German live music promoter DEAG is acquiring 24.9 per cent of the shares in MyTicket from Axel Springer, ensuring it will hold 100 per cent of the online ticketing company going forward.
The move is in line with DEAG’s plans for international expansion and the gradual reduction of minority interests with the aim of increasing the earnings per share attributable to DEAG shareholders.
Prof. Peter Schwenkow, chief executive of DEAG, said: “Many thanks to our partners from Axel Springer SE for working together to establish MyTicket AG in the start-up phase, and I look forward to continuing our close cooperation in the other areas as before.
“The market shares of MyTicket AG are growing strongly and with myticket.de and myticket.at it has developed into one of the leading electronic ticket platforms. The transaction will enable us to further implement our strategic goals: The acquisition of the shares in MyTicket will enable us to increase earnings per share over the next few years.
“In addition, we will continue to expand DEAG’s ticketing business and intend to expand further internationally. After the introduction phase with millions of tickets sold and hundreds of thousands of satisfied customers, the team can now implement the next phase of the growth course.”
DEAG said that major improvements are expected for MyTicket in the areas of service and product quality, as well as customer orientation and user friendliness. It is hoped the adjustment will also lead to optimised cost structures and contribute to increasing profitability in the future.
MyTicket will also work with Swiss ticket software vendor SecuTix starting from this summer. SecuTix holds partnerships with many prominent organisers and venues, offering software solutions for international ticket sales of concerts and events.
Moritz Schwenkwo, chief executive of MyTicket, said: “Both the repurchase of all shares and the upcoming ticketing software exchange are decisive steps for MyTicket in 2019 in strengthening the company for future tasks and challenges. Furthermore, this will enable us to market the events of the DEAG family and new, innovative formats in direct communication with our customers in an even more targeted manner.”
SecuTix chief executive Frédéric Longatte added: “We are very proud to be able to contribute to the continued success of MyTicket with SecuTix 360°. SecuTix has extensive experience in all genres that MyTicket offers on its portal. With our ticketing engagement platform, we are the ideal partner for MyTicket to offer promoters and events, be it sports, festivals or culture, a powerful solution for marketing and distribution.”