Eventbrite said in its fourth quarter financial report that it had seen “early evidence” of coronavirus-related event cancellations, despite seeing a 9% revenue increase to $82.7m for the quarter.
The firm’s share price fell by 15-20% today (Friday).
The US-based ticketing firm saw paid ticket volume growth of 18% in Q4, with much of this growth coming from its self-sign-on service, which allows clients to register themselves on the Eventbrite platform in order to host their events.
Eventbrite has reported net losses of $13.9m in Q4, compared to $13m in losses in the same period last year. Adjusted EBITDA was $2.2m for the fourth quarter, down from $7.3m in the same period last year.
“We have seen early evidence of event cancellations that appear to be associated with the coronavirus, and we expect the outbreak will impact live events and attendance in the near-term. These expectations have been considered in the business outlook,” Eventbrite said in a statement.
“Our solid fourth quarter performance capped off a year of significant progress serving our global and diverse creators on Eventbrite’s platform,” said Julia Hartz, Eventbrite’s co-founder and chief executive.
“We made great strides in scaling our platform across categories, customers and countries as we support our mission to bring the world together through live experiences. In the year ahead, we are building upon Eventbrite’s leadership position to connect the expanding universe of creators with consumers who seek memorable real-life experiences. We thank our shareholders for their support and confidence as we head into an exciting year and future.”
Eventbrite also reached what it called “a significant milestone” by completing the migration of former Ticketfly creators to the Eventbrite platform, and ended the year with $190m in available liquidity and no debt.
An industry observer told TheTicketingBusiness: “In its letter to shareholders Eventbrite states that ‘over 70% of the Ticketfly book of business had migrated to the Eventbrite platform’ by 31 December 2019, which implies nearly 30% of the previous business has left Eventbrite – and that was after it had paid more than $200m for it.”