BERLIN (CelebrityAccess) — DEAG Deutsche Entertainment Aktiengesellschaft announced that the company is off to a good start in the first quarter of 2024, reporting revenue of EUR 52 million, up 7% from the previous year.
During the same period, DEAG reported that EBITDA rose to approximately EUR 2.9 million, slightly less than Q1 2023 when the company reported EBITDA of EUR 3.1 million. The company attributed the shortfall to “seasonal shifts in business within the genres and the restructuring of the Executive Board.”
According to DEAG, the company saw strong results from its ticketing business, generating approximately 50% of its consolidated revenue through its own and self-produced event formats. As a result, DEAG reported selling around 11 million tickets in the first quarter, more than 1 million ahead of sales figures from Q1 2023 through its platforms myticket.de, myticket.at, myticket.co.uk, gigantic.com and tickets.ie.
DEAG highlighted its “Buy & Build strategy” which included the acquisitions of How To Academy in the Spoken Word & Literary Events segment and ShowPlanr in the shows and musicals category in the UK earlier this year. The company said that it plans further M&A activities later this year and is engaged in active talks with potentially interested companies.
“We were successful in the first quarter and are right on target. This gives us tailwind for the year as a whole and beyond. DEAG is growing organically and is also strengthening its market position as one of the leading live entertainment providers in Europe through targeted acquisitions. Live entertainment means feeling good and getting away from it all. This year, we will once again provide visitors with this ‘little slice of happiness’ on unforgettable evenings. We believe we are very well positioned for further growth and are continuing to expand ticketing in particular as a strong growth driver,” said Detlef Kornett, Group CEO of DEAG.
