Ticketing and live entertainment company CTS Eventim has posted a positive third quarter, following strong pre-sales for concerts from international artists.
From July to September 2021, revenue in the ticketing segment of the business surged by 225.5% to €61m (£51.3m/$69.2m), compared to €18.7m in 2020. Normalised EBITDA for this sector came to €27.1m as opposed to last year, which amounted to a loss of €11.3m. From January to September, ticketing revenue went up to €110.6m, a year-on-year rise of 3.2%. Normalised EBITDA for this period increased to €91.3m, compared with a loss of €12.7m in the same time frame in 2020.
The live entertainment segment of the business also saw year-on-year improvement in revenue, which increased by 351.2% to €55.7m in the third quarter, though live events are still down compared to pre-pandemic levels. In the previous year, revenue stood at €12.4m. Normalised EBITDA in the third quarter for live entertainment amounted to a loss of €1.1m compared to a previous loss of €3.7m in 2020.
In the first three quarters of 2021, revenue fell by 41.8% to €74.1m and normalised EBITDA was €14.1m compared to €74.1m and a loss of €5.1m.
In the third quarter, Eventim’s consolidated revenue increased by 279.2% to €114.7m compared to 2020’s €30.2m in the same period. Normalised EBITDA came to €26m in the third quarter of 2021 compared to a loss of €15m.
During the first three quarters of 2021, revenue fell 21.3% year on year, from €228.7m to €180m compared to the same period last year, as the first quarter of 2020 had yet to be affected by the COVID-19 pandemic.
Also during this period, normalised EBITDA stood at €105.4m compared to a loss of €17.7m in the first three quarters of 2020. This is in part thanks to cost savings and aid programmes introduced by the German Government, which amounted to around €100m.
Chief executive of Eventim Klaus-Peter Schulenberg said: “We recorded an encouraging increase in revenue in the third quarter. In recent months, we have also forged ahead with our international expansion plans and ensured that CTS Eventim is even better prepared for the future by launching new digital products.”