Featured Image: Nainoa Shizuru on Unsplash
Eventbrite’s net first quarter revenue rose 11% year-over-year to $86.3m (£69m/€80m) from $78m, while the ticketing company still reported a net loss of $4.5m.
However, this is still an improvement on the net loss of $12.7m during the same period the year prior.
Gross profit rose to $6.1m in the first quarter ending March 31, up from $5.2m last year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) totalled $10.4m compared to $2.1m during the same period in 2023.
Eventbrite also noted that marketplace-related revenue from organiser fees and advertisements grew to over 13% of the total net revenue.
The total number of tickets distributed amounted to 65.8 million, a slight decrease on the 74.2 million during the first quarter of 2023. Of this total, 21.2 million were paid for – a decrease on the 23.2 million last year. There were a total of 1.4 million events, a decline from 1.5 million events in the first quarter of 2023, but the average ticket value increased from $39.14 to $40.24.
Some 27.7 million buyers secured tickets in the first quarter of 2024, compared to 31.6 million during the same period the year prior.
Operating expenses remained similar at $68.8m compared to $65.3m, made up of product development at $26.7m; sales, marketing and support totalling $20.1m; and general and administrative amounting to $21.2m.
“Eventbrite delivered solid financial results in the quarter and made great progress in executing our consumer marketplace strategy,” said Julia Hartz, co-founder and chief executive of Eventbrite.
“We are providing powerful marketing tools to our creators while building on our trusted brand in the live experiences community. We believe we are well positioned to reaccelerate top-line growth and meet our financial goals as the year progresses.”
Share this