(CelebrityAccess) — German concert and ticketing company CTS Eventim announced significant growth in sales and earnings for the first half of 2019.
Eventim reported that consolidated revenue for the period increased by 14.8% to €696.6 million for the period when measured against results from 2018.
Normalized EBITDA increased to €11.8 million, up by 18.7% from the €94.1 million the company reported for the first half of 2018. EBITDA margins increased as well, rising to 16.0 percent, a slight improvement over the 15.5 percent in the previous year.
CTS Eventim attributed the growth to performance of both its live entertainment and ticketing segments, the company said.
Segment breakdowns show that ticketing revenue for the first six months increased by 9.2% to €200.2 million euros. Ticket sales were up as well, with more than 23.7 million tickets sold for the first six months of the fiscal year, up by 6.1%.
Live Entertainment was also a growth driver for the company and Eventim reported sales increased by 17.6 percent to €504.5 million euros, topping a half-billion Euros for the first time in a sixth month period for the company.
CTS touted its successful festival portfolio, including Rock am Ring and Rock im Park as well as the acquisitions of events in Italy, and venues operated by the company.
“CTS Eventim is heading for another successful year. Our revenue and earnings growth has gained momentum in recent months and is being driven by both segments. Among other things, we have improved our online ticket volume by more than six percent. In addition, CTS Eventim has set important strategic course for the future: in ticketing through our planned entry into France Billet, in live entertainment through the founding of our promoter network Eventim LIVE,” said Klaus-Peter Schulenberg, CEO of CTS Eventim.
