Eventbrite: 30% of ticket sales still for virtual events
Eight months on from the shutdown of nearly all live events, a third of ticket sales on Eventbrite are still for online experiences, according to the US-based ticketing/event-management company.
Even as major events return to markets in Asia and Australasia – and following a temporary return to semi-normality in Europe and North America over the summer – up to 30% of Eventbrite’s ticket volume in the third financial quarter (Q3) of 2020 involved virtual events, says the company’s CFO, Lanny Baker.
Speaking to investors during Eventbrite’s Q3 earnings call, Baker said the continued popularity of online events could point to a “structural” change in the business, even after a vaccine for Covid-19 becomes available.
“When the in-person events have recovered and people have moved from their computer screens back into the real world, we’ve seen that next shift back [to physical], but we’re still talking about 10%, 20%, 30% of ticket volume being for virtual events,” he explained. “Whereas pre-Covid, that number might have been 2%, 3% or 4%.
“So I think there’s been a structural opening of a business opportunity and habit around online events. There are new creators [which were] not necessarily [in] the event marketplace in the past.”
“I think there’s been a structural opening of a business opportunity … around online events”
This continued demand for virtual experiences hasn’t, however, affected ticket sales for physical events: the company reported in September that it saw paid ticket volume grow 17% in August alone, as more fans went to Covid-secure in-person shows.
Eventbrite, which has offices in the US, UK, Canada, Australia, Spain and the Republic of Ireland, reported a 75% year-on-year decline in revenue, to US$21.8 million, in Q3 – an improvement on Q2, where the figure was just $8.4m.
The company says it has also achieved expense savings “ahead of plan” for its $100m cost-cutting scheme, announced in April, reducing net loss to $19.1m, compared to $30.1m in Q3 2019.
“The continued improvement in our results reflects creators’ ingenuity and their confidence in our platform to deliver when it matters most,” comments Eventbrite CEO Julia Hartz. “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.”
This article forms part of IQ’s Covid-19 resource centre – a knowledge hub of essential guidance and updating resources for uncertain times.
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Xsolla launches virtual events platform
Xsolla, the video game business engine that helps developers launch, scale and monetise games, is launching a virtual events and entertainment platform called Unconventional.
The platform will enable individuals and businesses to set up unique virtual worlds – public or private – and create user-generated multiplayer worlds, simulators, theme parks, games, and parties among other things.
The platform’s features include: onboarding for exhibitors and attendees; meet-to-match (M2M) software and booking for meetings; fully customizable booths and catalogue of games; customer support on both tech and M2M; event reporting and analytics; sponsorship placements on props, static and video billboards; variable customisable digital convention space and show floor.
Unconventional will launch on 26 October with Game Carnival, hosted by Unreal Engine
Unconventional will launch on 26 October with Game Carnival hosted by Unreal Engine, a virtual gaming industry event that showcases new indie game development.
Sixty hopeful game developers will showcase their games and compete for a variety of prizes in a unique virtual world. Users will be able to virtually meet and interact with the finalists, play the developer’s games, and network with other industry professionals.
Since the pandemic began, the virtual event market has been rapidly expanding, most recently with Tidal-backed VR platform Sensorium Galaxy and Facebook’s platform Occulus/Venues.
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