US ticketing and event management company Eventbrite has revamped its ticket-pricing policy.
The TechCrunch website said that for customers using Eventbrite’s ‘Essentials’ package, payment processing fees will drop from three per cent to 2.5 per cent, while fees for tickets will fall from $0.99 (£0.77/€0.85) to $0.70.
However, Eventbrite is also increasing its service fee charge per ticket from one per cent to two per cent, while also removing a service fee cap of $19.99.
Eventbrite said in a statement: “The changes we announced today will mean lower ticket fees for the vast majority of our creators, and the millions of people that attend the events they plan, promote and produce each year.
“We succeed when our creators succeed and this change is indicative of a focus on ensuring we make the best decisions for the majority of our customers.”
The announcement comes after Eventbrite last week confirmed it will launch an initial public offering (IPO).
The news was outlined in an S-1 form filed with the US Securities & Exchange Commission (SEC), following initial reports of an IPO last month.
Eventbrite will seek to launch the IPO on the New York Stock Exchange as a means to repay debt and raise working capital. The SEC filing gave an initial placeholder amount for the offering of $200m.