MUNICH, Germany (CelebrityAccess) — German ticketing and live entertainment company CTS Eventim revealed that company’s second fiscal quarter was brutal, with revenue falling by 96.6% to 13.9 million.
However, according to the company, “rigorous” measures to reduce costs and improved efficiencies reduced the impact of Q2 on EBITDA, which, normalized, reoresented a loss of just -16.2 million million for the second quarter.
The cost-cutting measures included delaying investment and electing not to issue a dividend for shareholders in2 020.
Segment breakouts revealed that revenue from live entertainment fell by EUR 504.5 million in the first half of 2019 to just EUR 114.9 million for the first half of 2020, representing a decline of 77.2 percent .
Ticketing revenue for the first half of 2020 fell by 55.8 percent from EUR 200.2 million in the first half of 2019 to EUR 88.4 million during the same period this year.
ven though we are currently experiencing the most difficult phase ever in our corporate history as a result of the corona pandemic, we are looking confidently to the future. Crises are above all an opportunity for a company to show its strengths. Thanks to prudent management in the past, to the solid cash flow situation we have as a result, to rigorous cost-cutting and efficiency-boosting measures, to our forwardlooking technologies and thanks, last but not least, to our highly motivated employees, we are also well placed to face such a difficult market environment as it is at present. We will emerge from the crisis stronger and more agile,’ said CTS Eventim CEO Klaus-Peter Schulenberg.
‘It’s a hopeful sign that events with several hundred visitors are now taking place again. Our LANXESS arena in Cologne was a forerunner in that respect, and concerts with a total capacity of up to 5,000 people are planned as tests for this coming September in our Waldbühne arena in Berlin, with an appropriate hygiene concept. We know that enthusiasm for live events is unbroken, despite corona,’ he added.
Eventim declined to provide guidance for the remainder of the year, noting that “major uncertainties” continue to impact the live touring industry and will do so for the foreseeable future.