Eventbrite, known now as a major outlet for self-service ticketing, has raised $60 million in funding led by efforts from Tiger Capital Management and T. Rowe Price. The company’s total funding is now $140 million. This follows very rapid growth by Eventbrite, with a total of $1.5 billion in gross sales of tickets.
Why is this important? Mainly for two reasons:
1. Eventbrite’s success is merely a drop in the bucket compared to Ticketmaster, but it’s success has but the ticketing behemoth on notice that it may have some direct and substantial competition in the near future.
2. The company has sold over 100 million tickets in 179 countries, making for very rapid growth in the last few months alone.
In terms of actual events, Eventbrite gives creators the opportunity to create and manage many different kinds of events, from conferences and sports to performing arts and fundraising events. But of course, in this new sharing economy, this is very important to the D.I.Y. music artist of the 21st century. We can be sure that from the 100 million tickets sold, a good majority of them have probably been to independent concerts and music festivals.
And beyond just that, people who attend these live events, especially events that a music and entertainment centered, are looking more and more to share these events with their friends, family, colleagues, co-workers and anyone else that’s important to their life. The fact that a person or group of people can actually create an event, set a price for it, manage it and take it their own hands to make it successful feeds right into being able to share that event and its success with others. Moreover, a company like Eventbrite that gives supporters the chance to actually create and manage events gives an almost direct contrast to Ticketmaster, which merely tells customers how to purchase tickets and where they can use them.
As important as Eventbrite has become to independent music and artists, it will likely only continue to grow and thrive. It will be interesting to see where it goes from these current successes.