Deutsche Entertainment AG (DEAG) said it expects further growth for its MyTicket platform after becoming the majority shareholder in German promoter C² Concerts.
DEAG has bought a 51-per-cent stake in the Baden-Württemberg-based musical producer and tour operator which has an annual turnover of €7m (£6.2m/€7.8m) and promotes around 200 events per year.
Around 400,000 tickets are sold each year for C² Concerts events, which cover everything from rock and pop concerts to family entertainment in the region around Stuttgart.
It is the latest development in DEAG’s ambitious buy-and-build strategy, with the group having identified high synergy potential in the live entertainment and ticketing business. DEAG said it expects the additional annual tickets to stimulate growth in the ticketing business via MyTicket, with integration expected to be swift due to the two operators’ long-standing close relationship.
“The even closer cooperation with C² Concerts in the future will give us the opportunity to continue growing profitably with an extended value-added chain,” said Prof. Peter Schwenkow, chief executive of DEAG.
“This step completes our regional coverage in our core market of Germany and, in addition to Berlin, Hamburg, Munich, North Rhine-Westphalia and Frankfurt/Main, we are now also represented in Southwest Germany.
“In addition, we see significant synergy potential in the live entertainment and ticketing business.”
DEAG said it believes that medium-term sales growth of C² Concerts as part of the DEAG Group will be over €10m.
Christian Doll, managing director of C² Concerts, said: “With DEAG, we are looking forward to intensifying our cooperation with a first-class partner in the live entertainment business. Both sides will benefit from this.”
Last week, DEAG said greater sales through the MyTicket division helped it achieve a 24-per-cent lift in organic sales in the first quarter of 2019.