Featured Image: Laura Stanley
CTS Eventim has broken through the €2bn (£1.7bn/$2.1bn) revenue barrier for the first time in a nine-month period.
The German ticketing and live entertainment business posted a revenue of €2.07bn for the first three quarters of 2024, a 15.8% increase on the same period in 2023.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose 12.1% to total €322.7m for the first nine months of the year.
The Group’s third quarter revenue amounted to €825m compared to €729m during the same period the year prior, equating to a 13.1% increase. Adjusted EBITDA for this same period totalled €120.6m.
Breaking it down further, the ticketing segment brought in €206.6m in the third quarter compared to €174.6m during Q3 last year. For the first nine months of 2024, the ticketing division brought in a total of €564.6m compared to €459.3m in 2023. This is a 22.9% increase.
Live entertainment’s revenue amounted to €628.4m during the third quarter of 2024, an increase of 11.4% on €583.9m during the same period the year prior. For the nine-month period, live entertainment’s revenue totalled almost €1.5bn, compared to €1.3bn during the first nine months of 2023 – a 13.7% increase.
Adjusted EBITDA for the ticketing division amounted to €84.1m during the third quarter and €240.7m during the first nine months of 2024. In the live entertainment segment, adjusted EBITDA for the third quarter totalled €36.5m compared to €48.7m the year prior. For the first nine months of 2024, adjusted EBITDA for live entertainment reached €82.1m compared to €84.6m during the same period in 2023.
“CTS Eventim is continuing to deliver stable growth in an increasingly volatile political and economic environment. The strategy of boosting rapid expansion and making the portfolio more financially resilient has proved to be key to our Group’s long-term performance,” commented Klaus-Peter Schulenberg, chief executive of CTS Eventim.
“In the third quarter, factors such as the acquisition of See Tickets, the merger of two strong event companies, and the performance of both our Eventim Live Group and our venue activities, enabled us to lay strong foundations for our Group’s long-term success.”
CTS Eventim confirmed last week that it had been given the green light for a new 20,000-capacity arena in Vienna.
The Austrian capital had originally signed an agreement with Oak View Group to develop the venue, but this was overturned after CTS Eventim raised issues around the bidding process.
Share this