it starts from just fundamentally a belief that, I think we have strongly that promoting competition is a good thing, and when fair competition exists we see platforms like Vivid Seats continue to innovate on behalf of fans with, as we talk a lot about here, best-in-class customer service, a loyalty program that continues to drive differentiated value, Vivid Picks; that all exists when there’s a fair competition. I would say rather than comment directly on what they’re doing, I think with a bunch of senators recently reviewed the industry, and I think the focus and the perspective of that investigation is fairly clear. I think when you have large vertically integrated players who potentially leverage their advantages deceitful competition, I think the end result for that is that anyone who plays by the rules is going to benefit.
And in our space, I think about things which have great momentum like legislative ticket transferability, transparency into real supply and demand, transparency into pricing where in particular our lean cost structure always allows us to be competitive. I look at that and say as there continues to be scrutiny, anything that promotes fair competition in this space, I think Vivid Seats is well poised to take advantage of and we look forward to seeing how that plays out.
Maria Ripps: Great. Thank you very much.
Operator: Thank you. And our next question coming from the line of Thomas Forte with D.A. Davidson. Your line is now open.
Thomas Forte: Great, thanks. So first off, Stan and Larry, congrats to the quarter and year. I have two compare and contrast questions. I’ll ask one and then the second is a follow-up. So first, can you compare and contrast the sales and profitability of performance marketing versus brand marketing?
Stan Chia: Yes. I’d say as we’ve experiment there’s a little bit of a time longitudinal answer, Tom as we’ve gone deeper into brand marketing one of our tenants has been, we don’t want to put too much gas on the fire until we feel like we’ve at a minimum replicated the lifetime economics. And so as we talked about some of our experimenting and trying to unlock that brand marketing angle, that that was part of the journey. With some of the experiments that, that we’ve been able to complete throughout 2022, we feel pretty good to achieve that, and that the economics on the brand side will at least replicate. What we’ve been able to deliver on the performance marketing side, with that basically different timing where you spend some of the brand dollars up-front with a little more of a lag before you get the return relative to performance marketing that’s more immediate feedback.
But alongside that, we take the brand €“ a customer acquired through brand channels likely has higher repeat, higher longevity, higher LPD. So on a dollar percentage term basis we think it’ll be these people and the data we’re seeing now actually suggests it may be better.
Thomas Forte: Great. And then for my second question, can you compare and contrast consumers returning to live events from influences €“ historical influences, like fear of missing out versus a reflection of COVID-19 not unlike revenge travel?
