CTS Eventim grew revenue from ticket sales 11.6% in the first nine months of 2016, driven primarily by growth in online ticketing, its third-quarter (Q3) results reveal.
Continuing the strong performance seen in quarters one and two, ticketing turnover increased to €240.3 million, up from €215.3m in the same period in 2015, with the “main reason” being an “increase in internet ticket volume”, says a letter to investors.
Despite steady growth in ticketing, a slump in the German ticket agency/promoter’s live entertainment division means it is still lagging behind last year, although not to the same extent as in previous quarters: Overall group revenue now stands at €576.2m, compared to €577.5m in Q3 2015.
“The CTS group still expects a solid performance for the 2016 financial year”
Live entertainment turnover declined to €340.3m from €366.4m. However, Eventim notes it previously predicted a 30% contraction this year due to a “lower number of major tours” than in 2015, and earnings are therefore “above the originally expected trend”.
Revenues were also hit by “ongoing business integration and the expansion into South America“, although the latter, along with a similar new venture in Scandinavia, were also cited as increasing the volume of tickets sold.
“Corporate management of the CTS group still expects a solid performance for the financial year 2016,” the company writes. “Thanks to continuous expansion of the product and service portfolio, ongoing internationalisation and the systematic implementation of the e-commerce strategy, corporate management believes that the CTS Group is excellently positioned to turn opportunities that arise into profitable medium- and long-term growth.”
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