Background: TEG is the company who owns Ticketek, Australia's largest ticketing platform. It sells tickets for everything from sports to concerts and festivals.  In 2020, private equity giant Silver Lake acquired TEG for $1.8 billion, betting on the long-term strength of live entertainment.

What happened: The past six months have been rough for Ticketek. In October, it lost the Venues NSW contract worth around $100 million over seven years. Then, in April, it also lost Melbourne Park (including Rod Laver Arena and AAMI Park) to US-based competitor AXS. The contract losses have hit hard financially, with TEG reporting a $160 million loss last financial year.

What else: So now, the company's new CEO is reportedly looking at a major restructure, cutting 5.5% of staff. The shake-up has sparked speculation that Silver Lake could be considering an exit or looking for ways to rescue value.

What's the key learning?

💡Losing a contract doesn't just cost revenue... it can wipe out years of momentum you may never recover.  Unlike short-term subscriptions or quarterly sales, venue deals typically run for long periods. For example, the Venues NSW contract runs for seven years, which means Ticketek has effectively handed over seven years of bookings, fees, and customer data to competitors.

💡 These major contracts often represent long-term access to customers, transaction fees and valuable user data. It's why TEG's owners are now under so much pressure. Private equity firms usually aim to acquire a business, improve it and sell the business within 5-7 years.

💡  TEG was reportedly shopping around for $2.5 billion in 2023. But, after losing major contracts, TEG's value has likely dropped.. so it's new CEO is hoping that a restructure may be the solution to TEGs problems.