Despite a sharp rise in ticket sales for digital shows, white label ticketing operation Eventbrite reported a 90% fall in revenue to $8.4 million during the second quarter, down from $80.8m during the equivalent period last year.
The company saw a $38.6m net loss during the quarter and attributed its poor financial performance to the Covid-19 crisis. However, the pandemic led to a huge increase in ticket sales for online events, which it said saw a 32-fold increase year-on-year to 27 million.
Eventbrite reported an increase in overall paid ticket volume in each month of the second quarter, up 33% from April to May and 38% from May to June.
Eventbrite co-founder and CEO Julia Hartz said, “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.”
Eventbrite’s white label, online, self-service ticketing platform is widely used internationally. Its UK festival clients include the 20,000-capacity WOMAD festival, We Are FSTVL (30,000), South Central Festival (15,000), Looe Music Festival (12,500), Bearded Theory Festival (10,000) and Wickham Festival (7,000).