Live entertainment and ticketing company DEAG Deutsche Entertainment AG (DEAG) has witnessed its revenues increase in the first quarter of 2023.
In the first three months of this year, revenues have increased by 55% to €48m (£42m/$52m), compared to €31m in the same period, the year prior. It is also an improvement on the €25.5m posted during this period in 2019, the last year before the onset of the COVID-19 pandemic.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €3.1m for the first financial quarter. The previous year’s figure stood at €2.8m, though DEAG explained that this included significants funds from subsidy funds programmes. EBITDA also more than tripled compared to 2019’s Q1 total of €1m.
The company also staged a number of concerts and events during the reporting period, including dance shows ‘Riverdance’, ‘Disney on Ice’ and sold-out concerts with Ed Sheeran and Limp Bizkit.
DEAG has also seen its ticket sales increase significantly, with over four million sold during the reporting period. A high percentage of the tickets are now sold via the group’s own ticketing platforms including myticket, gigantic and tickets(.ie). Some 50,000 tickets were sold for the European tour of Rammstein singer Till Lindemann later this year in the first 48 hours of advances sales.
The company has also reported a growing interest in the hip hop and rap segment, with 25,000 tickets sold exclusively via myticket for concerts from Samra, Tream and Jazeek. DEAG is hoping to sell more than 10 million tickets across 6,000 events in 2023.
This year’s summer season is also set to prove strong for DEAG with festivals attracting over 500,000 ticket sales.
“We are very pleased with the start to 2023,” said professor Peter L.H. Schwenkow, chief executive of DEAG. “Growth of more than 50% is above our plan and indicates that we are on track for a strong financial year 2023. After the first quarter, we see ourselves on the way to achieving our annual targets of more than EUR 300 million in revenue with a further improvement in EBITDA.
“We have again seen demand for tickets at an extremely high level in the first three months. We intend to continue developing our ticketing platforms and expand into new markets. We are in advanced discussions with potential companies and are confident that we will soon be able to announce further partners to the DEAG family. Together, we will grow, expand our event formats and bring enjoyment to visitors beyond their everyday lives.”