MadeIT, a San Francisco-based startup we profiled over a year ago, is leaving the crowded space of event planning and invitation applications and entering the equally-crowded space of online ticketing service providers.

CEO Stephen Weir told me that the reason for the new direction is simply an economical one.

More specifically, he stated that he took a good look at the balance sheet earlier this year and ultimately decided the cost of acquiring a customer for the ‘old’ MadeIT was far too high compared to the projected revenue from selling ads based on their traffic projections, and that Facebook was effectively going to kill the event social networks / invitations service providers one by one anyway. Basically, he painted a pretty dark picture for startups like Evite (Ticketmaster), Eventful, MyPunchbowl, Socializr and a slew of other similar services.