Events marketplace Eventbrite has reported a net revenue increase of 21% to reach $82m (£67m/€77m), with a 50% increase year-over-year adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to an 8% margin in the third quarter.
The net revenue total of $82m is an improvement on $67m in Q3 during the year prior, with gross ticket sales in Q3 amounting to $892m, an increase on $846m. Net loss amounted to $10m, with adjusted EBITDA totalling $6.8m, down from $11m in Q2 this year and up from Q3 in $4m.
Q3 saw 23 million paid tickets snapped up, a minor increase on 22 million in the third quarter of the year prior. Net revenue per ticket counted to $3.57 per ticket, compared to $3.06 in Q3, 2022.
Gross profit reached $56m in Q3, compared to $54m in Q2 this year, and $44m in the third quarter of last year.
Operating expenses totalled $67m in Q3, up from $57m in Q3 last year, with $23m directed towards product development, $21m set aside for sales, marketing and support while $23m was for general and administrative needs.
“We’re proud of our strong execution in the third quarter as we achieved record take rate and revenue per ticket,” said Julia Hartz, co-founder and chief executive of Eventbrite.
“The successful launch of our new pricing packages has unlocked our highly effective suite of powerful marketing tools for all creators, helping grow their audiences like never before, and accelerating our marketplace momentum.
“Looking ahead, we are excited to drive further growth through investments in areas like personalisation and event discovery, which harness the power of our scale and trusted consumer brand and further solidify our position as the world’s leading live experiences destination.”
Earlier this year, Eventbrite introduced a number of tools utilising AI (Artificial Intelligence) to aide event planning.