Featured image credit: Pablo Heimplatz on Unsplash
CTS Eventim has said it is expecting a record year, following the release of its full third quarter financial results.
The ticketing services and live entertainment company’s third quarter has once again improved on a pre-COVID third quarter in 2019. This adds to Eventim’s 2019-beating second quarter earlier this year.
Eventim revealed earlier this month that revenue increased to €694m (£608m/$716m) for the third quarter, compared to €115m in Q3 in 2021 and €378m in the third quarter of 2019.
Based on the first nine months of 2022, despite a weaker first quarter of the year due to pandemic-related reasons, the company’s Management Board expects consolidated revenue of at least €1.7bn and a normalised EBITDA of at least €330m for the whole year.
Klaus Peter Schulenberg, chief executive of CTS Eventim, said: “These excellent results are testimony to the fact that our strategic initiatives are taking us from strength to strength following the post-pandemic restart of live entertainment.
“Even in the face of new uncertainties caused by the high level of inflation and geopolitical factors, we will maintain this proven course in order to continue to drive our profitable growth, both at home and abroad.”
Group revenue improved to €1.4bn for the first nine months of 2022 compared to €180m in the same period the year prior. This figure is also higher than the same period in 2019, which equated to €1.08bn.
The group’s normalised EBITDA amounted to €268m in the first nine months of 2022, compared to €105m in 2021 and €177m in the first nine months of 2019. This was boosted by Q3’s normalised EBITDA of €139m this year, compared to €26m in the same period last year and €65m in the third quarter of 2019.
In the ticketing sector, revenue rose to €339m in the first nine months of 2022, compared to the previous year’s €111m. In the first nine months of 2022, Eventim sold 45.1 million tickets.
In the live entertainment segment, revenue amounted to €1.1bn in the first nine months of 2022, compared to €74m during the same period last year. This is also substantially higher than the first nine months of 2019.
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