As an entrepreneur you are constantly coming up with ideas, some good, some bad, and you are always looking for someone that will buy your story. So, sometimes when a 1st customer, an investor, your parents, or even when a competitor just gets what you are up to feel set free, validated and even empowered. Now, no entrepreneur likes to loose, but sometimes just knowing that someone else is thinking what you are thinking, well, it validates you and your hair brained ideas, and sometimes that feels good.
So, when I saw that eventbrite had revenue of $100 million in what they thought was a $35 billion dollar market place, it kinda gives me goose bumps.
Over 2 years ago I started pitching a company called “Social Helix” and then and now I am still excited about the idea of connecting people thr0ugh events. I always felt like profiles like myspace and facebook were a bit lifeless compared to the real thing. I mean the people we care about, really care about, well we meet them in person don’t we? And when I realized that, I started to get really excited about changing the way events work.
Today, I am working on a few other ideas, some with potential investors, and others are just engineering projects with a possible revenue upside, like http://loc.is, but in those cases, SocialHelix got me in the door, but we never got the money we needed to make it happen.
Sometimes as an entrepreneur you think you are crazy, not because other people tell you so, but you really wonder if your bet is right.
Today I received some validation that I am not crazy when eventbrite announced revenue. Eventbrite claims they have revenue of $100 million ( some of that goes to event curators ), and placed their market size at $35 Billion. $35 billion is an interesting number because that is what we predicted with SocialHelix nearly 2 years ago.
The event space is huge and ticketmaster plays a role in such a small space of it. It’s the classic problem of long tail vs short tail. Ticketmaster went after some of the worlds largest venues, and secured deals with those locations. Large Venue style ticket sales which are usually divided into primary and secondary sales total about $1.5 billion and $6 billion respectively. While movie ticket sales are around $10 billion a year.
Sites like Eventbrite and SocialHelix would rather target long tail sales which are usually personally, or organizationally curated instead of venue curated. In that industry we have several interesting segments, and this market is huge, it so huge that most people don’t think about it. Groups and Meetings which include corporate events, business meetings, and