For the international contemporary live music industry
LiveUK

Eventbrite raises $200 million in IPO

World News
October 1, 2018

UNITED STATES           

Eventbrite, the San Francisco-based global event management and ticketing systems provider has launched an initial public offering (IPO) on the New York Stock Exchange worth $200 million.

The company priced the IPO to open at $21-$23 per share from an initial listing of $19-$21 per share, but due to demand, it opened at $37 per share and closed at $36.50.

However, Eventbrite is on track to post more than $100m in losses in the past three years with deficits of $40.4 million in 2016 and $38.5 million in 2017, according to the IPO.

The company was founded in 2006 and last year purchased Ticketfly from Pandora for $200m. This year it acquired Spanish company Ticketea and then  Canadian firm Picatic, a ticketing and event registration platform.

Papers show Andrew Dreskin, co-founder of Ticketfly and president of music at Eventbrite, receives an annual salary of $650,000, with an opportunity to earn $500,000 annually in performance bonuses. He also received a $183,750 signing-on bonus in 2017.

Eventbrite opened its first international offshoot in the UK in 2012 and has other offices in Australia, Brazil, Germany, Ireland, Holland and across the US.

Due to a hacking attack that affected 27 million customers, Ticketfly was forced offline for several weeks earlier this year.

Other Stories

Ireland set to ban touting and bots

October 3, 2018
REPUBLIC OF IRELAND           Legislation banning the resale of tickets at above face value for large concerts and sporting events has…
Read more

Forum Braga renamed the Altice Forum

October 1, 2018
PORTUGAL            When it opened earlier this year, the 12,000-capacity Forum Braga became the second largest auditorium in the country and the…
Read more