Joe GallopPan-European promoter, ticketing and venue giant Deutsche Entertainment Aktiengesellschaft (DEAG) has posted an 8.2% increase in revenue for the first half of 2024, reaching approximately €133 million (£115 million) despite a tough European market.
The company’s EBITDA for the period stood at €3.1 million, aligning with its expectations.
According to the company, the first half of the year presented challenges, including a weak economic environment in Europe, a shakeout in the festival and open-air sector and weather-related disruptions, all of which impacted operations.
Despite these challenges, DEAG expanded its own event formats and continued its growth strategy, particularly in the area of mergers and acquisitions (M&A). DEAG acquired three companies during the first six months of the year, including a majority stake in Black Mamba Event & Marketing GmbH, strengthening its position in the festival market.
DEAG’s liquidity stood at €97 million at the end of June 2024, providing a stable financial base for further expansion. The company said it is optimistic about the second half of the year, which includes a range of events featuring artists like Craig David, Lenny Kravitz, and Slipknot, as well as new exhibitions such as ‘Tim Burton’s Labyrinth’ and the ELB.lit literature festival in Hamburg.
DEAG CEO Detlef Kornett said, “We defied the difficult market environment in the first half of the year. Despite the weather impacting some of our events, we remain confident for the second half of 2024. Our event programme is diverse, and we are investing heavily in staff, new technologies, and our platforms to enhance the customer experience. We expect revenue growth to continue, with EBITDA at least matching last year’s level.”
Looking ahead, DEAG plans to intensify its M&A activities, with a focus on expanding its ticketing business and entering new European markets. The company is on track to sell around 11 million tickets in 2024, up from over 10 million in 2023, reflecting strong demand for its events.