Christian Steinhof, formerly of BMG parent Bertselsmann, will head up the German ticketer and promoters' newly created corporate communications department
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Following strong half-year results, CTS Eventim is set for a successful 2019 with Eventim Live and upcoming France Billet stake marking "important" deals for the future
By Anna Grace on 22 Aug 2019
Bremen-based live entertainment powerhouse CTS Eventim grew revenues to almost €700 million in the first half of this year – a 15% increase from the same period last year – as the company looks on track for a successful 2019.
In addition to the rise in revenue, normalised EBITDA (earnings before interest, tax, depreciation and amortisation) broke the €100m half-year mark for the first time, growing almost 18% to €111.8m.
The half-year sucess puts Eventim share prices at their highest ever, reaching €50.1 at press time, with market capitalisation currently standing at a record €4.8 billion. The company had beaten its previous share-price high in July, after announcing plans to acquire a stake in Fnac Dart-owned ticketing brand France Billet.
The growth is in keeping with the company’s first quarter financial report, which stated the rise in revenue had “accelerated” at the start of Q2.
Growth in the ticketing sector – which generated €200m in the first half of the year – was fuelled by online sales, with 23.7 million tickets sold via Eventim web portals in H1, a 6% increase on the first six months of 2018. In the second quarter alone, online ticket volume rose by more than 8%.
“CTS Eventim is heading for another successful year”
Live entertainment revenues exceeded half a billion euros (€505m) for the first time in a six month period, representing an 18% rise from last year. Normalised EBITDA was also up, climbing 31% to €37m.
Live success came from “a strong tour business” for promoters in the newly created, pan-European Eventim Live network, which combines the company’s majority owned promoters, including FKP Scorpio, Fullsteam, Semmel and Vivo Concerti.
Successful editions of twin festivals Rock am Ring and Rock im Park and the acquisition of four Italian concert promoters also delivered “positive business performance” for the German company.
“CTS Eventim is heading for another successful year,” says chief executive Klaus-Peter Schulenberg, pointing to the planned deal with France Billet and the creation of Eventim Live as “important strategic moves for the future.”
IQ revealed earlier this week that major stock market-listed live companies have increased their collective market value by more than US$8bn in the past two years.
Update: Eventim’s market capitalisation later broke the €5bn mark for the very first time, peaking at a share price of €53.
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