We are committed to taking care of impacted employees during this already difficult time and in addition to severance, we are providing extended health benefits and dedicated job replacement support," the company said in a written statement.
"This is a harsh reality to face and we are saddened to see many of our team members depart the company. The company spokeswoman declined to answer questions for this story, including what percentage of Eventbrite's revenue comes from virtual events today. One source familiar with this part of Eventbrite's business said virtual events accounted for less than 10% of the company's revenue in 2019. The pressure to expand its relatively small presence in online events has been amplified in recent days. Eventbrite's share price has hovered around $7 most of the past month, or less than 20% of the share price when the company went public in late 2018 and the value at which many long-term employees have equity.Įven before the pandemic gripped the globe, Eventbrite was struggling, with sagging morale inside its San Francisco headquarters as investors watched executives struggle to integrate Ticketfly, an acquisition meant to help the company double down on live music events. In addition to deep cuts on the sales team, the field operations team and customer success teams have been gutted, employees at the company said.Įventbrite's online ticketing firm's business is built almost exclusively around live events, and as a result has seen revenue projections fall off a cliff during the COVID-19 outbreak. "Everyone just logged on this morning and saw there was an all-hands.
"It was pretty brutal," said the employee, who found out shortly after the meeting they were being let go. The meeting lasted less than 10 minutes Hartz did not take questions from employees.
We'll be continuing to communicate with employees to share additional information and address questions over the coming days."Īnother employee who spoke with Protocol said the call was done over Google Hangouts, and that Hartz appeared to be reading from a prepared statement. A spokeswoman for Eventbrite said in a statement provided to Protocol that the company would be "connecting with every employee to provide clarity around what these changes mean specifically for them and their role through 1:1 video meetings and, in some cases, small group video meetings, since we're all working remotely.
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