BERLIN (CelebrityAccess) — European concert and live events promoter DEAG Entertainment announced that revenue and profits fell during the company’s third fiscal quarter but says it’s on track for a successful 2023.
According to DEAG, the company generated revenue of EUR 90.7 million during Q3, compared to EUR 101.7 million in the same period of the previous year, and EBITDA (earnings before interest, taxes, depreciation, and amortization) of EUR 8.7 million, down from the $10.2 million EUR the company earned in Q3 2022.
DEAG said the shortfall was due in part to the “various catch-up effects” following the pandemic that occurred in 2022. DEAG said it has now reached its post-pandemic level and anticipates revenue of more than $300 million EU for the full year.
During the reporting period, DEAG’s results were buoyed by their inventory of shows and live events, including open-air and EDM events including Nature One, Mayday, Syndicate, and Airbeat One. Successful concerts and tours for DEAG included Kiss, Iron Maiden, Die Ärzte in Switzerland, but also Ludovico Einaudi, Donny Osmond, The Sisters of Mercy and Rod Stewart in the UK.
DEAG also noted that its performance was driven in part by taking its ticketing business in-house, with its event portfolio serviced by ticketing platforms myticket.de, myticket.at, myticket.co.uk, gigantic.com and tickets.ie.
“DEAG’s growth in 2023 exceeds our expectations. Without acquisitions in the current year and without significant catch-up effects as in 2022, the company has reached a new level of revenue and earnings compared to the pre-pandemic period. We are particularly pleased with the development in the Ticketing and Services businesses. DEAG is succeeding in selling an increasing share of tickets for concerts and events via its own ticketing platforms. The share of sales by third parties is also increasing. We will continue on our successful growth path, as M&A will remain a building block of our strategy. We are in advanced discussions with potential companies and will continue to establish new companies abroad,” stated DEAG’s CEO Prof. Peter Schwenkow.
