Christopher BarrettPan-Europe ticketing giant, festival and concert promoter, and venue operator CTS Eventim said it expects to achieve a record year having reported group revenue of €694 million (£606m) in Q3 – up 84% on the equivalent period in 2019.
The Munich-based company, which owns ticketing brands including Eventim, Ticketcorner and Ticketone, and operates several major venues in Europe including the 5,000-capacity Eventim Apollo in London, saw a 33% uplift in group revenue for the first nine months compared to 2019.
It said that based on the first nine months of 2022, and despite the first quarter being very weak for Covid-related reasons, consolidated revenue of at least €1.7 billion (£1.48bn) and normalised EBITDA of at least €330m is expected for the year as a whole. Eventim said that would represent a significant improvement on the results achieved in 2019, which was a record year for the company.
The Eventim Group includes festival promoters of events such as Germany’s Rock am Ring, Rock im Park, Hurricane (pictured), Southside and Italy’s Lucca Summer. It said the live entertainment arm of the business had performed exceptionally well for the first nine months of the year, and Q3 saw normalised EBITDA of €64m (£56m); roughly three times the pre-pandemic figure for the same period of 2019.
“These excellent results are testimony to the fact that our strategic initiatives are taking us from strength to strength following the post-pandemic restart of live entertainment”, said CTS Eventim CEO Klaus-Peter Schulenberg. “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.”