Photo by Joey Thompson on Unsplash
Eventbrite posted its best figures since the beginning of the pandemic as revenue surged during the first quarter of 2023.
In a trading update for the three months to March 31, Eventbrite recorded revenue of $77.9m, which was up 39% on the $55.9m posted in Q1 2022 and a three-year high.
Paid ticket volume was up 28% to 23 million tickets, which accounted for most of the net revenue increase, while Eventbrite said it experienced strong Eventbrite Ads and Boost adoption.
Julia Hartz, co-founder and chief executive, said: “We’re off to an excellent start in 2023. We’ve achieved remarkable revenue growth of 39% from over $900m in gross ticket sales. Our exceptional execution has allowed us to effectively meet the demands of a highly active live events market. Our enhanced Eventbrite Ads and Boost tools have been instrumental in increasing our creators’ audience demand, further reinforcing the value of our marketplace.”
While the group saw a seventh consecutive quarter of positive adjusted EBITDA, the $2.1m was down on last year’s $2.4m, in the main due to the strength of the US dollar compared to other markets where it operates. Overall a loss of $12.7m was reported, which was down on the $18.2m posted in Q1 2022.
The group spent more on outlays such as sales and marketing and product development, however there was a decline in the attributable percentage of revenue. An increase in general expenses was primarily attributable to $2.2m restructuring related costs.
Hartz added: “We’re seeing a significant acceleration in the adoption of Boost and Eventbrite Ads, resulting in a rapid increase in consumer demand for our unique event inventory. Our marketplace strategy is gaining momentum, thanks to our strong product roadmap and increased efficiency and leverage. We’re excited to pursue the tremendous opportunity ahead of us, delivering sustainable growth to our shareholders while boosting monetisation.”
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