CTS Eventim has reported a 92 per cent drop in revenue in the third quarter of 2020, compared to the same period in 2019.

The Berlin-based ticketing and entertainment firm saw revenue fall to €30.2m (£27m/$36m), down from €378m in Q3 2019, bringing the normalised EBITDA figure in at -€15m.

Despite such losses, Eventim claims that during the first nine months of 2020 to September 30 “new technologies, robust partnerships (and) strong leadership” has helped the firm to reinforce its future viability in the midst of the coronavirus crisis.

Klaus-Peter Schulenberg, chief executive of CTS Eventim, said: “We have been convinced since the outbreak of the pandemic that the stresses imposed on our company must be seen as a trial of our strengths. That is the basis on which we act. There is no such thing as standstill.”

The performance figures for the first nine months of the 2020 financial year from January to September 30, fell 78.7 per cent year-on-year to €228.7m.

Revenue in the ticketing segment for the first nine months of 2020 was 65.1 per cent lower year-on-year, at €107.2m, while normalised EBITDA fell from €119.2m to -€12.7m. In the third quarter of 2020, ticketing revenue fell 82.4 per cent from to €18.7m, while normalised EBITDA came in at -€11.3m.

Meanwhile, Eventim’s live entertainment segment saw revenue in the first nine months of 2020 fall by 83.7 per cent to €127.3m.

Eventim said it “responded promptly” to the pandemic by adjusting its cost structure and “boosting its efficiency to save a double-digit million figure”. Investments were also reduced to a minimum and, in key European markets, it has worked to safeguard further liquidity by implementing promoter voucher schemes. On September 30, total cash and cash equivalents amounted to €798.7m.

The schemes involve a voucher being issued, rather than a refund of the ticket price, to holders of tickets for music, cultural, concert or sports events that they are unable to attend because of the COVID-19 pandemic, or to holders who are unable or unwilling to accept an alternative date.

In spring 2020, bans and conditions imposed by government authorities largely put a stop to live entertainment in Germany and on all international markets. It is currently unforeseeable when major events will be able to restart to a normal degree.

Schulenberg added: “In the midst of this crisis, especially, we continue to bank on our strengths, namely technology and industry know-how. This is how we continue to convince our customers both new and existing.”

Eventim also announced partnership with the European Handball Federation (EHF) to become the ticketing partner for the 2022 and 2024 European Handball Championships. In addition, Eventim Sports also inked long-term partnership deals for ticketing and other services with Bundesliga club Werder Bremen and Bundesliga 2 club Hannover 96.