Eventim's Q1 2019 results show growth in both revenue and earnings, while the company's financial performance has "accelerated" in Q2
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The live entertainment giant's Q1 financial results show a substantial increase in revenue for ticketing and entertainment
By IQ on 24 May 2022
CTS Eventim says its strong start to 2022 is cause for optimism that live entertainment will make a “robust comeback” this year.
“Concert and festival venues are finally coming back to life,” exclaims CEO of CTS Eventim, Klaus-Peter Schulenberg, as the company’s Q1 financial results are revealed.
The lifting of coronavirus-related restrictions in the company’s core markets meant that revenue in the ticketing and live entertainment segments increased substantially in the first quarter of 2022 compared with the same period of last year.
The results show that consolidated revenue improved to €139.2 million in the first fiscal quarter of 2022 (previous year: €19.6m). While normalised EBITDA (earnings before interest, taxes, depreciation and amortisation) came to €23.7m (previous year: €-19.6m).
In the ticketing segment, revenue rose to €76.5m in the first three months of 2022 (previous year: €13.5m). Normalised EBITDA was back in the black at €27.2m (previous year: €-13.4m).
“Ticket sales in April – and so far in May too – have been well above the level seen in the same period of 2019… a record year”
Revenue in the live entertainment segment improved year on year to reach €65.1m in the first quarter of 2022 (previous year: €6.8m). Normalised EBITDA amounted to €-3.5m (previous year: €-6.2m).
“We are delighted that ticket sales in April – and so far in May too – have been well above the level seen in the same period of 2019, which had been a record year,” continues Schulenberg.
“This underpins the hope that the live entertainment sector will really bounce back after an enforced two-year break due to coronavirus. The live entertainment business ramped up again in our European markets and overseas much sooner than in Germany, where coronavirus restrictions were lifted relatively late.”
The company says it received “positive news” at the beginning of this year when an arbitration tribunal decided that autoTicket – a joint venture between CTS and Kapsch TrafficCom – is entitled to claim for compensation and reimbursement of expenses from the Federal Republic of Germany.
Also in 2022, CTS announced a partnership with France Billet to provide ticketing software and related services for the 2024 Olympic and Paralympic Games in Paris. The company expects the contribution to revenue to be in the double-digit millions.
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