Ticketbay Operator 'TeamPlus' Shows Dazzling Earnings Improvement... Scalping Issue Remains a Challenge to Solve

TeamPlus Co., Ltd., the operator of Ticketbay, has escaped years of deficit and is achieving dazzling financial performance in the form of steep revenue growth and improved profit margins. However, behind this brilliant performance lies a dark shadow of neglecting high-priced ticket resales (scalping) and regulatory risks, placing the company at a critical crossroads for future sustainable growth.

From 1 Billion to 17.2 Billion Won in Revenue... Financial Flow Demonstrating a Successful Dramatic Turnaround

Looking at TeamPlus's revenue and profit/loss flow over the past seven years, it is clearly evident how dramatic the recent earnings improvement is as a turnaround. TeamPlus, which recorded about 4.4 billion won in revenue in 2019, took a direct hit from COVID-19, causing its revenue to plummet to the 1 billion won and 1.3 billion won range in 2020 and 2021, respectively, and even fell into a state of complete capital impairment.

However, as in-person performances resumed in earnest in 2022, it recorded 3.8 billion won in revenue and 1.7 billion won in operating profit, successfully turning a surplus. Following the explosion of demand in the secondary ticket market, it achieved a phenomenal vertical rise, reaching revenues of about 4.9 billion won in 2023, about 10.4 billion won in 2024, and about 17.2 billion won in 2025. Operating profit also jumped significantly from 3.5 billion won in 2024 to 7.3 billion won in 2025.

From a financial perspective, the fixed-cost leverage effect unique to platforms is working explosively. As of 2025, TeamPlus's operating profit margin (OP Margin) reached approximately 42.7%, and its EBITDA margin, which indicates actual cash-generating ability, is nearing 43%. Thanks to a brokerage revenue model that earns 10% of the transaction amount as a fee without massive initial investments or inventory burdens, the increased transaction volume translates directly into a massive liquidity of 20.8 billion won in cash and cash equivalents, thereby establishing a solid financial structure.

[Source: Ticketbay Website]

Will It Achieve 'Healthy Growth' by Embracing Social Controversies?

TeamPlus has splendidly strengthened its corporate fundamentals by overcoming the painful period of hardship and achieving explosive revenue growth and a profit margin in the 42% range. However, for them to receive full recognition in the market as a true 'innovative brokerage platform,' active efforts are essential to shed the stigma of 'neglecting scalping.'

The next task for TeamPlus, which has secured abundant cash liquidity and surplus-generating ability, is clear. Beyond settling merely for short-term fee revenue, it is time to take the lead in embracing the uncomfortable social issue of high-priced ticket resales and provide an answer to lead a sound performance culture. It is a time when there is growing curiosity about the future path of TeamPlus, which has achieved massive financial results, as to how it will fulfill its social responsibilities and continue its 'healthy growth.'