Christopher BarrettBerlin-based pan-European promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG) said its sales revenue in the third quarter was up 72% on 2019 to €101.7 million (£87.4m) and earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 110% to €10.2m (£8.7m).
The company, which also owns Gigantic Tickets, literary events production company Fane Productions and UK Live, said ticket sales were at a very high level and it had a “well-filled” event pipeline.
DEAG has reported strong results for the the first nine months of the year, with revenue rising to €235.1m (£202.1m), an increase of 91% compared to the same period in 2019. EBITDA increased to €20.3m (£17.5m) during the same period, up 155% on 2019.
The company said that sold out festivals, including Scotland’s Belladrum Tartan Heart (cap. 20,000), contributed to the strong performance. Its event portfolio includes 30 annual festivals across Germany, the UK, Switzerland and Ireland, with a collective capacity of 580,000.
DEAG CEO professor Peter Schwenkow said he expects the growth to continue into 2023: “Despite a challenging economic environment overall, the excellent development in the first six months of 2022 continued with high momentum in the third quarter. We successfully staged countless concerts and events and recorded a record summer in ticketing with 3 million tickets sold between June and August alone. We are experiencing unabated high demand for tickets to events and concerts. 2022 will be a record year for DEAG.”
In September, DEAG promoted Kilimanjaro Live CEO Stuart Galbraith to the role of executive vice president international touring.