An analyst today reiterated a "sell" rating on Eventbrite, citing persistent structural risks facing the company. Key concerns include a continued decline in demand for paid tickets and a shrinking ecosystem of paid creators, which are fundamental to the company's revenue model. The analysis also highlighted the growing competitive threat from rivals like StubHub, which is reportedly experiencing double-digit growth in ticket sales. While the report acknowledges Eventbrite's commendable efforts in reducing its cost base and raising its adjusted EBITDA guidance, it suggests these measures may not be enough to counter the fundamental challenges. The analyst argues that despite a more reasonable valuation following a stock price decline, the operational risks are not adequately compensated. The company's own forecast anticipates a return to paid ticket volume growth in early 2026, but the current trends remain a primary concern for the negative outlook.