SAN FRANCISCO (CelebrityAccess) – Independent ticketing and event management company Eventbrite took a beating in the second fiscal quarter of 2020, with net revenue for the period dropping more than 90%.
According to the company’s earnings report, Eventbrite reported net revenue of just $8.4 million for the quarter, down from $80.8 million in Q2 2019. Eventbrite attributed the results, unsurprisingly, to COVID-19.
For the same period, Eventbrite chalked up a $38.6 million net loss, up sharply from the $14.8 million loss from the previous year.
Eventbrite also reported that their advanced payout balance is now $244 million, reduced by $111 million since March.
However, one bright spot in the company’s financial report came from ticket sales for online events, which Eventbrite reported grew to 27 million for the quarter, a 32-fold increase year-over-year.
Eventbrite also noted that despite the pandemic, ticket sales were increasing each month March, with paid ticket volume increasing by 33% from April to May and 38% from May to June. However, overall ticketing was still down by 53% when measured against results from the same period in 2019.
“Our second quarter results demonstrate the resilience and ingenuity of our creators as well as Eventbrite’s ability to adapt to their needs in any environment,” said Julia Hartz, Eventbrite’s Co-Founder and Chief Executive Officer. “With the help of our platform, creators have turned to online and free events to stay connected with their audiences, who continue to show strong demand for live experiences. Although we expect the near-term environment for in-person events to remain challenging as a result of the ongoing impact of COVID-19, we are encouraged by steadily improving monthly ticket sales on the platform.”