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Eventbrite case notes

2022-11-16 来源: 51Due教员组 类别: Essay范文

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Marketing sizing:

The first step in calculating the potential event management and ticketing market is to add up the existing numbers provided by the case. That is, the TAM for conference, for festivals and fairs, for music, for fundraising, and for endurance, these added up in total equaled 14+5+7+52+3=$81b. A conservative way to calculate the total market size is to use this $81 billion as the final number because since this is a long-tailed market, we can assume that other events are insignificant and should not take a large portion of the total market. If there are newly emerged event types, they cannot quickly grow to a size comparable with the previous categories in a short time. For long-tailed markets, the major categories should add up to at least the majority of the entire market. Therefore, we can assume that no new significant events should appear, and the total market size is $81b.

Of course, we could also add the others part into the total market size. To do so, we needed to calculate the average gross ticket sales per GDP of metropolitan areas. This average is then used to time the US GDP in a given year to calculate a theoretical number of how much the market size could be by assuming that all cities in the US are highly developed. Although this may sound very unrealistic, it could be a number for the long-term future. The average gross ticket sales per GDP as given in exhibit 8 is $83*10^(-6). According to the World Bank, the US GDP in 2016 is $18.624 trillion. 83*10^(-6)*18.624 trillion is $1.5 billion. This 1.5 billion can be added to the 81 billion to receive a total market size of $82.5 billion.

Comparables:

Eventbrite should be considered as a ticket selling platform because the criteria of choosing comaprables by venture capitalists does not include businesses with similar revenue models. Instead, we should look for firms that are doing similar business. Even within the same business, firms might have completely different revenue models and yet, it is still feasible for them to become comparable firms. In reality, valuation is more of an art than a science. The valuation that you give in this round is only a number. Yet, it has to be a number that the other investors in future rounds can accept. In the real world, this fact is much more important than some valuation models. So, when valuing Eventbrite, comparables that the vast majority of venture capitalists can accept should be considered. It is true that the management team consider themselves to be a social media platform. However, their opinion is not as important as other venture capitalists’ opinions, nor the opinions of the mass public if they do choose to go public.

In addition, I disagree with the opinion that Eventbrite is a social platform because those platforms are used for people to make contacts online. Eventbrite is only an organizer of off-line or other events but does not generate content itself. People will not use Eventbrite as a means to learn what has happened to their friends or post their own status. Therefore, I believe that Eventbrite does not qualify as a social media platform.

Of course, I agree that Ticketmaster is not the perfect comparable. However, when you are establishing a firm under a new market, the existing market with the actual content that is the closest to the new market should be considered. Comparables are also considered when there is competition between the firms. Airbnb, for example, will not take away the market share from Eventbrite; therefore, they are not appropriate comparables. However, it is very possible for Eventbrite to take away some revenue from Ticketmaster. So, all in all, Eventbrite should still look for ticketing platforms as comparable firms when calculating the valuation.

Assessment of Series F financing

Series F proposes to invest $60 million and the firm is currently valued at $650 million. The firm still have $60m in the bank leftover and the firm is willing to go public early. I believe that Eventbrite should accept the Series F funding and postpone its decision to go public. I disagree with the saying that the earlier a firm goes public, the better. It might be true for a firm operating in a market that is mature and certain. However, we are dealing with a new market here and nobody knows what the public’s reaction to this market is going to be. It takes many years for a newly emerged market to become crystal clear. At the time the case was written, Eventbrite has only existed for two years, and although it is already the industry leader, this industry is far from mature. Two years is a time where the firm can still receive an ample amount of help from VCs. In analyzing how accepting the funding would affect the firm’s future exit strategy, I believe that this round of financing can strengthen the firm’s financing background, attracting more favorable offers for future VC rounds or even IPO.

As for whether they will have enough use of the founding money, I believe that the management should plan the business even more for rapid expansions. For example, they could consider overseas expansion because many firms that filed for IPO were already mature enough to have presence in many different countries across the world. Compared with those hot IPOs, Eventbrite is still way too small. At the same time, the firm should also tighten up their policies and should not allow excessive spending. Rather, the money should be used for more expansions.

In conclusion, I would tell the board to accept this round of financing and use it on international expansions.

 

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