CTS Eventim Revokes Forecast, Government Introduces Ticket Vouchers

CTS Eventim
 – CTS Eventim
Cannot make any predictions regarding the financial year 2020 at the moment

Due to the current uncertainties surrounding the further development of the Corona crisis and its impacts, the management board of CTS Eventim has revoked its financial forecast for 2020.

“In the 2019 annual report published in March 2020, the management board was still expecting a further improvement in the business performance of the ticketing segment due to continuous expansion of internet ticketing operations and progressive internationalisation,” a company statement reads.
“However, the statements regarding the future outlook were made without considering the negative effects of the COVID-19 (‘coronavirus’) epidemic on the future growth of the two segments [live entertainment and ticketing] and the CTS Group,” it continues.
Most European countries are on lock down, no events are currently being held due to government orders, which is why CTS Eventim’s management board therefore expects a “significant year-on-year decrease in revenues and earnings in the ticketing and live entertainment segments for the 2020 financial year. 
“However, that decrease cannot be quantified with any greater precision at present,” the statement concludes.
CTS Eventim
 – CTS Eventim
CEO Klaus-Peter Schulenberg

It may help that the German government just decided to let the live events and travel industries issue vouchers instead of ticket refunds in case of cancellations due to the virus.

It will help with the immediate cash liquidity of Germany’s promoters. Vouchers remain valid until the end of 2021. In case the voucher remains unredeemed, the ticket has to be refunded
A CTS Eventim rep told Pollstar: “We welcome the federal government’s decision to introduce a voucher scheme and support the initiative that consumers should in principle receive vouchers instead of immediate repayment. With the voucher solution, it has been possible to take a first important step towards preserving cultural diversity in Germany.