Ticketing service provider Eventbrite has said that it will lay off around 8% of the company’s workforce to cut costs. As reported by Reuters, Eventbrite is also planning to relocate about 30% of the remaining roles, including moving development roles to Spain and India from Argentina and the US. The company will also relocate nearly …
Live Nation posts strong 2022 results, announces support for FAIR Ticketing Act
Live Nation Entertainment has witnessed its revenue soar by 44% to $16.7bn (£13.9bn/€15.8bn) in 2022 compared to pre-pandemic revenue in 2019. The entertainment giant brought in $13.5bn for concerts in 2022 compared to $4.7bn in 2021, and $2.2bn for ticketing last year compared to $1.1bn during the year prior. Sponsorship and advertising amounted to $968m …
FIFA expects ticket revenue to treble for 2026 World Cup
FIFA is expecting ticketing and hospitality revenue to treble to more than $3bn over the course of the next FIFA World Cup cycle. Football’s global governing body has issued an upbeat projection for the four-year period from 2023-26 that will include the 2026 World Cup in the US, Canada and Mexico. FIFA said the state-of-the-art …
CTS Eventim’s preliminary results showcase strong year
Ticketing and live entertainment services company CTS Eventim has delivered a strong business performance in 2022, according to its preliminary results. While the full report for last year will be published at the end of March, CTS Eventim has said that consolidated revenue rose by 372% year on year, from €408m (£363m/$434m) in 2021 to …
Ticketing start-up Fanbase raises £1m in latest funding round
Rugby-inspired ticketing start-up Fanbase, which specialises in software to deliver more efficient mobile ticketing and an improved fan experience for smaller clubs, has raised £1m (€1.1m/$1.2m) in a recent investment round. The Edinburgh-based firm is hoping to expand its presence in the US, and is already utilised by clubs in Scotland including Scottish Premiership side …
Online giant Kakao announces major investment in K-pop leader SM Entertainment
Korean online media giant Kakao has bought an almost 10% stake in major K-pop agency SM Entertainment, whose clients include Aespa and SuperM. The acquisition of a 9.05% stake for an estimated $172.8m makes Kakao – which has interests in social media, banking and technology development – the second largest shareholder of SM Entertainment. The …
Fever raises further $110m in Goldman Sachs-led round
New York-headquartered live entertainment discovery platform, Fever, has raised a further $110m (£91m/€102m) in funding. The venture funding round was led by Goldman Sachs with the participation of Eurazeo, Convivialité Ventures, Goodwater Capital, Alignment Growth, Vitruvian Partners and Smash Capital. Many of these companies, including Goldman Sachs, were involved in the platform’s previous funding round. …
RocketRez closes $15m Series B funding round
All-in-one ticketing and operations platform for tours and attractions, RocketRez, has closed a $15m (£12.2m/€13.8m) Series B funding round with growth capital firm, Level Equity. RocketRez will use the new funding to extend its capabilities for new clients, as well as tours and attractions already in its portfolio including Maui Ocean Center, Xtreme Xperience, Aquarium …
Palmeiras launches new Palmeiras Pay membership
Campeonato Brasileiro Série A football club Palmeiras has introduced Palmeiras Pay, a digital account that will bring together financial services, perks and experiences for fans. The new Palmeiras Pay is linked to the Avanti fan partner programme and the Palmeiras Store. Membership is free, with no administration fee and the app is available to download …
Live Nation Entertainment closes $1bn convertible senior notes
Live Nation Entertainment has completed its previously announced of $1bn (£800m/€900m) in aggregate principle amount of 3.125% convertible senior notes due 2029. The offering size was increased from the original offering size of $850m in response to investor demand and after full exercise of the ‘greenshoe’ option. Proceeds from the transaction will be used to …