Ticketing firm Eventbrite announced in mid-March that it was withdrawing its financial guidance for 2020, due to the “unprecedented” impact of the coronavirus pandemic on its business.
Now the company has announced its plans for surviving the current period. It’s tough news for Eventbrite’s workforce: it’s laying off 45% of staff – at least 450 people based on the ‘more than 1,000’ headcount figure given in the company’s last financial report.
This is part of a $100m “annualised expense reduction plan” announced by Eventbrite yesterday, which also includes ‘cash compensation reductions’ for the company’s CEO and executives.
“We are saddened to see many members of our team depart the company and we are supporting them in every way we possibly can during this tumultuous time,” said CEO Julia Hartz. Billboard reported that “most” of the layoffs will come from Eventbrite’s music division, according to its sources.