Eventbrite is the largest and most successful online ticketing platform. If you plan to start an event management business, it is wise to understand the Eventbrite business model. To get a better understanding of the Eventbrite business model, let’s take a look at some stats.
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What is Eventbrite?
Eventbrite is an online platform allowing users to create, promote, and sell event tickets. It is an all-in-one event management and ticketing system, enabling organizers to quickly set up events, manage registrations, and handle ticket sales. Eventbrite is widely used for events of various types and sizes, including conferences, music festivals, fundraisers, seminars, and social gatherings.
Eventbrite has acquired seven companies in the last five years, including Ticketfly, invite, and Ticketscript. Eventbrite has raised more than $300 Million so far, with $134 M raised in Series G Funding in the previous year.
Words Leading ticketing platforms like Eventbrite and Ticketmaster have grown exponentially recently. Eventbrite alone processed $8B in gross ticket sales in the last ten years. Many event planners worldwide use Eventbrite to boost ticket sales, promote, manage events, and analyze results across multiple channels like web & mobile.
Eventbrite Business Model: How Does the Ticketing Platform Work?
In the dynamic landscape of event management, one platform stands out as a pioneer in simplifying the complex dance of planning, promoting, and executing events – Eventbrite. This blog post helps you gain insight into Eventbrite’s business model, deciphering the secrets behind its unparalleled success.
Customer Segments
Eventbrite works with event organizers and small businesses who want to organize an event. Globally, there is a $200 Billion untapped ticket market, and there is a massive room for growth for many players. Ticketmaster is another big player in this industry, and they generally target ample live entertainment and sporting events worldwide.
Business Events
Marketing your Startup or Small business is quite painful for SMBs. It’s about more than just emailing your clients and business partners the invite and expecting them to ensure they show up on the event day. This is especially true if you are planning to host a free event as, without the financial commitment, people may not give enough attention to other things.
Value Proposition
Eventbrite – The largest open-source event ticketing system offers to create & manage events on one platform. It offers the creation of multiple types of tickets like free, early bird, regular, premium, etc. Eventbrite also has features to create the same event multiple times, for example, weekly, monthly, bi-monthly, etc.
Customer Relationship Management
Eventbrite gives great customer support. They offer phone, chat, or online support for their customers and event organizers.
Why Do People Use Eventbrite?
People use Eventbrite for various reasons, as the platform has many perks for event organizers and attendees. Here are some key reasons why Eventbrite is a popular choice:
For Event Organizers:
Ease of Use
Eventbrite provides a user-friendly interface, making it easy for event planners to host and manage events without extensive technical knowledge.
Event Customization
The platform allows organizers to customize event pages, set different ticket types, and tailor the registration process to suit the specific needs of their events.
Promotional Tools
Eventbrite integrates seamlessly with social media and email marketing, providing organizers effective tools to promote their events and reach a wider audience.
Ticketing and Payment Processing
Organizers benefit from secure ticketing and payment processing features, streamlining the financial aspect of event management.
Data Insights
Eventbrite offers analytics tools that enable organizers to track attendance and sales. Besides, it helps to gather valuable insights into attendee behavior, helping them refine their future events.
Access to a Broad Audience
The platform’s widespread popularity gives organizers wider opportunities, like increasing event visibility and attendees.
Cost-Effective Solutions
Eventbrite’s freemium model provides essential services for free, making it an attractive option for smaller events or organizations with limited budgets.
For Attendees:
User-Friendly Experience
Attendees find Eventbrite easy to use, from browsing events to purchasing tickets. The platform’s intuitive design enhances the overall user experience.
Event Discovery
Eventbrite is a centralized hub for discovering diverse events, from local meet-ups to significant conferences, making it convenient for attendees to explore various options.
Secure Ticket Purchases
The platform’s secure payment processing instills confidence in attendees, assuring them that their financial transactions are handled safely.
Personalized Recommendations
Attendees receive personalized event recommendations based on their interests and past attendance, enhancing their ability to discover relevant and engaging events.
Mobile Accessibility
Eventbrite’s mobile app allows attendees to access event information, purchase tickets, and manage their attendance, providing convenience and flexibility.
Integration with Social Networks
Attendees can easily share their event plans on social media through Eventbrite, fostering a sense of community and encouraging friends to join.
Efficient Check-In Process
Eventbrite’s ticketing system decreases wait times, facilitates a smooth check-in process for attendees, and improves the overall event experience.
Seamless Social Media Integration
Eventbrite offers seamless social media integration with different platforms like Facebook. Facebook events can be integrated easily with Eventbrite and vice versa. Your Followers on Facebook can see the events and book them through Facebook. They can also see how many friends are attending the event.
How Eventbrite Makes Money?
Let’s see what the revenue source of the ticket management system, Eventbrite, is.
Eventbrite only makes money when a user books a ticket on the platform. It allows the user to host an event to pass on the Eventbrite platform fee or absorb the fees himself.
When a ticket is sold on Eventbrite, it has these packages. Essentials Package, Professional Package, and Premium Package.
The Essentials package charges around 1% of the ticket prices plus 99 cents per paid ticket. If you have $10 ticket prices, the charges would be $1.09 per paid ticket.
The Professional package charges 2.5% of the ticket price plus $1.99 per paid ticket. Let’s say you have a $10 ticket price in a professional package, then the charges would be $2.24 per paid ticket booked.
If you use PayPal or Authorize. To collect the payment, their charges will be added to the fees mentioned above.
At the core of Eventbrite’s success is its ability to monetize effectively. Eventbrite has engineered a sustainable business model by distributing its revenue streams through ticket fees, add-on services, and strategic partnerships.
The freemium model feeds essential services for free, whereas attendees have to pay to enjoy the additional features. It has attracted a broad spectrum of event organizers, from small community gatherings to large-scale conferences.
Summing It Up
Eventbrite’s brilliance lies in its ingenious adoption of the platform as a Service (PaaS) model. Eventbrite caters to the diverse needs of event organizers and attendees by providing a seamless, user-friendly platform. This approach has democratized event planning and established Eventbrite as a central hub for all things events.
Behind every successful event is an empowering platform, and Eventbrite has been the silent force in numerous triumphs. From grassroots community events to globally recognized conferences, Eventbrite has proven its mettle in facilitating success stories that span the spectrum of experiences.
Eventbrite’s success is not merely a product of chance but a result of a harmonious blend of innovation, adaptability, and commitment to user satisfaction. As the event industry continues to evolve, Eventbrite stands as a testament to the power of a well-orchestrated business model, conducting the symphony of success for countless events around the globe.