Tuesday, March 17, 2020

Eventbrite tears up its financial predictions for 2020 | Music Ally

Ticketing firm Eventbrite has withdrawn its business outlook – the predictions for revenues, profits etc that public companies provide to analysts – in the light of the coronavirus-fuelled uncertainty around the live entertainment business.

CEO Julia Hartz described the situation as “unprecedented”. “The year started off strong across the board and we are now seeing a material impact to our business from the virus,” she said in a statement. “While the ultimate magnitude of this near-term impact is unclear at this time, we remain confident in our go forward strategy, our market position and the long-term demand for live experiences.”

In late February, Eventbrite issued its guidance for 2020, having grown its revenues by 12% to $327m in 2019. The company predicted net revenues of $84m-88m in the first quarter of 2020 – up 3%-8% year-on-year – and revenues of $342m-$359m for the full calendar year, up between 5% and 10%.

While it did mention coronavirus in its February filing – “we expect the outbreak will impact live events and attendance in the near-term” – the situation has changed rapidly in the few weeks since then. We’re sure Eventbrite will not be the last public music company forced to withdraw its guidance in this way.

Eamonn Forde

[from https://ift.tt/2vCxqPg]

No comments: