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Eventbrite posts Q2 net loss but net revenue presents more positive picture

Event management and ticketing company Eventbrite has posted a net loss of $20.1m (£16.5m/€19.6m) during the second quarter of 2022.

The figure is a slight improvement on the $20.5m net loss during the same period last year, but is an increase on the $18m net loss posted in Q1 of this year.

However, the company’s net revenue presented a more positive picture, rising to $66m from $56 during Q1 of this year. It is also a 43% increase from the $22m posted during the same period the year prior. 

Paid tickets have also improved since Q1, with a four million increase at 22 million tickets sold compared to the 18 million purchased in Q1. The 22 million figure is also an improvement on the 16 million sold during Q2 in 2021.

A total of 73 million free and paid-for tickets were transacted through Eventbrite across 1.5 million events. 

Adjusted EBITDA was $4.7m compared to an Adjusted EBITDA loss of $0.3m in the same period the year prior. 

Eventbrite posted a gross profit of $43m compared to $28.3m during Q2 in 2021.

Operating expenses came in at $56.3m in the second quarter of 2022, compared to $46.5m in the same period last year. Product development expenses amounted to $22.5m in Q2, a rise of 37% compared to Q2 in 2021. 

Sales, marketing and support expenses were $14.3m in the second quarter, compared to $6.4m during the period in 2021. General and administrative expenses amounted to $19.5m, an improvement on $23.7m during Q2 the year prior. 

Julia Hartz, Eventbrite co-founder and chief executive, said: “Eventbrite’s strong execution translated to meaningful growth and progress on our product-led strategy during the second quarter. We supported a growing community of event creators who are using our platform and tools to power the return of live events.

“We expect to build on this momentum in the second half of the year as we deliver even more capabilities that help creators expand their events and audiences. By making thoughtful investments that leverage our scale, data, and self-service model, we are well positioned for sustainable long-term growth.”

Image: Pien Muller on Unsplash