CTS share price peaks after N.America expansion
CTS Eventim’s share price is at an all-time high following its expansion into the North American ticketing market.
For the first time in the Munich-based company’s history, its share price has peaked at €65.80 – up almost 10% in the last five days.
The spike comes days after CTS, the second-largest ticketing company in the world, announced its goal to “establish an alternative to the dominant providers in the US and Canada” as it began selling tickets for its first US client, Big Apple Circus, on 26 September.
Before the start of the coronavirus pandemic, CTS was selling more than 250 million tickets for around 800,000 events every year, making it the world’s second-largest provider of ticketing solutions and the number one in Europe.
“North America is the most attractive market in the world for live entertainment and ticketing”
Klaus-Peter Schulenberg, CEO of CTS Eventim, says: “North America is the most attractive market in the world for live entertainment and ticketing. The platform eventim.com puts us in an ideal position to benefit from the restart there.
“The sale of tickets for Big Apple Circus is a first step on this journey. We are already in discussions with potential partners and customers about making our cutting-edge ticketing systems available to them soon.”
The Big Apple Circus is being co-produced by veteran entertainment executive Michael Cohl, a longtime promoter of bands like The Rolling Stones who briefly served as chairman of Live Nation in 2008.
Last year, CTS and Cohl formed the joint venture EMC Presents with the goal of bringing leading international artists to stages in the United States and Canada.
The move is CTS’s second foray into the US market. In 2009, Live Nation partnered with CTS Eventim to launch Live Nation Tickets, a platform intended to challenge Ticketmaster’s dominant position in North America.
Before it was launched, Live Nation pulled out of the deal and merged with Ticketmaster instead, a move which led to CTS Eventim suing for breach of contract. The disagreement was settled in arbitration in 2013.
This summer also saw the launch of Eventim Live Asia. The new company, headquartered in Singapore and led by CEO Jason Miller, focuses on the rapidly growing live entertainment markets in China, Japan, South Korea, Singapore, Hong Kong, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines.
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