CTS Eventim Revenue Jumped 21% in Q2 on See Tickets Acquisition, Strong Festival Business
Written by djfrosty on August 22, 2024
Buoyed by its acquisition of See Tickets from Vivendi and strong festival performance, German concert promoter and ticketing company CTS Eventim saw its consolidated revenue jump 21% to 793.6 million euros ($854.4 million) in the second quarter of the year, the company announced Thursday (Aug. 22). Adjusted earnings before interest, taxes, depreciation and amortization fared even better, rising 23.3% to 110.0 million euros ($118.4 million).
The live entertainment division had revenue of 631.1 million euros ($679.5 million), up 19.7% from the prior-year period, and adjusted EBITDA of 36.6 million euros ($39.4 million), up 5.0%. Four of the top five events took place outside CTS Eventim’s home market: Bruce Springsteen in Spain; and Ultimo, Pinguini Tattici Nucleari and Max Pezzali in Italy. The company’s festival portfolio — which includes Rock am Ring, Rock im Park and Nova Rock — is “off to a good start” and advance ticket sales for upcoming festivals “suggest the upward trend is set to continue,” according to a press release.
Ticketing revenue rose 28.5% to 175.2 million euros ($188.6 million) while the division’s adjusted EBITDA climbed 29.5% to 156.6 million euros ($168.6 million). Notably, See Tickets has been included in CTS Eventim’s accounting since that deal was completed in June. Three out of the top five ticketed events, including concerts by Italian rapper Ultimo and South American reggae group Natiruts, took place outside of Germany.
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“Through See Tickets and its associated live entertainment activities, we have not only enhanced our market position in two of our focus markets — the UK and the US — but also expanded our team to include additional highly motivated and highly qualified units,” CEO Klaus-Peter Schulenberg said in a statement.
Based on the company’s performance in the first half of the year, the CTS Eventim executive board expects adjusted EBITDA “to grow significantly” in the latter half of 2024. The current quarter will get a boost from CTS Eventim’s role as an official ticketing partner for the recently concluded Paris 2024 Olympics and the Paralympic Games, which run from Aug. 28 to Sept. 8.
Following that optimistic guidance, shares of CTS Eventim rose as much as 10.6% before closing at 87.25 euros ($93.94), up 5.8%. The day’s improvement brought the stock’s year-to-date gain to 39.4%.
Looking further into the future, CTS Eventim is building a sustainable arena in Milan, Italy. Construction began in November and remains on schedule, according to the earnings release. Bidding for the naming rights and VIP suites will begin this fall.