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Pan-Europe ticketing giant, promoter and venue operator CTS Eventim has reported an 78.7% year-on-year decline in its group revenue during the first nine months of this year to €228.7 million (£201.2m) but cost cutting and €43.3 million (£38.12m) insurance compensation helped offset the impact on its EBITDA.

Overall EBITDA was €-17.7m (£-15.57m) for the nine months to 30 September, down from €177m (£156m) during the same period last year.

CTS Eventim’s live entertainment business saw an 83.7% decline in revenue during the period to €127.3m (£112m), while normalised EBITDA amounted to €-5.1m (£-4.49m), down from the €57.8m (£50.1m) achieved during the same period last year. The division includes its Eventim Live European promoter network of 28 owned or majority-owned companies and their 30 festivals spanning 12 countries.

Ticketing revenue was 65.1% lower, year-on-year, at €107.2m (£89.17m) down from €306.9m (£255.24), while EBITDA fell year-on-year from €119.2m (£99.15m) to €-12.7m (£-10.56m).

As per 30 September, the company’s total cash and cash equivalents amounted to €798.7m (£664.67m)

Matt Schwarz, former COO & MD of Live Nation GSA, will join CTS Eventim in January and oversee eventimpresents; the organiser of long-established German festivals Rock am Ring and Rock im Park.

CTS Eventim said it had partnered with the European Handball Federation making it the official ticketing service for the 2022 and 2024 European Handball Championships.

CEO Klaus-Peter Schulenberg (pictured) said, “In the midst of this crisis we continue to bank on our strengths, namely technology and industry know-how. This is how we continue to convince our customers both new and existing.”