GIC acquires 5 percent stake in event-management player Eventbrite

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

Singapore sovereign wealth fund GIC has acquired a 5.05 percent stake, or 3.81 million shares, in event-management and ticketing player Eventbrite, which has been hard-hit by the Covid-19 pandemic, according to a U.S. filing Friday.

Around 3.74 million of the shares are held by GIC with sole voting power, while 75,000 of the shares have shared voting power with the Monetary Authority of Singapore, the filing said.

Shares of Eventbrite ended Friday down 1.34 percent at US$17.69, off highs of around US$22 touched at the beginning of 2020 and well-off the nearly US$38 it traded at in September 2018. The shares also touched lows under US$6 a share in April 2020.

Earlier in August, Eventbrite reported a second quarter net loss of US$20.54 million, narrower than the year-ago loss of US$38.59 million, with second quarter net revenue coming in at US$46.31 million, up nearly six times from US$8.39 million in the year-ago period.

Eventbrite said it continued to face a “significant impact” from the Covid-19 pandemic, including from social distancing and government mandates restricting the size of gatherings of people.

“Significant uncertainty remains regarding the extent and duration of the impact that the Covid-19 pandemic will have on the company’s business. The full extent to which Covid-19 impacts the company’s business, results of operations and financial condition cannot be predicted at this time, and the impact of Covid-19 may persist for an extended period of time or become more pronounced,” Eventbrite said in its earnings statement.

But the company added it has started to see an increase in in-person events and ticket sales for the first half of 2021, led by creators of smaller and more frequent events. Paid-ticket volume for frequent creators has more than tripled on-year and rose 52 percent on-quarter, Eventbrite said.

“To support the needs of frequent creators we are reframing the Eventbrite product experience around the creator rather than the event. This means simplifying the event-creation workflow, introducing enhancements to the creator dashboard, and streamlining multiple-event management and reporting, making analysis easier and more actionable. As creators rebuild their businesses, we have introduced new tools and services like fully integrated Zoom capabilities and a new Calendar tool that we believe have increased event awareness,” the company said.