SAN FRANCISCO (CelebrityAccess) — Eventbrite, Inc., the self-service ticketing and event management platform, revealed their financial results for the third quarter, with revenue off by 75% for the period.
According to the company’s financial filings, Eventbrite recorded net revenue of $21.8 m for the third quarter, down from $82 million in the same period in 2019.
Despite the sharp downturn in revenue, Eventbrite recorded a net loss of $19.1 million for the quarter, an improvement from 2019 when they notched up losses of $29.9 million in the third quarter.
The quarter was also an improvement from Eventbrite’s second fiscal quarter, where the company reported net revenue of $8.4 million.
Eventbrite’s advance payout balance declined to $220 million as of November 4, down from $354 million when the program was suspended due to the coronavirus pandemic on March 11.
“The continued improvement in our results reflects creators’ ingenuity and their confidence in our platform to deliver when it matters most,” said Julia Hartz, Eventbrite co-founder and Chief Executive Officer. “Activity on our platform rebounded in the third quarter, as creators hosted more events than they did this time last year, and total consumer ticket volume began to approach pre-COVID levels. We believe that our platform is uniquely positioned to serve the needs of independent creators, helping them to grow their businesses and lead the recovery of live experiences.”