Harvard Case - Eventbrite: Market Sizing, Competitive Analysis, and Fundraising
"Eventbrite: Market Sizing, Competitive Analysis, and Fundraising" Harvard business case study is written by Jonathan Levav, Joshua Rauh, Jason Luther. It deals with the challenges in the field of Marketing. The case study is 23 page(s) long and it was first published on : Feb 23, 2014
At Fern Fort University, we recommend Eventbrite focus on a three-pronged strategy to achieve sustainable growth:
- Strengthen its core business: By leveraging its existing platform and data, Eventbrite can enhance its customer experience, expand its product offerings, and optimize its pricing strategy to attract and retain a larger user base.
- Expand into new markets: Through targeted market segmentation and internationalization, Eventbrite can tap into the vast potential of emerging markets and diversify its revenue streams.
- Embrace innovation: Eventbrite should invest in technology and analytics to develop new features and services that cater to evolving consumer needs and preferences, potentially disrupting the event ticketing industry with disruptive innovation.
2. Background
Eventbrite, a leading online platform for event ticketing and discovery, faces the challenge of navigating a competitive landscape while capitalizing on the growing demand for live experiences. The case study focuses on their need to raise capital to fuel expansion and innovation.
The main protagonists are Julia Hart, Eventbrite's CEO, and her team, who must make strategic decisions regarding market sizing, competitive analysis, and fundraising.
3. Analysis of the Case Study
We can analyze Eventbrite's situation using a combination of frameworks:
a) SWOT Analysis:
- Strengths: Strong brand recognition, established platform, robust data analytics capabilities, diverse event offerings, and a global user base.
- Weaknesses: Limited geographic reach, potential for increased competition, reliance on third-party payment processors, and challenges in attracting and retaining large-scale events.
- Opportunities: Expanding into new markets, developing innovative features, leveraging partnerships, and integrating with other platforms.
- Threats: Increased competition from existing players and new entrants, evolving consumer behavior, and potential economic downturns.
b) Porter's Five Forces:
- Threat of new entrants: High, due to low barriers to entry and the availability of technology.
- Bargaining power of buyers: Moderate, as event organizers have options for ticketing platforms, but Eventbrite offers valuable features.
- Bargaining power of suppliers: Low, as Eventbrite has a large user base and can leverage its scale.
- Threat of substitute products: Moderate, as alternative ticketing platforms and event discovery services exist.
- Competitive rivalry: High, as the market is fragmented and includes both established players and new entrants.
c) Market Segmentation:
Eventbrite can segment its market based on:
- Event type: Conferences, concerts, festivals, workshops, etc.
- Event size: Small, medium, and large events.
- Target audience: Demographics, interests, and preferences.
- Geographic location: Local, regional, and global events.
d) Brand Positioning:
Eventbrite should position itself as the leading platform for discovering and attending events. It can emphasize its user-friendly interface, diverse event offerings, and strong community features.
4. Recommendations
1. Strengthen Core Business:
- Enhance Customer Experience: Improve platform usability, personalize event recommendations, integrate with social media, and offer seamless payment options.
- Expand Product Offerings: Introduce new features like event planning tools, virtual event capabilities, and marketing solutions for event organizers.
- Optimize Pricing Strategy: Offer flexible pricing tiers, volume discounts, and value-added packages to attract a wider range of event organizers.
2. Expand into New Markets:
- Target Emerging Markets: Identify high-growth regions with strong demand for live events and adapt marketing strategies to local preferences.
- Internationalization: Translate the platform, localize content, and establish partnerships with local event organizers.
- Strategic Acquisitions: Consider acquiring smaller players in specific markets to gain market share and expertise.
3. Embrace Innovation:
- Technology and Analytics: Invest in AI and machine learning to personalize event recommendations, optimize pricing, and improve user engagement.
- Disruptive Innovation: Develop new features and services that disrupt the existing event ticketing model, such as blockchain-based ticketing or virtual reality event experiences.
- Partnerships and Integrations: Collaborate with other platforms and services to expand reach and offer integrated solutions.
5. Basis of Recommendations
These recommendations are based on:
- Core competencies: Eventbrite's strong platform, data analytics, and brand recognition can be leveraged to enhance its core business and expand into new markets.
- External customers: Event organizers and attendees have specific needs and preferences that Eventbrite can address through innovative features and services.
- Competitors: By staying ahead of the curve in terms of technology, features, and market reach, Eventbrite can maintain its competitive edge.
- Attractiveness: The global event ticketing market is expected to grow significantly, offering substantial opportunities for expansion and profitability.
6. Conclusion
Eventbrite has the potential to become the dominant player in the global event ticketing market. By focusing on strengthening its core business, expanding into new markets, and embracing innovation, it can capitalize on the growing demand for live experiences and achieve sustainable growth.
7. Discussion
Alternative strategies include focusing solely on the core business or pursuing a more aggressive acquisition strategy. However, these options may not be as effective in achieving long-term growth and market leadership.
Key risks and assumptions:
- Competition: Increased competition from existing players and new entrants could erode market share.
- Technological disruption: New technologies could disrupt the event ticketing industry, requiring Eventbrite to adapt quickly.
- Economic downturn: A global economic downturn could negatively impact demand for live events.
8. Next Steps
- Develop a detailed market research plan to identify specific target markets and opportunities for expansion.
- Allocate resources to develop new features and services based on identified customer needs and market trends.
- Establish partnerships with key players in the event industry to expand reach and access new markets.
- Implement a data-driven marketing strategy to reach target audiences and drive user growth.
- Continuously monitor market trends and adapt strategy accordingly.
By taking these steps, Eventbrite can solidify its position as a leader in the event ticketing industry and achieve its ambitious growth goals.
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Case Description
"Raise money when times are good." Kevin Hartz mulled over this expression as he examined the term sheet before him. The CEO had become somewhat of a masterful fundraiser. Since founding the online event and ticketing service Eventbrite in 2006, Kevin, his wife Julia, and co-founder Renaud Visage had raised $80 million over six rounds of financing. Now, the Hartzes and Visage had before them an offer from Tiger Global Management and T. Rowe Price to invest $60 million in Eventbrite at a $650 million valuation. Before accepting this financing, however, the founders needed to assess whether such a large raise was necessary and, if it was, how it would affect Eventbrite's development and influence the firm's future exit strategy. Unfortunately, the team knew that Eventbrite's market dynamics would make this analysis difficult.
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