Mixed results in DEAG 2023 year-end figures

Deutsche Entertainment’s (DEAG) preliminary figures for the financial year 2023 show mixed results, with ticket sales up by 10% but profits flat and revenue down.

The German live entertainment company indicated consolidated revenue of approximately €334m in the financial year 2023, a 5.11% drop from €352m in the previous year. In the pre-Covid year of 2019, it totalled €197m.

The company now generates around half of its consolidated revenue with its own event formats, for which the majority of tickets are sold via the Group’s ticketing platforms myticket.de, myticket.at, myticket.co.uk, gigantic.com and tickets.ie.

Meanwhile, adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) remained at the same level as last year, €31m, which has more than doubled since 2019, from €14.1m.

“Our ticketing is a dynamic driver of our growth”

However, DEAG achieved its forecast target of over 10 million tickets sold, up from nine million in 2022. For the current financial year 2024, DEAG expects an increase in tickets sold to around 11.5 million.

“Our ticketing is a dynamic driver of our growth,” says incoming CEO Detlef Kornett. “We are selling a steadily increasing number of tickets via our strong platforms and generating high margins. Accordingly, further sales growth and high profitability are our declared goals.”

Another focus for DEAG has been its “buy and build” strategy which has led to the firm increasing its stake in electronic music promoter I-Motion from 50.1% to 100%.

DEAG also continued its international expansion, entering the Spanish rock/pop market with the launch of subsidiary Get Rock Live (GRL) and opening a new office in Wales via its subsidiary Kilimanjaro Live.

The 2023 financial report comes soon after the company announced a management handover, which will see DEAG founder and CEO Peter Schwenkow pass the baton to co-CEO Detlef Kornett after 46 years at the helm.

Prof. Peter L.H. Schwenkow, CEO and founder of DEAG: “We are once again very pleased with our development in 2023. DEAG has grown into a new dimension over the past two years and will continue on its successful path in an exciting and attractive market. I am proud to be able to continue to accompany its development as a relevant shareholder and advisor in the coming years. The captain is leaving the bridge, but not the ship!”

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