MUNICH, Germany (CelebrityAccess) — German ticketing and live events company CTS Eventim heralded a record-breaking year as their financial results for the second fiscal quarter of 2022 revealed they have exceeded by far their pre-pandemic earnings.
“Live entertainment, which many people really missed during the pandemic, is making an impressive comeback this summer, and this is directly reflected in our business performance,” said the CEO of CTS EVENTIM, Klaus-Peter Schulenberg, when the results for the first six months of 2022 were presented.
According to CTS Eventim, overall revenue for Q2 was €595 million, far exceeding the €46 million they posted during Q2 2021 and 31% ahead of the same quarter in pre-pandemic 2019.
Live entertainment was a key driver for CTS Eventim in the quarter, with the segment representing €476 million in revenue, up 48% from Q2 2019 and many multiples ahead of the €12 million in revenue posted in Q2 2021. EBITDA improved as well, with the live entertainment segment generating €44 million, up 98% from Q2 2019.
CTS Eventim’s ticketing segment played a role in the positive results as well, with revenue of €125 million during the quarter, up 31% from Q2 2019. EBITDA for ticketing was €61 million during the quarter, up by 89% from Q2 2019.
“Given the robust relaunch of cultural activities and live events, we are very optimistic that our industry has now finally turned the corner after two very difficult years,” continued Schulenberg. “However, increasing prices, a lack of staff, the threat of an energy shortage and uncertainty about how the pandemic will unfold remind us that the long-suffering events sector has not yet emerged from the crisis. Nevertheless, we believe that CTS EVENTIM is ideally placed to continue seizing opportunities in order to maintain its growth trajectory.”
Despite the rosy second quarter results, Eventim still cautioned investors about the rest of the year, noting that substantial uncertainty about the pandemic and currently turbulent political climate in Eastern Europe.
“Despite the healthy business performance in the first half of the year, the Management Board continues to believe that it is not possible to provide a precise forecast for 2022 owing to the uncertainty about the pandemic and the geopolitical situation going forward. Assuming that neither a renewed outbreak of the pandemic in autumn and winter 2022 nor the war in Ukraine and its fallout result in substantial difficulties, the Management Board anticipates a significant year-on-year increase in earnings.” CTS Eventim said.
