Eventbrite posts 2023 loss despite revenue surge

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Eventbrite reported double-digit revenue growth, but still recorded a net loss for both the fourth quarter and full fiscal year 2023.

In its financial results for the period to December 31, 2023, Eventbrite said net revenue for the final three months of the year totalled $87.8m. This was up 23% year on year.

The ticketing and event management platform said marketplace-related revenue from organiser fees and Eventbrite Ads grew to over 10% of net revenue.

Gross ticket sales of $871.5m were flat compared to Q4 2022. Within ticket sales, several key operating metrics were down on the prior period, with total free and paid ticket volume of 70.6 million down 8%. Total events of 1.4 million was down 2%, although paid events was up slightly.

Eventbrite said average ticket value (ATV) was at $36.16, which was up 5% year on year. However, total ticket buyers was down 9% to 29.3 million.

Total operating expenses were up by almost 35%, with expenditure on sales, marketing and support tripling during the period. This contributed to a net loss of $0.9m compared to net income of $4m in the same period last year.

Eventbrite posted adjusted EBITDA of $8.8m, which included $1.1m of restructuring and other charges, and Adjusted EBITDA margin of 10%. Gross margin of 70.1% was up compared to 66.1% a year ago.

Full year loss

For the full 12-month period, net revenue of $326.1m was up 25% on the 2022 figures. Total free and paid ticket volume totalled 302 million tickets across 5.2 million events, with both metrics up compared to the prior year.

Eventbrite posted a net loss of $26.5m for 2023, which was an improvement on the $55.4m loss in 2022. It recorded adjusted EBITDA of $28.7m, which included $10.1m of restructuring and other charges, and adjusted EBITDA margin of 9%. Gross margin of 68.4% was up compared to 65.2% a year ago.

CEO Hartz expresses “confidence” for 2024

“We delivered record fourth quarter revenue and strong double-digit revenue growth for 2023, built on our marketplace strategy,” said chief executive Julia Hartz.

“In 2023, we powered over 300 million free and paid tickets, helping people around the world enjoy more in-person, live experiences. Looking ahead, we have confidence that our strategic roadmap will spur this marketplace flywheel, helping creators grow their audiences and bringing more consumers to the events they love.”

Looking ahead, Eventbrite said: “The company expects first quarter 2024 net revenue will be within a range of $84m to $87m and full year 2024 net revenue will be within a range of $359m to $372m. The company expects adjusted EBITDA margin to be in the low- to mid-teens for the full year 2024, excluding the impact of restructuring costs, reserve adjustments, and other items.”

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