Ticketing firm Eventbrite has withdrawn its business outlook – the predictions for revenues, profits etc that public companies provide to analysts – in the light of the coronavirus-fuelled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