Eventbrite announced to staff on Wednesday (April 8) it is laying off 45% of the company -- most of which will come from the music division, sources tell Billboard.
The layoffs come less than three years after the ticketing company bought competitor Ticketfly in a move that was meant to boost its music business, but stumbled early after a hacker took the system offline for more than a week.
Sources say the hack eroded trust in the company as it was trying to sunset the Ticketfly brand and replace it with a new offering called Eventbrite Music.
The financial crisis caused by the coronavirus pandemic, coupled with the total shutdown of its clients, created a liquidity crisis at the company, causing a more than 60% drop in the share price