Eventbrite has reported a 75 per cent drop in revenue for Q3, compared with the same period in 2019.
The ticketing and event management company reported $21.8m of revenue for Q3, down from $82m in the same period last year. However, the figures were an improvement on Q2, which saw Eventbrite bring in revenue of $8.4m.
Eventbrite saw net loss fall to $19.1m, compared to $30.1m in the third quarter of 2019. It said the cost reduction plan announced in April 2020 has yielded expense savings ahead of plan and it expects cash costs, excluding processing fees, of between $30m and $32m for the fourth quarter.
Paid ticket volume improved steadily through October, driven by the return of in-person events, particularly outside the US in regions where COVID-19 cases declined, and continued strength in online events.
Julia Hartz, Eventbrite co-founder and chief executive, said: “The continued improvement in our results reflects creators’ ingenuity and their confidence in our platform to deliver when it matters most.
“Activity on our platform rebounded in the third quarter, as creators hosted more events than they did this time last year, and total consumer ticket volume began to approach pre-COVID levels.
“We believe that our platform is uniquely positioned to serve the needs of independent creators, helping them to grow their businesses and lead the recovery of live experiences.”
Meanwhile, Eventbrite posted strong post-lockdown demand for Australia’s summer live music season, the firm’s APAC general manager Josh McNicol told The Music Network.
McNicol pointed to Bar Pop’s Factory Summer Festival in Perth as an example of how the platform’s creators in Australian and New Zealand have fared. More than 30,000 tickets were sold in the first week of sales, with a 350 per cent rise in the number of Perth tickets sold compared to 2019.
McNicol said: “This shows us there’s a high level of consumer confidence in the ability of a seasoned events team like Bar Pop to deliver live events that prioritise attendee safety alongside an exceptional experience for fans.”
In Q3 2020, average daily paid ticket sales for Western Australia music events increased fivefold compared to Q2 2020, by 56 per cent compared to Q3 2019, and by 63 per cent against pre-COVID levels in Q1 2020.