Eventbrite has officially filed for an IPO after being reported they were considering this last month. In its S-1 filing with the SEC today, the company proposes it will make up to $200m-worth of Class A common stock available on the NYSE according to Music Business Worldwide.
It lists Live Nation subsidiaries Front Gate Tickets, TicketWeb and Universe as its key competitors. Goldman Sachs is the main underwriter, while Allen & Co., RBC Capital Markets and JPMorgan are also participating.
Eventbrite describes its business model simply: “we charge creators on a per-ticket basis when an attendee purchases a paid ticket for an event.” It charges 700,000 creators who issued 203 million tickets in over 170 countries in 2017. 54% of its revenue comes from those creators.
Eventbrite’s net revenue was $201.6 million in 2017, up from $133.5 million in 2016. However, the San Francisco firm’s net loss was $40.4m and $38.5m in 2016 and 2017, respectively.
The company does admit is has some potential weaknesses with a strong reliance on Facebook and Spotify. “These third-party partners may terminate their relationship with us, limit certain integration functionality, change their treatment of our services or restrict access to their platform by creators at any time,” it warns.
There is still a large black mark on Eventbrite. The company has not explained what happened with the massive hack that shut down and stole information from its subsidiary, Ticketfly. The company has only given incomplete information at best since the hack in May, though it says financial information for the 27 million users compromised were not stolen. Though as we have seen from other company’s responses to hacks, this could be worse then they say.