Featured Image: Pexels
DEAG Deutsche Entertainment (DEAG) has reported a 7% uptick in revenue, with ticket sales witnessing a 28% boost across the group.
Revenue amounted to roughly €52m (£44.2m/$56.2m) in the first quarter of 2024, up from €48.2m during the same period the year prior. EBITDA (earnings before interest, taxes, depreciation and amortisation) in Q1 amounted to €2.9m, slightly down on last year’s €3.1m.
DEAG said that the figure was in line with expectations due to seasonal shifts in business within the genres and the restructuring of the Executive Board as of April 1 2024. The Berlin-headquartered entertainment company said it now generates half of its consolidated revenue through its own and self-produced event formats.
For the entirety of 2024, DEAG is expecting to sell roughly 11 million tickets, which will be slightly more than the 10 million sold the year prior. DEAG sells tickets through the group’s own ticketing platforms Myticket, Gigantic and Tickets.ie.
“We were successful in the first quarter and are right on target. This gives us tailwind for the year as a whole and beyond. DEAG is growing organically and is also strengthening its market position as one of the leading live entertainment providers in Europe through targeted acquisitions,” said group chief executive Detlef Kornett.
“Live entertainment means feeling good and getting away from it all. This year, we will once again provide visitors with this ‘little slice of happiness’ on unforgettable evenings. We believe we are very well positioned for further growth and are continuing to expand ticketing in particular as a strong growth driver.”
DEAG posted a revenue of approximately €313m for the 2023 financial year, with Kornett taking on the role of sole CEO after founder Peter Schwenkow announced he was stepping aside.
Share this