Groundbreaking for CTS Eventim’s new Milan venue
A groundbreaking ceremony has been held for CTS Eventim’s 16,000-cap multi-purpose arena in Milan, Italy, which remains on track to be completed by the end of 2025.
Eventim CEO Klaus-Peter Schulenberg, Milan’s Mayor Giuseppe Sala, and architect Sir David Chipperfield launched the above-ground construction phase on the €180 million Arena for Milan yesterday (28 November).
The project, designed by Sir David Chipperfield and the international design firm Arup, is being positioned to “strengthen Milan’s standing as a global centre of culture, entertainment, and sporting excellence”, while raising “the bar for live entertainment venues”.
“This groundbreaking ceremony marks the next step of an extraordinary journey for Italy’s live entertainment scene,” says Schulenberg. “We extend our sincere thanks to Mayor Sala for his support and dedication to this project. Together with David Chipperfield and Arup, we envision this new landmark as a cultural and sporting hub that will showcase Milan to the world.
“The new arena also aligns perfectly with our venue strategy. Our extensive expertise in managing venues of this caliber will ensure it integrates seamlessly into Milan’s cultural landscape and Eventim’s global live entertainment and ticketing network.”
The venue also promises to reflect Milan’s commitment to sustainability and a greener future via an “innovative design, energy-efficient systems, and responsible resource management”.
“We have worked closely with CTS Eventim and David Chipperfield to design a spectacular venue which has been conceived with ambitious energy efficiency and sustainability targets”
“We are really excited to celebrate this important milestone to launch the project toward its completion,” adds Arup project director Giammichele Melis. “We have worked closely with CTS Eventim and David Chipperfield to design a spectacular venue which has been conceived with ambitious energy efficiency and sustainability targets. Our current statutory site
supervision role gives us the opportunity to keep supporting CTS Eventim and the whole team to see this project through.”
Initially, the arena – part of the Milano Santa Giulia urban development project – will be used for the 2026 Winter Olympic and Paralympic games after which CTS will continue to operate it.
The venue will compete with the existing 12,700-seat Mediolanum Forum in Assago, near Milan, which has served the city since 1990 and is one of two Italian members of the European Arena Association (EAA). An older open-air venue, the 10,000-capacity Arena Civica, which opened in 1807, is also capable of hosting concerts, as is the 80,000-cap. San Siro stadium.
Eventim’s venue portfolio also includes the Lanxess Arena (cap. 18,000) in Cologne, the KB Hallen (4,500) in Copenhagen, the Waldbühne (22,290) in Berlin and the Eventim Apollo (2,500) in London.
Tours by superstars including Taylor Swift, Paul McCartney and Coldplay helped drive Eventim to strong growth in the first nine months of 2023. Last week, the firm announced it had acquired Punto Ticket in Chile and Teleticket in Peru via its JV with Sony Music Latin Iberia.
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CTS Eventim revenues hit €1.75bn for year-to-date
Tours by superstars including Taylor Swift, Paul McCartney and Coldplay helped drive CTS Eventim to strong growth in the first nine months of 2023.
The Munich-headquartered pan-European giant’s latest financial results showed revenues of €729.3 million for Q3 2023 – up 5% year-on-year – and €1.75 billion for the year to date, which marks 23% increase on the same period last year.
The group’s normalised EBITDA advanced to €172.5m for the quarter (up 29%) and €343.3m for January to September 2023 (up 34%), with “prudent cost management and significant agility” also contributing to the “excellent results”.
“CTS Eventim offers extremely attractive content in almost all live entertainment segments and has unparalleled reach among fans of music, sport, edutainment and other live formats in Europe and beyond,” says CTS CEO Klaus-Peter Schulenberg. ‘Thanks to the global integration of our technologies and marketing platforms, we’re ideally positioned to monetise both our content and reach while offering fans a unique live experience that starts with their ticket purchase.”
Ticketing revenue for the nine-month period leapt 36% year-on-year to €459.3m, with the number of online tickets sold rising by 11.6 million compared with the previous year. The figures do not yet include the revenue of France Billet, which is due to be fully consolidated at the start of 2024. CTS increased its stake in the French market leader earlier this year.
“France Billet is a strong player and once it has been fully consolidated, we expect that it will provide another boost to our business”
“As part of our strategy of international expansion, we have already integrated the French market leader, France Billet, into our operations,” adds Schulenberg. “France Billet is a strong player and once it has been fully consolidated, we expect that it will provide another boost to our business. And once again, Christmas trade will also have a positive impact on our net profit for the year.”
Revenue for the live entertainment segment also jumped, increasing by 19% to €1.315bn in the first three quarters of 2023. CTS considers that result a “particular success” as the figures for the equivalent period of 2022 were boosted by government subsidies “running into the mid-double-digit millions”.
The executive board still expects the group’s overall revenue for 2023 to be “significantly higher” than €2bn, with normalised EBITDA at well above €400m.
“CTS Eventim has an excellent line-up of concerts and events for the fourth quarter, which will again generate a healthy level of revenue, especially in the context of Christmas trade,” concludes the firm.
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CTS Eventim projects €2bn+ revenue for 2023
Pan-European live entertainment giant CTS Eventim is projecting group revenue in excess of €2 billion for 2023 after delivering a strong quarter led by its ticketing division.
The company credits impressive presales for tours by acts such as Taylor Swift and Peter Maffay, along with the volume and variety of events on offer, for driving a 35% rise in year-on-year ticket sales for the first nine months of this year.
The German ticketing segment witnessed growth of 43%, with the firm’s global network also up 31% in the same period.
Following the release of its preliminary Q3 figures, CTS now expects “the group’s revenue for 2023 as a whole to be significantly higher than €2 billion”, with normalised EBITDA of “well above €400 million”.
“This means that operating profit for 2023 will be up sharply compared with the prior-year figure, which itself had been at a high level thanks to catch-up effects resulting from the pandemic,” adds a company statement. “The forecast is based on the assumption that there will be no substantial negative effects on current or future business performance during the remainder of 2023.”
CTS announced it had surpassed €1bn revenue within the first six months of a financial year for the first time
The group’s full quarterly statement for the period ending 30 September 2023 will be published on 21 November. Its share price was down slightly to €55.35 this morning.
In its previous set of financial results covering H1 2023, released in August, CTS announced it had surpassed €1bn revenue within the first six months of a financial year for the first time. The German-headquartered business reported growth across all segments for January to June 2023, with revenue in its ticketing division climbing 41% year-on-year to €284.6 million.
Earlier this week, CTS appointed experienced manager, architect and project developer Arne Fritz to the newly created role of VP venues & real estate. Fritz, who will report to Eventim CEO Klaus-Peter Schulenberg, will take over some tasks from EVP Rainer Appel, who is planning to gradually move into a consulting role next year.
Fritz’s responsibilities will include strategically developing CTS’ real estate portfolio to “sustainably strengthen its value chain” as well as overseeing the construction of the firm’s €180 million multi-purpose Arena for Milan in Italy.
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Ticketing: Demand for change
The latest edition of the International Ticketing Report (formerly the International Ticketing Yearbook) is now available in print, digitally, and on the dedicated year-round mini-site. Check out a key chapter below…
From the US president’s call for reform to frustrated fans being increasingly vocal about not getting tickets for high-demand shows, there’s never been so much scrutiny on the ticketing industry. With significant change on the horizon in the USA, what’s the broader impact worldwide?
Ticketing has long been a dynamic and fast-moving sector of the live entertainment industry. But it’s been quite some time since things were as heated as they have been in the last 18 months.
Media reports have been rife with topics such as the dynamic pricing of Bruce Springsteen’s tour and frustrated people unable to see one of Taylor Swift’s Eras tour dates.
Then, there’s been the involvement of the US president, Joe Biden, who’s been determinedly campaigning against hidden fees.
The largest ticketing company in the world, Ticketmaster, has long been campaigning for legislation on this issue.
The company’s global president Mark Yovich tells us: “Ticketmaster has shown all-in pricing for many years in a number of territories outside the US, as required by consumer law. Today we operate in over 30 countries and more than two- thirds of those display all-in pricing. We know it’s a better experience for fans and have long advocated for this in countries where it is not mandated. We also give fans in those markets a toggle to see prices including fees upfront.
“In the US, the industry noise is getting louder, and we are hopeful federal legislation is finally in sight, which would be great news for fans. Enforcement will be key to its success, as we have seen unscrupulous sites appearing in search results with misleading pricing even in the US states where all-in pricing is now law.”
“It’s a competitive industry, and we see other ticketing companies trying to win purchases by advertising the lowest ticket price possible – prices that exclude the fees”
Clarity on fees is also supported by Germany-headquartered global giant CTS Eventim. CEO Klaus-Peter Schulenberg says: “We fully support the goal of giving consumers maximum transparency, particularly on ticketing fees.”
“The president’s commitment to scrap junk fees is a huge step forward for a more enjoyable, more equitable live experience,” DICE CEO Phil Hutcheon told IQ in June. “DICE has always had upfront pricing, and it leads to more fans going out more often and ensures everyone can access the artists they love.”
The stumbling block to a wider roll-out of all-in pricing is that without legislation, the competitive nature of the industry will mean companies who are using fully transparent pricing could lose out to those that don’t. This would leave consumers confused and mean the firms that enact all-in costs could lose traffic to those that aren’t.
“It’s a competitive industry, and we see other ticketing companies trying to win purchases by advertising the lowest ticket price possible – prices that exclude the fees,” says Yovich. “This even happens in states in the US that currently mandate all-in pricing. Where Ticketmaster uses all-in pricing, we show the total price upfront. The discrepancy across platforms makes it impossible for fans to gain the full benefits of comparison shopping.”
He says Ticketmaster wants to see the law changed around the world, to create a level playing field.
“In the ticketing industry, what happens or what’s developed in North America is usually implemented internationally”
What happens in the US often reverberates across the rest of the world. If the US federal government legislates that ticket prices have to reflect the final cost upfront, then will those countries that don’t currently do that follow suit?
“In the ticketing industry, what happens or what’s developed in North America is usually implemented internationally,” says ticketing consultant Tim Chambers. “But will increased government regulation of ticketing or intervention by regulatory authorities follow suit? I’m not sure.
“Ultimately, governments are loath to regulate ticketing. They’ll provide guidelines, but they prefer self-regulation.”
Much of this debate played out in the media after two major on-sales: Bruce Springsteen’s 2023 tour, which drew ire from fans after some tickets reached more than $5,000 due to dynamic pricing, and Taylor Swift’s Eras outing. Presale chaos for her US dates was blamed on a cyberattack by ticket scalpers, who run bots. Although bots were banned in the USA in 2016 and the UK in 2018, they continue to be an issue on all hot tours around the world.
Yovich says the company continues to invest in its anti- bot tools, but adds it wants to see effective, enforceable legislation. “The financial incentives are incredibly high, and penalties are far too low to deter their use.”
“One of the most important factors is definitely how reliable our systems are, even when handling high or extremely high traffic”
Demand for Swift tickets in Australia was so high that at one point there were 4m people on Ticketek’s website at the on-sale – 20% of the country’s population.
“The bot attacks reached about 300m on the first day,” says Cameron Hoy, managing director, Ticketek, and chief digital officer at TEG, the Australia-based firm with ticketing brands across Australasia and the UK. “The resources that it takes to deal with those things are considerable.”
He says the number of attacks from bots is so high because the computer programs are openly being sold on major online sites, so they’re very easy for even novices to acquire and use.
Being able to handle such high levels of demand is crucial for the fan experience, and as such, reliable tech is a key focus for CTS Eventim, as Schulenberg says: “As a technology leader in our market, we strive to offer the best and most powerful solutions in every respect.
“One of the most important factors is definitely how reliable our systems are, even when handling high or extremely high traffic. And our commitment to effectively tackling abuse and fraud – such as using illegal bots. Our EVENTIM.Pass app provides digital-only tickets, which benefits promoters and fans by putting an end to unauthorised ticket resales.”
“We’re lucky to work in a space that’s filled with so much passion”
Ultimately, though, people’s post-Covid desperation to see the hottest concerts, fuelled by a strong sense of FOMO, means there will never be enough tickets for everyone. Social media amplifies their disappointment, with ticketing firms the target of their ire.
Yovich says: “We spend so much time at Ticketmaster pioneering new technologies and refining the fan experience to manage expectations, such as advanced smart queues that provide real-time position status and inventory updates; ticketing that avoids queues altogether through our Request system; and interactive seat maps and ‘view from seat’ options that help fans make informed decisions. There is so much more we are working on that will continue to remove friction.”
TEG’s Hoy says: “How do artists, ticketing companies, and the rest of the industry come together to manage super-high demand on-sales, when we know there is more demand than tickets? One answer could be to run a ballot. I know one of the reasons promoters might feel disinclined to do that is they’re unsure if it will be as hot as people think, but as an industry we can work together to solve this.”
And he says that while ticketing companies often need a thick skin to deal with fans’ disappointment, sometimes the amount of vitriol online can be difficult to handle. “We’re lucky to work in a space that’s filled with so much passion, and we
get to connect people with things that they love. And that’s a privilege in many respects. But there are some days when it can be pretty rough.”
Another reform Hoy would like to see around the world is making ticketing accessible for everyone. “As the world becomes more aware of the significant array of accessibility needs beyond that of mobility, we need a more equitable online purchasing process. The purchase experience should be the same for all members of the community, whether or not they have accessibility needs. That requires the whole industry working together to make sure that from the outset we’ve built the right technology and user interfaces to enable and cater for all needs but also that venues ensure there’s an appropriate amount of inventory available and communicated.”
“AI will revolutionise many of our processes – and it’s already doing so”
Looking to the future, Hoy says AI and machine learning (ML) will play an increasingly important role in the future. “We’ve been doing a lot of work with our data science team for ten years, meaning we can do much more in terms of predictive modelling to help promoters and venues understand demand curve; help inform their investments in particular acts and artists; and to help inform operational delivery, service delivery, and other things.
“I’m really proud of the work that we’ve been doing in building out a data science team that sits in the very centre of our ticketing company. Ticketing businesses are in a uniquely advantaged position to be leveraging AI and ML technologies given the wealth of data generated in the process of delivering our services. We are very focussed on investing further in this space to unlock value for both customers and clients.”
AI is an important part of the work that CTS Eventim does, too, says Schulenberg. “AI will revolutionise many of our processes – and it’s already doing so. It will help us analyse the huge volume of data we’ve aggregated so we can make our recommendations even more accurate and our sales platforms even more powerful. It will help guide marketing campaigns for our partners and support us in refining our after-sales service. With AI, we’ll be able to react faster, better, and more intelligently than ever before – especially with high volumes and short-notice projects. We began engaging with AI a while ago so that we could give our partners access to the best, most powerful tools on the market at any time.”
The rapid pace of change in the ticketing industry shows no sign of slowing up. And with improvements for all ticket- buyers high on many companies’ agendas, the coming 12 months are likely to be as dynamic as the last.
- This article was first published in the latest edition of IQ‘s International Ticketing Report. IQ subscribers can read the digital magazine below, or access the dedicated mini site here. To purchase a print copy of the report, email [email protected].
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CTS Eventim appoints venues & real estate VP
CTS Eventim has appointed experienced manager, architect and project developer Arne Fritz to the newly created role of VP venues & real estate.
Fritz, who will report to Eventim CEO Klaus-Peter Schulenberg, will take over some tasks from EVP Rainer Appel, who is planning to gradually move into a consulting role for the German-headquartered company next year.
As well as overseeing the construction of the firm’s €180 million multi-purpose Arena for Milan in Italy, alongside the business of the existing venues, Fritz will strategically develop CTS’ real estate portfolio to “sustainably strengthen its value chain”.
“I’m delighted that we’re welcoming another successful and dynamic leader into our team,” says Schulenberg. “Arne will contribute significantly to our future strategy, with which we aim to increasingly diversify our business areas while also offering our artists and business partners an even higher quality of international services from a single provider.”
“I’m grateful to Klaus and the entire team for putting their trust in me, and I’m delighted to be part of the Eventim family”
After graduating in architecture, Fritz spent eight years working in a firm specialising in architecture, project development and property sales in Münster, before moving to real estate consulting specialist Drees & Sommer.
Latterly serving as associate partner and head of sports and entertainment, Fritz worked on projects such as the reorganisation and construction of the Elbphilharmonie concert hall in Hamburg, Hamburg’s application for the Olympic Games, and numerous other projects for sporting venues, stadiums, and event venues.
“I’m grateful to Klaus and the entire team for putting their trust in me, and I’m delighted to be part of the Eventim family,” says Fritz. “With our existing and upcoming venues, we offer artists, promoters and fans the highest level of service and entertainment.”
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CTS Eventim reaches €1 billion revenue milestone
CTS Eventim has announced it has surpassed €1 billion revenue within the first six months of a financial year for the first time.
The pan-European giant’s H1 2023 results showed €1.021bn in consolidated revenue, up 39% year-on-year, part of which is attributed to the lifting of Covid restrictions. However, revenue was also up 47% on the pre-pandemic year of 2019.
The German-headquartered company reported growth across all segments for January to June 2023, with revenue in Eventim’s ticketing division climbing 41% year-on-year to €284.6 million. Online ticket sales increased 23% on the same period 12 months earlier. Normalised EBITDA rose by 48% to €122.3m. Its core markets in Germany, Italy and Austria remain the biggest growth drivers.
Revenue in the live entertainment segment reached €751m (up by 39%), while normalised EBITDA for the segment improved to €48.5m (up 21%). In excess of €50m was generated in the US in the first half of 2023, with revenue for the year as a whole expected to top €100m. Highlights for the first half of the year included tours by Hans Zimmer and Pink, as well as international sporting events such as the World Athletics Championships.
“In the first half of this year, CTS Eventim has demonstrated great flexibility and entrepreneurial ingenuity on all fronts”
“The breadth and depth of our portfolio and the successful internationalisation of our business are the key drivers of our strong and stable growth,” says CEO Klaus-Peter Schulenberg. “After the market distortions caused by pandemic-related catch-up effects, we are now back to ‘business as usual’ at CTS Eventim. And ‘as usual’ for us means healthy organic growth and the development and expansion of new and existing business segments.
“In the first half of this year, CTS Eventim has demonstrated great flexibility and entrepreneurial ingenuity on all fronts, enabling us to successfully navigate current macroeconomic challenges and stay on track for healthy growth. All relevant key figures confirm that both the wider market and our group continue to perform at higher levels than before the pandemic.”
The group’s normalised EBITDA reached €170.8m for the first half of 2023 (up by 39% year-on-year) and €94.8m for the second quarter of 2023 (down 5% year-on-year), although earnings in Q2 2022 were boosted by government subsidies of around €25 million under pandemic-related economic aid programmes.
The H1 figures do not include the presale for Taylor Swift’s The Eras Tour – comfortably the top seller for the current year – which did not happen until July. CTS’ executive board says expects both revenue and normalised EBITDA to increase in 2023 overall compared with 2022.
The company’s share price had dipped by around 1% today (24 August), standing at €57.40 at press time.
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CTS Eventim breaks ground on new Milan arena
CTS Eventim has finally broken ground on its new €180 million multi-purpose arena in Milan, northern Italy.
The German live entertainment giant has commissioned TREVI with the first construction phase of the Arena Santa Giulia in Milan, almost a year after it was due to begin.
The 16,000-capacity arena, projected to be finished in two and a half years, will be one of the largest in Italy and will also include an outdoor area of more than 10,000 square metres for open-air events.
“We are now looking forward to the next phase of construction,” says CTS Eventim CEO Klaus-Peter Schulenberg. “TREVI has decades of experience with this type of specialised foundation work, which will ensure a successful start to the arena’s construction. Together, we aim to create a high-quality events venue in Italy that will transform Milan into an attractive hub for the sports and entertainment industries with a global reach.”
“We aim to create a high-quality events venue in Italy that will transform Milan into an attractive hub for sports and ents”
Initially, the arena – part of the Milano Santa Giulia urban development project – will be used for the 2026 Winter Olympic and Paralympic games after which CTS will continue to operate it.
The venue will compete with Oak View Group and Live Nation’s Santa Giulia Arena – which will also be utilised in the Olympics – as well as the 12,700-seat Mediolanum Forum in Assago, near Milan, which has served the city since 1990 and is one of two Italian members of the European Arena Association (EAA).
An older open-air venue, the 10,000-capacity Arena Civica, which opened in 1807, is also capable of hosting concerts, as is the 80,000-cap. San Siro stadium.
CTS Eventim’s venue portfolio also includes the Lanxess Arena (cap. 18,000) in Cologne, the KB Hallen (4,500) in Copenhagen, the Waldbühne (22,290) in Berlin and the Eventim Apollo (2,500) in London.
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CTS Eventim revenues, ticket sales soar in Q1
CTS Eventim chief Klaus-Peter Schulenberg says “live entertainment remains as popular as ever” after the company reported strong growth for the first quarter of 2023.
In its Q1 results, the pan-European giant revealed it has sold 18 million tickets so far in this year – representing a 58% increase on the 11m sold in the same three-month period in 2022 when the market was still impacted by the pandemic.
Consolidated revenue rocketed 163% year-on-year to €366.2 million, while normalised EBITDA increased by 221% to €76m. The numbers also compare favourably to the last pre-Covid year of 2019, when CTS generated revenue of €282.7m and €57.1m EBITDA.
CTS’ share price reacted favourably to the results, rising 3% to €62.60. The German-headquartered business posted record consolidated sales of €1.924 billion in 2022 – 33% up on its previous best year of 2019.
“We are pursuing organic growth and anticipate that our business performance will continue on its successful course”
“In the first quarter of 2023, CTS Eventim has maintained its successful trajectory following the record year of 2022,” says Schulenberg. “The results show that live entertainment remains as popular as ever. Our customers have high expectations when it comes to buying tickets – especially for tours featuring top acts – and we have comfortably met these expectations. Both in Germany and internationally, we are pursuing organic growth and anticipate that our business performance will continue on its successful course.”
The company’s ticketing segment garnered revenue of €148.3m in Q1 ’23 (previous year: €76.5m) – 42% higher than in the first quarter of 2019 (€104.5m). Normalised EBITDA stood at €67.8m (previous year: €27.2m), up 62% on the Q1 2019 (€41.9m). The firm credits the performance of its core market of Germany, with the Italian, Austrian, Swiss and Brazilian markets also driving growth.
Elsewhere, quarterly revenue in its live entertainment division leapt to €223.8m (2022: €65.1m/2019: €182.2m). Normalised EBITDA in the segment came to €8.2 million, down from €15.2m in 2019, as 2022 corresponding quarter saw a €3.5m loss. “Higher preparatory costs and implementation costs for festivals weighed heavily on normalised EBITDA in the first quarter of 2023,” the company notes.
CTS’ portfolio includes festivals such as Rock am Ring, Rock im Park, Hurricane, Southside, and Lucca Summer, and venues including the Lanxess Arena in Cologne, the KB Hallen in Copenhagen, the Waldbühne in Berlin, and the Eventim Apollo in London. Eventim was the world’s third largest promoter in 2022, according to Pollstar data.
Earlier this year, CTS announced it is expanding in North America through a joint venture with US promoters Mammoth Inc and AG Entertainment Touring. The company said the partnership will utilise the promoters’ resources and networks to sign ‘top-level’ acts for US and global tours.
It has also teamed with German wholesaler Lekkerland and prepaid and payment provider Epay to turn petrol stations into advance ticket sales points.
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Schulenberg hails ‘extremely positive’ CTS results
CTS Eventim CEO Klaus-Peter Schulenberg has spoken out in the wake of the company’s record 2022 financial results.
As reported last month, consolidated sales soared by 372% year-on-year to €1.926 billion, compared to €408 million generated in the Covid-impacted 2021, and 33% up on CTS’ previous record year of 2019.
The Munich-headquartered firm says the near €2bn haul is supported by strong growth in both the ticketing and live entertainment segments.
“We are very pleased with the extremely positive development of our two main segments in the national and international core markets,” says Schulenberg. “The dynamic, ongoing trend of people everywhere wanting to go to live events again is reflected in our consolidated earnings.
“The fact that we were able to significantly increase our sales in 2022 was initially not a matter of course due to the pandemic and is accompanied by a number of successful developments. This includes expanding digital ticket sales, investing in systemic innovations and our global expansion strategy. We assume that we will consistently continue on our strong course of profitable growth and further expand our market position.”
The main drivers for growth in the ticketing segment – where revenue reached €541m – were the German, Swiss, Italian and Brazilian markets. Normalised EBITDA was €263m, which represented a 20% increase on 2019. In 2022, 69 million internet tickets were sold via CTS Group’s web shops – growth of 116% on the previous year and 21% on 2019.
“We will open up new business areas and continuously develop our range and our technologies”
CTS has also praised the introduction of Eventim.Pass digital tickets, which resulted in more than two million tickets sold when it was first used for Ed Sheeran’s tour and has gone on to be utilised successfully by acts such as Pink, the Rolling Stones, Rammstein and Roland Kaiser.
The pan-European ticketing giant, promoter and venue operator’s revenues in live entertainment, meanwhile, climbed to €1.409m, up 43% on 2019.
Earlier this week, CTS announced it was expanding its North American interests through a joint venture with US promoters Mammoth Inc and AG Entertainment Touring.
“As an integrated live entertainment group, we continue to consistently use opportunities to grow nationally and internationally with and in the markets,” adds Schulenberg. “We will open up new business areas and continuously develop our range and our technologies.”
Despite the figures, CTS’ share price, which opened at €58.10, had dropped by more than 4% at press time.
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CTS Eventim reports record financials for 2022
Shares in CTS Eventim have risen after the pan-European giant posted record results for its 2022 financial year.
Consolidated sales soared by 372% year-on-year to €1.924 billion, compared to the €408 million garnered in the Covid-hit 2021, and 33% up on the Munich-headquartered company’s previous record year of 2019.
The growth, which was driven by both the ticketing and the live entertainment segment, was reflected in the share price, which opened at €63.20 on Monday (13 February) to €66.85 this morning.
The pan-European ticketing giant, promoter and venue operator also reported normalised Group EBITDA of €384m in 2022, compared to €208m in the same period in 2021 and €287m in 2019.
In the ticketing segment, sales reached €541m (2021: €224m/2019: €482m). Normalised EBITDA was €263m (previous year: €177m), which is up 20% compared to 2019 (€220m).
Revenues in the live entertainment segment climbed to €1.409m in the 2022 financial year
Revenues in the live entertainment segment climbed to €1.409m in the 2022 financial year (previous year: €191m), an increase of 43% on three years ago (€986m). Normalised EBITDA of €121m (previous year: €31m), meanwhile, was almost twice as high as in the 2019 financial year (€66m). The full annual report will be published on 23 March.
CTS surpassed its projections of “consolidated sales of at least €1.7bn and normalised EBITDA of at least €330 million”, made in the wake of its Q3 2022 financial results.
“Even in the face of new uncertainties caused by the high level of inflation and geopolitical factors, we will maintain this proven course in order to continue to drive our profitable growth, both at home and abroad,” said CTS chief Klaus-Peter Schulenberg at the time.
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