The German company's Swedish ticketing operation will become a pan-Scandinavian one as part of a joint venture with Egmont's Venuepoint
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The German ticketing giant turned over €489m in the first half of the year, bolstered by expansion into new markets and a record 20.4m digital ticket sales
By Jon Chapple on 24 Aug 2017
A boom in sales of electronic tickets drove a strong start to 2017 for CTS Eventim, which grew revenue 16%, to €489 million, in the first half (H1) of 2017.
Earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, rose 3.4%, to €84.2m, reveal the latest financial results from the German ticketing/promotion powerhouse.
According to CEO Klaus-Peter Schulenberg, the company’s growth was “fuelled” largely by the “expansion of our digital and international activities” – the latter particularly in the new territories of Scandinavia and Latin America.
“Any company that has given millions of people access to tens of thousands of events within six months has earned the right to talk of literally an ‘eventful’ first half of the year,” Schulenberg (pictured) wrote to investors. “And any company that has generated record revenue and EBITDA has most certainly also earned the right to call the first half of the year a success.
“We want to continue our growth strategy and make CTS Eventim more digital and international”
“CTS Eventim succeeded in doing both in the first half of 2017. We once again inspired millions of customers in Europe and South America. And we once again increased revenue and EBITDA.”
In ticketing specifically, turnover grew 10%, to 177.8m, and EBITDA 13.8%, to €65.6m, driven by a “persistent trend towards online ticketing”. CTS Eventim sold 20.4m digital tickets in H1 2017 – up 12.7% year on year, and a new record.
In live entertainment, meanwhile, revenue climbed 20.7%, to €316m, bolstered by CTS’s majority buy-out of FKP Scorpio, further acquisitions (Four Artists and new concerts business Vaddi Concerts) and “a number of tours attracting large audiences”. EBITDA, however, fell 21% – “negative but temporary impacts on earnings” attributed by Schulenberg to investing in new festivals and higher advances for events in H2 2017.
“We want to continue our growth strategy and make CTS Eventim more digital and international,” says Schulenberg. “As ever, this includes both organic growth and activities on the acquisitions front. We expect higher revenues and stronger earnings for the year as a whole compared to 2016.”
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