Event management and ticketing company Eventbrite has said its net revenue for the first quarter of 2022 increased by 101% year-on-year.
Net revenue for the first quarter ending March 31 2022 amounted to $55.9m (£44.5m/€53m) compared to $27.8m for the Covid-hit same period the year prior. Gross profit equalled $35.9m compared to $14.1m in the first quarter of 2021.
Eventbrite attributed the improvement in net venue to the increase in paid ticket volumes, particularly in the US. Reported net revenue per paid ticket was $3.09 compared to $2.72 during the first quarter of 2021.
Operating expenses came in at $50.5m for the first quarter of 2022, compared to $40m during the same period the year prior. Operating expenses for the first quarter included a $5m reversal of reserves for estimated advance payout losses, which was partially offset by a $2.8m increase in creator upfront reserves.
For the first quarter of 2022, product development expenses were $18.5m, a rise of 21% compared to the first quarter of 2021. Sales, marketing and support expenses equated to $13.1m compared to $5.6m during the same period, while general and administrative expenses amounted to $18.8m compared to $19m in the first quarter of 2021.
Net loss for the first quarter amounted to $18.2m, an improvement on the $84.9m posted in the same period in 2021.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to $2.4m in the first quarter of 2022 compared to a loss of $8.5m in the same period for the year prior.
Julia Hartz, Eventbrite co-founder and chief executive, said: “Eventbrite has started the year with great execution on our product-led strategy. Paid ticket volume and the number of events on our platform continued to show strong year-over-year growth as we provided creators with the right tools to grow their reach.
“Looking ahead, we will keep moving swiftly to meet the needs of our customers. Our product roadmap, and our whole team, are focused on helping creators launch and market their events to capture the strong consumer demand for live experiences.”