Eventbrite hosted a record number of events and saw paid ticket volume rise during a positive quarter for the events group.
The global self-service ticketing and experience technology platform saw revenue of $46.3m, up over five-fold from the second quarter of 2020. San Francisco-headquartered Eventbrite also said paid ticket volume increase 57% from Q1 2021 led by a resurgence of in-person events.
Total net revenue for the three and six months ended June 30 increased by $37.9m or 452% and $16.6m or 29%, respectively, compared to the three and six months ended June 30, 2020.
The increase in net revenue during the three months was primarily due to increase in its paid ticket volume. Paid tickets volume for the three months increased by 11.3 million or 241% due to rising vaccination rates and as Covid-19 restrictions continue to ease.
Reported net revenue per paid ticket was $2.89 in the quarter compared to $1.79 in the same period of 2020. The increase in net revenue per paid ticket in the three months was driven by the reduced impact of refunds per paid ticket reflecting a decrease in refunds due to Covid-related event cancellations.
New York-listed Eventbrite said the increase in net revenue during the six months compared to the same period in 2020 was primarily due to decrease in refunds reserves of $19.4m driven by the reduction in Covid-related event cancellations.
Cost of net revenue for the three months increased by $8.0m or 79% and decreased for the six months by $6.4m or 17%. The increase in cost of net revenue during the three months compared to the same period in 2020 was primarily due to an increase of $10.0m in payment processing costs in line with the increase in revenue from payment processing fees.
Eventbrite posted a gross profit of $28.3m compared to a loss of $1.7m last year. With operational expenses up to $46.5m, the group posted an operational loss of $18.2m – around half the deficit from Q2 2020.
Total net loss was at $20.5m compared to $38.6m in last year’s corresponding period.
The group said net loss and Adjusted EBITDA improved significantly due to its product-led strategy and operating leverage.
Julia Hartz, Eventbrite co-founder and chief executive, said: “As restrictions on in-person gatherings eased during the second quarter of 2021, Eventbrite’s creators and their audiences re-emerged in force.
“Our creators hosted a record number of events on the Eventbrite platform in the quarter, and paid ticket volume rose steadily throughout the quarter. Our strong financial results reflect the demand for live gathering, as well as the benefits of our strategic focus and increased operating leverage.
“Heading into the second half of the year, we plan to continue our investment in product development to address creators’ needs and lay the foundation for long-term growth as the journey continues toward a full reopening and return to live experiences.”
Eventbrite unveiled its new Eventbrite Boost platform designed to enhance organisers’ social media and marketing output during the quarter.
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