Eventbrite holds steady

Featured image credit: Liam Shaw on Unsplash

Event management and ticketing company, Eventbrite, has posted a steady third quarter.

Net revenue amounted to $67.5m (£58m/€68m) compared to $66m in Q2 and $53m in the same period the year prior. Net loss totalled $21m compared to $20m in Q2 and $17m in Q3 last year. 

Adjusted EBITDA equalled $4m in Q3 as opposed to $5m in Q2 and $6m in Q3 in 2021.

Eventbrite’s paid ticket volume also remained steady with 22 million sold in Q2 compared to 22 million in Q2. It is an improvement on the 18 million sold in Q1 of this year, and the 19 million sold in Q3 last year. 

Gross profit was $44m in the third quarter of 2022, compared to $35.1m from the same period in 2021. Operating expenses totalled $57.3m in Q3, an increase on $46.4m in Q3 in 2021. 

Product development expenses amounted to $22.2m while sales, marketing and support expenses equalled $14.5m, compared to $11.4m. 

The company also said that it transacted nearly 72 million free and paid tickets across 1.5 million events. 

Julia Hartz, co-founder and chief executive said: “We are pleased that our business has shown strong growth in the third quarter as 361,000 event creators brought 1.5 millions events to life on the platform, driving forward our mission of bringing people together through live experiences.

“Throughout the quarter, adoption of our Boost marketing solution, and other promotional features like Eventbrite Ads gained momentum as creators turned to us to help them become more effective marketers and drive demand for their events.”

Hartz added: “We will continue to invest in their success through the holiday season and beyond as audiences are eager to connect with unique things to do around the world. The team’s fortitude and focus on what matters most has been an exemplary effort, extending our product-led strategy and driving toward our goals for the long term.”

The results are an improvement on the COVID-hit figures from 2021, which saw Eventrbite post a net loss of $139m across the year.