Featured Image: Photo by Chris Liverani on Unsplash
Ticketing and live entertainment company CTS Eventim has seen its annual revenue surpass the €2bn (£1.7bn/$2.1bn) mark for the first time as it rises by 22% to €2.359bn.
It is the company’s 18th record figure since its initial public offering (IPO) in 2000 while its normalised EBITDA increased by 32% to reach €501.4m.
“These excellent results are proof that live entertainment is once again driving the arts and creative sectors,” said CTS Eventim chief executive, Klaus-Peter Schulenberg.
“We owe this primarily to the creativity of the artists who delight their fans around the world day in, day out.
“It is also thanks to the countless promoters who, with their boldness and entrepreneurial spirit, stage events and create unforgettable experiences.
“And last but not least, our team and our technologies ensure that live cultural events can thrive and that everyone involved can make a living from their work.
“Our platforms and systems are synonymous with performance and reliability – as are the Company itself and everyone who works here.”
The group managed an unexpectedly successful fourth quarter which exceeded projections to help achieve the figure. Its international activities were also crucial as they accounted for more than half of the consolidated revenue.
A total of €607.8m of revenue was made in the last quarter of 2023, marking a considerable improvement on the same timeframe in 2022 when €497.1m was generated.
The business states that its biggest driver of growth last year was the ticketing segment, which made an annual revenue of €717.3m and normalised EBITDA of €384.4m.
It also reported “significant momentum resulting from expansion in the USA” for its live entertainment segments.
New partnerships with Mammoth, Inc. and AG Entertainment Touring are said to have contributed to a boost for its US business.
The success has resulted in the highest dividend in the company’s history at €1.43 per share.
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