Event management and ticketing company Eventbrite has seen its net revenue improve by 19% in Q2 of 2023 compared to last year.
Net revenue amounted to $79m (£62m/€72m) compared to $66m during the same period the year prior. It was also a minor increase on the $78m posted during Q1 of this year.
Gross ticket sales amounted to $890m, a 6% increase on last year’s Q2 recording of $843m. Paid tickets totalled 23 million, a fraction higher than the 22 million sold last year, but equal with Q1 of 2023. Net revenue per ticket came to $3.39, up from $3.02 in Q2, 2022.
Net loss totalled $3m while Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) amounted to $12.1m.
Gross profit amounted to $54m in Q2 2023, up on the $52m posted in Q1 of this year and a substantial increase on the $43m posted in Q2 last year.
Operating expenses as reported amounted to $61m, an increase on the $56m recorded during the same period the year prior. This was split between product development ($23m), sales and marketing ($16m) and general and administrative ($22m).
Julia Hartz, co-founder and chief executive of Eventbrite, said: “We reached another post-pandemic sales peak, significantly improved our adjusted EBITDA profitability and helped a record number of buyers get tickets to events in the second quarter.
“For both creators and event seekers, the Eventbrite experience has become more intuitive, seamless, and personalised, driven by our commitment to enhance the customer experience. In the second half of the year, we will continue to deliver innovative marketing and promotion tools to creators and showcase the best events to experience-seeking audiences around the world.”
Earlier this year, it was reported that Eventbrite was set to lay off 8% of its workforce to cut costs.