StubHub: The Moat Has Improved

StubHub Holdings maintains a buy rating, with its competitive moat strengthening through deeper seller workflow integration via ReachPro. STUB now commands ~50% of the North American secondary ticketing share, with ReachPro driving ~30% of POS-driven dollar volume by FY2025. The strategic shift in Direct Issuance focuses on scalable, product-led adoption, not immediate revenue, enhancing long-term growth prospects.