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CTS Eventim Half-Year Figures Show Recovery
– CTS Eventim
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CTS Eventim’s April-to-June period has looked a lot better this year than it did last, “primarily thanks to a pick-up in ticket sales following the slump caused by the coronavirus crisis,” according to the live entertainment giant’s half-year earnings statement.
Looking at the period January to June 2021, consolidated revenue fell by 67.1% to €65.3 million (previous year: €198.5 million), but normalized EBITDA amounted to €79.4 million (previous year: loss of €2.7 million).
– CTS Eventim CEO Klaus-Peter Schulenberg on the cover of Pollstar
March 1, 2021.
Looking at the second quarter of 2021, exclusively, however, revenue was up by 228.1 percent to €45.7 million (previous year: €13.9 million). Normalized EBITDA was up from a €16.2 million loss in the second quarter of last year to €99.1 million at the end of this year’s second quarter.
Coronavirus-related financial aid from the German government in November and December boosting earnings by around €102 million, according to CTS Eventim’s earnings statement.
In the ticketing segment, revenue fell by 43.9% to €49.6 million in the first six months of this year (previous year: €88.4 million). Normalized EBITDA improved from a loss of €1.3 million in the prior-year period to €64.2 million in the six months under review.
In the second quarter of 2021, revenue went up by 283.7 percent from €9.4 million to €36.1 million, while normalized EBITDA amounted to €77.6 million, including some €73 million in German coronavirus support, up from a loss in the previous year of €18.2 million.
In CTS Eventim’s live entertainment segment, revenue fell by 84% to €18.3 million in the first half of the year (previous year: €114.9 million). Normalized EBITDA was €15.2 million (previous year: loss of €1.4 million).
In the second quarter of 2021, live entertainment revenue also improved, jumping by 81.5% year-on-year from €6.3 million to €11.5 million. Normalized EBITDA rocketed from €1.9 million to €21.4 million, boosted by Germany’s coronavirus support, which contributed around €29 million to earnings.
CTS Eventim CEO Klaus-Peter Schulenberg summed up the state of business at his company after six months in 2022: “Ticket sales are recovering, which confirms our view that people are yearning for live entertainment after a year and a half of the pandemic. However, politicians must set out a framework so that it is economically viable for events to be held again. The government support is very helpful but the industry wants to finally be able to earn its money by returning to work.”
Alluding to the international moves his company has been making even under the adverse circumstances of the past 18-and-a-half months, Schulenberg added: “CTS EVENTIM has taken the coronavirus crisis as an opportunity to further strengthen and broaden its market position by undertaking a number of major strategic initiatives. Going forward, we will be better positioned than ever before, especially internationally, to be able to impress our customers with our services, industry expertise and technology in the live entertainment business.”
– CTS Eventim introduced software for checking digital health certificates, including digital vaccination, test and recovery certificates.
These international moves include the establishment of a company with US promoter legend Michael Cohl in 2020, and the launch of Eventim Live Asia, expanding Eventim’s promoter network significantly. Headquartered in Singapore, the new company will focus on the growing live entertainment markets China, Japan, South Korea, Singapore, Hong Kong, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines.
With the addition of DreamHaus agency, headed by former Live Nation exec Matt Schwarz, the Eventim Live network comprised 36 promoters in 15 countries at the beginning of 2021, not counting the new Asian business.
CTS Eventim’s most recent announcement prior to these half-year figures was the planning and building of the 16,000-capacity MSG Arena in Milan, Italy, scheduled for completion in autumn 2025.
Going forward, CTS Eventim will be offering its digital health certificate software to event promoters, who can verify the vaccination, test or recovery status of guests with it.
“Due to the continuing uncertainties surrounding the future course of the coronavirus pandemic and its impact on the 2021 financial year, corporate management still considers it is impossible to make a precise forecast,” the earnings statement concludes.
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