Pan-European promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG) reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €0.3 million (£0.26m) during the first nine months of the year, compared to €8 million (£7m) in the previous year’s period.
Group sales amounted to €39m (£34m), compared to €123.1m (£108m) during the first nine months of 2019.
Among the Berlin-based company’s interests are Nottingham-based ticketing service Gigantic, MyTicket.co.uk, UK promoter Kilimanjaro Live, theatrical producer Flying Music Group, and Scotland’s 16,500-capacity Belladrum Tartan Heart Festival (pictured).
DEAG said the relatively strong result, given market conditions, was a result of new event formats, significant cost reductions and DEAG’s insurance coverage.
DEAG CEO Prof. Peter Schwenkow said the company was “comfortable” with the results: “Although large parts of our visible operational business are currently suspended, the DEAG team is working behind the scenes to continue our growth course successfully as the pandemic ebbs away and finally comes to an end. The breakthrough in the development of vaccines in November brings tailwind for our entire industry.
“We have significantly reduced our cost base and are taking advantage of available promotion and support programmes in our core markets. We are currently already planning for the opening of the market and a new start in live entertainment.
“In addition to our core markets of Germany, Switzerland and the UK, we are also present in Ireland through our joint venture ‘Singular Artists’. We are seeking contact with artists and management, preparing the expansion of our successful formats and developing new offers.”