Eventbrite: Revolutionizing the Event Management Industry
Are you an event planner, organizer or attendee? Have you ever come across the name Eventbrite?
If not yet, then keep on reading as this multi-billion dollar online event management platform has changed the way events are organized and managed.
What is Eventbrite?
Eventbrite is an online event management platform that provides event organizers with everything they need to create, promote, and manage their events. It is a ticketing platform that enables event planners and organizers to sell tickets online and manage their events efficiently.
Eventbrite supports a diverse range of events including concerts, festivals, conferences, parties, and many more.
Business Model of Eventbrite
Eventbrite makes money through transaction fees charged for ticket sales. They charge a small fee per ticket sold, which varies depending on the ticket price and the location of the event.
Apart from ticket revenue, they also earn from the rental of physical equipment such as scanners, printers, and card readers, which can assist event organizers with the management of their events.
History of Eventbrite
Eventbrite was founded in 2006 by two talented individuals, Julia Hartz and Kevin Hartz, along with Renaud Visage. The trio bootstrapped the company with their personal savings and investments.
They began promoting their company through word of mouth and community events. They utilized social media platforms to boost their growth, and with time, they developed new tactics for attracting new event organizers to their platform.
Eventbrite went IPO on the New York Stock Exchange in 2018 and was initially valued at $1.7 billion. In 2020, the founder and former CEO, Julia Hartz, stepped down and was succeeded by Viagogo’s CEO Eric Baker.
Revenue of Eventbrite
Eventbrite is one of the leading global online event management platforms, and it offers its services in more than 180 countries worldwide. The market size of the event technology industry is currently estimated to be $14.3 billion, with Eventbrite forecasted to have generated a revenue of approximately $273 million in 2020.
How Eventbrite Works
From an Attendees Perspective
Eventbrite offers users a vast range of categories of events to choose from, making it easy to find an event that aligns with one’s interests. Once an event has been selected, attendees can purchase their tickets online using Eventbrites platform.
The platform allows users to add events to their calendar and keep updated on event details. They can also use the Eventbrite app to show proof of their ticket purchase, which leads them straight into the event venue.
From an Organizers Perspective
Eventbrite has made event creation and promotion easy for organizers as they provide a platform that streamlines event management and promotion. From creating an event to promotion and ticket sales, the platform provides all necessary tools and insights to ensure a successful event.
The platform has inbuilt tools for managing ticket sales, tracking attendance, and analyzing event data. Eventbrite also has a feature that allows organizers to promote their event across social media channels, email lists, and third-party event listings, ensuring the widest possible reach for their events.
Conclusion
In conclusion, Eventbrite has revolutionized the events management industry by providing a user-friendly and customizable platform. Its ability to support events of all types, sizes, and locations has made it a go-to tool for both event planners and attendees worldwide.
With its innovative features and streamlined platform, it has become one of the most popular global event management platforms in the world. Eventbrite: Simplifying Event Planning with
Transaction Fees and Organizer App
Transaction Fees
One of the most significant features of Eventbrite is its fee structure. The platform offers three packages: Essential, Professional, and Premium.
The Essential package is free of charge, but Eventbrite charges a ticket fee of $1.59 plus 2.5% of the ticket price for every transaction. The Professional package costs $99 per month, and there is a ticket fee of $1.59 plus 2% of the ticket price for every transaction.
The Premium package is customized and priced based on the needs of the event organizer, but there is a ticket fee of $1.99 plus 2.5% of the ticket price for every transaction. Eventbrite also charges a payment processing fee for all transactions processed through their platform.
The payment processing fee is 3% of the price of the ticket, plus a fixed fee based on the country of the event. In the United States, the fixed fee is $0.99 per transaction, while it is 0.49 in the United Kingdom, and 0.49 in other European countries.
Eventbrite Organizer App
Eventbrite also has an Organizer app that is available for download on iOS and Android devices. The Organizer app is designed to make event management and promotion easier for event organizers.
It provides organizers with on-site transaction capabilities, attendance tracking, and QR scanning. The on-site transaction feature allows event organizers to sell tickets and accept payments through the app while at the event venue.
This feature enables organizers to control admissions and sales without the need for additional equipment or staff. The attendance tracking feature allows organizers to track attendance and verify tickets while at the event venue.
The feature provides real-time data, which enables organizers to adjust their admission processes on the go and ensure the smooth running of the event. The QR scanning feature allows organizers to scan tickets and verify attendance using barcodes.
This feature reduces the need for manual ticket verification, which may be time-consuming, especially for large events.
Monetization through Transaction Fees
Eventbrite monetizes through its transactions and fee structures. It earns revenue through its payment processing fee and service charges associated with each transaction.
The payment processing fee is charged for every transaction processed through the platform, and the service charge is based on the event ticket price. Eventbrite also offers additional services such as promotional tools and equipment rentals, which can generate additional revenue.
In conclusion, Eventbrite has emerged as a leader in the global event management industry. Its platform has made event planning and ticket selling seamless and effortless for both event organizers and attendees.
The user-friendly interface, robust features, and its transaction fee structure have transformed the way events are organized and managed worldwide. The Organizer app has also added more value to the platform, especially for large events where on-site transactions and attendance tracking capabilities are necessary.
With Eventbrite, event organizers can monetize their events effectively and make their events as successful as possible.
Donation Tickets
Another unique feature that sets Eventbrite apart from other event management platforms is its donation ticket functionality. With donation tickets, event organizers can allow attendees to donate above and beyond the ticket price, making it easier to raise funds for charity events or other causes.
This feature is especially useful for non-profit organizations and charities that rely on donations to fund their work.
Eventbrite’s flexible pricing option enables event organizers to set a suggested donation amount along with a ticket price for each event.
Attendees can then choose to pay the suggested amount or adjust the amount to suit their budget. The flexibility of this feature allows event organizers to promote their cause without being too overwhelming or pushy.
Like with any other transaction, Eventbrite does charge a fee for donation tickets. The platform’s fee structure for donations is the same as that for standard tickets.
Eventbrite charges a percentage fee on the ticket price, ranging from 2% to 2.5% based on the event package, and a payment processing fee of 3% of the ticket cost plus a fixed fee based on the country of the event. Eventbrite Funding, Valuation & Revenue
Eventbrite is a privately held company that has been funded by a significant number of investors since its launch in 2006.
The platform has raised over USD 1 billion in funding, with notable investors including Sequoia Capital, T. Rowe Price, and Tiger Global Management, among others.
In 2018, Eventbrite went public. Its initial public offering (IPO) was made on the New York Stock Exchange, and by the end of the day, the company’s shares were worth over $40 each.
The IPO raised approximately $230 million for the company.
Eventbrite has experienced significant growth in its valuation since its IPO.
The company’s market capitalization rose to over $3 billion by the end of 2019. Despite the challenges presented by the COVID-19 pandemic in 2020, Eventbrite has maintained its market cap and is currently worth over $2 billion.
In terms of revenue, Eventbrite has experienced both growth and losses over the years. For the fiscal year 2019, Eventbrite’s revenue was $327 million, representing a 9% increase from the previous fiscal year.
However, the company has also experienced net losses in many of its fiscal years. For instance, in 2018, Eventbrite had a net loss of $49 million, while in 2019, the company recorded a much smaller net loss of $13.3 million.
Conclusion
In conclusion, Eventbrite’s unique features and success in the event management industry have made it one of the most notable players in the sector. Its donation ticket functionality, alongside its transaction fees and organizer app, offers a comprehensive set of tools for event organizers to effectively manage their events.
The company has also been successful in securing significant funding, going public, and experiencing market valuation growth over the years. Despite experiencing net losses in some fiscal years, the company’s revenue growth suggests a bright future for event management and ticketing on the Eventbrite platform.
In summary, Eventbrite has revolutionized the event management industry by providing a comprehensive platform that streamlines the process of event creation, promotion, and management. The platform’s transaction fees, organizer app, and donation ticket feature are some of the company’s most notable offerings to both event organizers and attendees worldwide.
In addition, the platform has raised significant funding, and its IPO and market valuation have highlighted its growing importance in the event management industry. While the company has had some net losses in some fiscal years, its revenue growth has demonstrated Eventbrite’s capabilities in supporting the event community.
Overall, the company’s success serves as a reminder of the importance of digitizing and simplifying event planning and promotion.