CTS Eventim smashes financial forecasts thanks to strong end to 2023

CTS Eventim “significantly exceeded” financial forecasts for 2023 as a strong end to the year delivered double-digit growth in revenue and earnings.

CTS Eventim said its impressive preliminary results for the year to December 31, 2023 were aided by dynamic growth across all business segments. Indeed, the Bremen-headquartered group outperformed forecasts that had already been raised in November.

Consolidated revenue rose by 22.5% year-on-year to a record €2.4bn thanks to growth in both its Ticketing and Live Entertainment segments. In November, CTS Eventim said it expected revenue for 2023 to break €2bn. At the time it said this raised forecast was largely due to a number of concerts lined up in the fourth quarter, as well as revenue garnered as a result of its expansion strategy. In August, CTS Eventim announced that it had increased its share in French ticketing company France Billet to 65%.

Live Entertainment remained the largest segment throughout 2023, with revenue of €1.7bn up 18.9% year-on-year. CTS Eventim owns brands such as Rock am Ring and Rock im Park, and operates venues such as Lanxess Arena in Cologne, the Waldbühne in Berlin and the Eventim Apollo in London.

The Ticketing segment, which includes the Eventim, Oeticket and Ticketcorner brands, saw revenue increase by 32.5% to €717m.

Huge growth in Ticketing earnings

The group’s normalised EBITDA came to €501.4m in 2023, which was up 31.9%. A detailed breakdown of outgoings was not included in the ad hoc announcement, with the full annual report due to be published in late March. Live Entertainment EBITDA remained nearly unchanged at €119.1m, while Ticketing was 46.6% to €382.4m.

CTS Eventim said the preliminary figures include income of €37.4m to which group companies are directly entitled that results from compensation paid by the German government to the joint venture autoTicket GmbH, Berlin.

“As the prior-year figures contained a similar volume of income that had been received under pandemic-related economic aid programmes, the year-on- year growth rates shown here reflect the success of the operating business,” CTS Eventim said.

Some of CTS Eventim’s major milestones in 2023 included the launch of a new concert promoter and artist booking company in Switzerland called TAKK ab Entertainment. It also expanded in South America through the acquisition of a majority stake in Punto Ticket and Teleticket through a joint venture with Sony Music Latin Iberia.