We have strong growth in music, performing arts, food and drink and also business events as people are getting together more and more to network and to skill build and to come together for company events. We see new trending events all of the time. We are seeing certainly sort of 10th coming in terms of dating events and people wanting to meet, their significant and other through events. But nothing structurally has shifted from the consumer side and their buying behavior has remained quite consistent.
Operator: Thank you. Your next question is from Joseph Kelly from Truist Securities. Please ask your question.
Joseph Kelly: Thanks for taking the follow on. Actually, one is really just clarification and then the follow-up is a real question. Lanny, can you just go over what you said in terms of your expectation for paid ticket volume growth later in the year? I think you made some commentary about the year. And then, on the marketplace revenues, obviously, I think the traction you guys have shown has been pretty impressive. Is there an upper limit to how high they can get to as a percentage of revenues? The reason I’m asking is to also see, if there is any required investment that you guys need to do to scale that business beyond, say, the mid-teens that it’s running already at? Thank you.
Lanny Baker: Sure. What we said about paid ticket volume is that, for the year, we expect paid ticket volume to be down slightly to up modestly for the full year versus the full year 2023. In the second, we expect paid ticket volume to be down year-to-year, though at a lower rate than it was in the first quarter, the first quarter being down 8% year-over-year. Hopefully, that gives you the clarification.
Joseph Kelly: Yes. It does. Thank you.
Lanny Baker: Yes. On the marketplace revenue, one of the things that we look at is the percentage of ticket volume that was advertised in our marketplace. We are 2x where we were a year ago in terms of that penetration or coverage or engagement with the advertising product. It’s high single-digit, low double-digit penetration right now. But we think, ultimately, there’s opportunity for a vast majority, the majority of creators in the marketplace to participate in Eventbrite Ads. Right now, amongst the creators who are participating in Eventbrite Ads, it represents a 20% plus increase in the per creator economics or per event economics. There really are sort of our two main vectors there, which are coverage of the addressable events with relevant advertising opportunities and then the performance of that advertising drawing more spending into our marketplace and giving a relatively greater lift to the economics we would otherwise see.
Joseph Kelly: Okay. That’s helpful.
Lanny Baker: But you asked about the investment. I’ll just touch on that. Yes, there’s a required investment. There’s a required investment in everything that we do. But we are being purposeful about, when we open up big new opportunities like consumer, like ads, also turning back to the base of the business and say, what can we do more efficiently? You saw us take steps there last year to do that, really pry up some investment money that’s been reallocated and reapplied in other directions. Yes, we’ll continue to fund that investment. I think it’ll we’ll manage that within a reasonable overall envelope that fits with our long-term profit margin targets.
Operator: Thank you. There are no more questions at this time. Ladies and gentlemen, that concludes the question-and-answer session for today. The conference has now ended. Thank you all for joining. You may all disconnect.
