*By Bridgette Webb*
Online ticketing service Eventbrite has filed to go public in a plan to raise $200 million through its IPO. And for Wall Street Journal reporter Katie Roof, now is the time for other companies to follow suit.
Roof said Friday in an interview on Cheddar the bull market is drawing companies to market. "I think for any company interested in going public, right now would be a good time," she said.
Founded 12 years ago by married couple Julia and Kevin Hartz, Eventbrite offers ticketing services and personalized event invitations.
With its IPO, the company will join a group of tech names that took to the markets this year, including Spotify, Dropbox, and DocuSign.
But it's not necessarily all uphill from here.
Eventbrite faces imposing competition from large ticketing companies like Ticketmaster owner Live Nation and personal invitation platforms like Evite and Paperless Post.
And, of course, there's always a chance that tech heavyweights like Facebook and Google will enter Eventbrite's lane.
Adding to the complexity, Facebook is a key distribution partner for Eventbrite. That actually creates risk, since Facebook has the power to change features that Eventbrite may need for its success. For example, the social media platform recently removed a feature that allowed creators to include multiple hosts on a single event. The decision was a poor one for Eventbrite; fewer hosts means fewer guest invites, limiting the potential revenue that could be brought in.
The company hasn't been profitable yet, but Roof said it's not a deterrent for some investors.
"The revenue is growing, they are on track to hit over $200 million in revenue this year," she said.
"Sometimes Wall Street investors are not so concerned with profitability as long as they see top-line growth."
For full interview [click here] (https://cheddar.com/videos/eventbrite-files-for-ipo).
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
