CTS Eventim has exceeded €1 billion ($1.8B) in revenue during the first six months of the financial year—for the first time. Here’s the latest.
The German promoter and ticketing company says the diversity of its music and sports events in concert with strong demand helped achieve that milestone. “Highlights in the first half of the year included tours of artists such as Herbert Grönemeyer, Hans Zimmer, and P!nk, as well as international sporting events such as the World Athletics Championships that are taking place in Budapest,” the press release reads. Online ticket sales by CTS Eventim from January-June 2023 were up 23% compared to the same period last year (H1 2022).
Consolidated revenue for the first half of 2023 came to €1.021 billion ($1.1B)—a 39% increase compared to the prior-year period. CTS Eventim says this strong performance can be attributed to the lifting of pandemic-related restrictions, which wore into the first half of 2022. “Compared with the corresponding pre-pandemic figure from 2019, revenue was up by 47%,” CTS Eventim brags.
The Group’s normalized EBITDA advanced substantially, reaching €170.8 million ($184.4M) for H1 2023 and €94.8 million ($102.3M) for Q2 2023 (down 5% YoY). Earnings in Q2 2022 were still boosted by government subsidies of €25 million under pandemic-related economic aid programs. Excluding those subsidies, normalized EBITDA increased by 27% YoY in Q2 2023. Compared with the corresponding period in 2019, normalized EBITDA grew by 73%.
Ticketing revenue from January-June 2023 climbed 41% YoY to reach €284.6 million ($307.3M). Unit sales of online tickets rose by 6.4 million compared to H1 2022. CTS Eventim says the sustainable growth in the first half of 2023 can be attributed to the broad range of successful events and tours going on in both the music and sports segments of its ticketing business. Normalized EBITDA rose by 48% to €122.3 million ($132.08M) in H1 2023, with core markets of Germany, Italy, and Austria driving growth.
Revenue in the Live Entertainment segment advanced substantially compared to last year, reaching €751.0 million ($811.08M), while normalized EBITDA for the segment improved to €48.5 million ($52.3M). CTS Eventim notes that Taylor Swift’s highly successful Eras Tour didn’t happen until July, so most of the results of that tour will not be seen until Q3 2023.
