Overview
We believe that Eventbrite (EB) will continue to face inherent risk factors as it scales its business going forward. These risks stem from operating in a business characterized by low switching costs and entry barriers. In particular, we expect Eventbrite to face uphill battles outside its core geographic markets due to these risks. This will eventually lead to the company pursuing strategic acquisitions in those markets, which will end up exposing the company to additional M&A-related risks. We will maintain our bearish view on Eventbrite at least until the first half of