SAN FRANCISCO (CelebrityAccess) — Ticketing and event management platform Eventbrite announced a round of cost-saving measures that include a 45% reduction in their global workforce.
The expense reduction plan also includes reductions in cash compensation for Julia Hartz, the company’s Chief Executive Officer and other members of its executive suite.
As part of the cost-savings measures, Eventbrite expects to incur restructuring charges related to their staff cuts of $10-14 million, including $7-10 million worth of severance costs and $3-4 million is related to facilities and fixed assets.
In all, the plan is expected to yield at least $100 million in annualized expense savings.
Eventbrite previously suspended its financial projects for the first quarter and full year of 2020 on March 16, 2020.
“The COVID-19 pandemic has caused massive disruption to the live entertainment and experiences economy and we are taking significant action to navigate this unprecedented time,” Julia Hartz, Eventbrite’s co-founder and Chief Executive Officer. “We are saddened to see many members of our team depart the company and we are supporting them in every way we possibly can during this tumultuous time. I want to personally thank our talented and dedicated teammates for contributing towards building the leading platform for independent creators.”