(CelebrityAccess) — Ticketing and event management platform Eventbrite released their financial results for the second fiscal quarter of 2021, revealing a slow but steady recovery of the live sector.
According to Eventbrite’s financial filings, the company posted net revenue of $46.3 million, a 452% improvement from the same period in 2020, a time when Eventbrite was facing a torrent of refund requests and event cancellations.
Eventbrite attributed the gains to “sharply higher paid ticket volume and lessening COVID impacts” and said net revenue per paid ticket was $2.89 in the second quarter of 2021, compared to $1.79 in the same period in 2020.
Paid ticket volume rose to 16.0 million for the quarter, an increase of 241% year-over-year and up 57% from the first quarter of 2021, which Eventbrite attributed primarily to the vaccine rollout.
Eventbrite’s financial filings also revealed that the ticketing company pared its losses for the quarter with the net hit on its bottom line of $20.5 comparing favorably with the net loss of $38.6 million in Q2 2020.
“As restrictions on in-person gatherings eased during the second quarter of 2021, Eventbrite’s creators and their audiences re-emerged in force. Our creators hosted a record number of events on the Eventbrite platform in the quarter, and paid ticket volume rose steadily throughout the quarter. Our strong financial results reflect the demand for live gathering, as well as the benefits of our strategic focus and increased operating leverage,” said Julia Hartz, Eventbrite co-founder and Chief Executive Officer. “Heading into the second half of the year, we plan to continue our investment in product development to address creators’ needs and lay the foundation for long-term growth as the journey continues toward a full reopening and return to live experiences.”
As for the immediate future, Eventbrite’s crystal ball remained cloudy, largely due to ongoing uncertainty about the impact of COVID-19 variants.
“Based upon current information, we expect paid ticket volume and net revenue to be higher in the third quarter of 2021 than in the comparable period of 2020. We also anticipate that month-to-month paid ticket trends could become more variable based on the potential impact of COVID variants.”