Eventbrite has withdrawn its 2020 business outlook due to the uncertainty in the live entertainment industry caused by the coronavirus.

The US-headquartered ticketing firm, whose share price has plummeted by more than 50% since the outbreak began, said it has seen a “material impact to our business from the virus.”

As of Monday, its share price sits at $7.13 for a 52-week low, down from $25.05 as its recent high.

Julia Hartz, Eventbrite’s chief executive, said: “The global pandemic and the impact on the live events industry is unprecedented.

“We are working diligently to ensure the wellbeing of our global workforce and support our customers as they make important decisions about their events through this period of time. The year started off strong across the board and we are now seeing a material impact to our business from the virus.

“While the ultimate magnitude of this near-term impact is unclear at this time, we remain confident in our go forward strategy, our market position and the long-term demand for live experiences.”

Last week, it was reported that Eventbrite was among the ticketing firms that has been accused of withholding advances in ticket sales amid the ever-growing concerns surrounding Covid-19.

An Eventbrite spokesperson told TheTicketingBusiness that it is holding scheduled payouts for all published and future events in the creator’s accounts in the event that they need to issue refunds.