Basket of Light festival is utilising a tiered ticketing system for its 2023 event, with attendees paying prices in relation to their income. The UK festival will take place from June 8-11 in a secret location, which will be sent to ticket-holders closer to the time. However, organisers state on the website that it will …
Hybe to sell SM Entertainment stake to Kakao
South Korean music label Hybe, which manages K-pop boy band BTS, has said it aims to sell its entire stake in entertainment company SM Entertainment, by accepting a tender offer from South Korean internet giant Kakao. According to a report from Reuters, Hybe will sell its 15.8% stake in SM Entertainment for 564 billion won …
Maoyan Entertainment continues to battle pandemic-affected trading conditions
Maoyan Entertainment, an entertainment services provider in China, has witnessed a decrease in its annual financial reporting in 2022, as the country continued to be affected by COVID-19 restrictions. Revenue decreased from RMB 3.3bn (£393m/€450m/$480m) in 2021 to total RMB 2.3bn in 2022, while gross profit was also down from RMB 1bn compared with RMB …
DEAG continues upward trajectory with record 2022
Entertainment company DEAG posted its highest revenue and EBITDA in company history in 2022. According to preliminary figures, revenue in 2022 amounted to €325m (£288m/$354m) compared to €90.7m in the year prior. This is an increase of 258% compared to 2021, and also an increase on the €185m posted in 2019. Consolidated revenue amounted to …
CTS Eventim posts record results for 2022
Ticketing and live entertainment company CTS Eventim has revealed its full-year financials for 2022, with record results. Consolidated revenue amounted to €1.9bn (£1.7bn/$2bn) in 2022, representing an increase of 372% compared to the previous year’s €408m. Eventim offered a glimpse at the company’s successful 2022 earlier this month. The group’s normalised EBITDA amounted to €384m …
FC Barcelona sets single match ticket sales record
FC Barcelona generated a record €8.2m from ticket sales from its LaLiga game against rivals Real Madrid over the weekend. It is believed that the figure is a record for a single match at Spotify Camp Nou, with around €3m contributed from the VIP boxes alone. As many as 95,745 people packed the stadium for …
UK theatres welcome Budget tax relief extension
UK theatres and other arts and cultural organisations have welcomed the extension of tax relief announced in today’s Budget. Chancellor Jeremy Hunt extended the higher rates of Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and Galleries Exhibitions Tax Relief (MGETR) for two years. The temporary higher headline rates of relief will be …
Over 1,500 people join model lawsuit against Eventim
CTS Eventim is at the centre of a model determination lawsuit in a dispute over the refund of tickets prices with more than 1,500 people joining. A spokesperson for the Consumer Centre Federal Association told the German Press Agency that by the end of February, 1,513 consumers had entered the register of complaints. The association …
Vivid Seats wraps up first full year as public company with increased revenues
Vivid Seats wrapped up 2022 with a 35% increase in revenues, as well as an improved net income compared to a COVID-19-interrupted 2021. The ticketing exchange and resale company posted $600m (£500m/€563m) in revenues across 2022 compared to $443m the year prior, while marketplace GOV amounted to $3.2bn compared to $2.4bn in 2021. Net …
Ticketing start-up Jump raises $20m in funding round
Ex-baseball player Alex Rodriguez and business partner Marc Lore have raised $20m (£17m/€18m) in a recent funding round for a new ticketing and fan experience business. The funding round for start-up Jump was led by Forerunner Ventures and joined by Courtside Ventures, Will Ventures and Marty Ventures. We’re leading the $20M round for JUMP, an …