Pan-Europe ticketing giant CTS Eventim has seen a 96.6% drop in revenue in Q2 2020, compared to the same period in 2019. Revenue in Q2 2020 was €13.9m (£12.5m), down from €413.9m (£373m) in Q2 2019.

Headquartered in Germany and operational in 21 countries, CTS Eventim includes international promoter network Eventim Live. It also owns venues such as the Lanxess Arena (cap, 18,000) in Cologne and Berlin’s Waldbühne (22,000), while co-owning London’s 5,000-capacity Eventim Apollo (pictured).

During the first half of 2020, Eventim saw a drop in revenue of 71% compared to the same period the previous year. In 2019, its H1 revenue was €696.6m (£627m), whereas in 2020 this figure fell to €198.5m (£178m).

CTS Eventim’s Earnings Before Interest, Tax, Deductions and Amortization (EBITDA) was -€2.7m (-£2.4m). It said that an almost balanced EBITDA was an achievement following “rigorous measures to minimise costs and boost efficiency”.

“We will emerge from the crisis stronger and more agile.”

Klaus-Peter Schulenberg, CEO of CTS Eventim, commented: “Even though we are currently experiencing the most difficult phase ever in our corporate history as a result of the corona pandemic, we are looking confidently to the future. Crises are above all an opportunity for a company to show its strengths.

“Thanks to prudent management in the past, to the solid cash flow situation we have as a result, to our forward- looking technologies and our highly motivated employees, we are also well placed to face such a difficult market environment as it is at present. We will emerge from the crisis stronger and more agile.

“It’s a hopeful sign that events with several hundred visitors are now taking place again. Our LANXESS arena in Cologne was a forerunner in that respect, and concerts with a total capacity of up to 5,000 people are planned as tests for this coming September in our Waldbühne arena in Berlin, with an appropriate hygiene concept. We know that enthusiasm for live events is unbroken, despite corona.”