MUNICH, Germany (CelebrityAccess) — German ticketing and concert company CTS Eventim revealed that revenue for the third fiscal quarter of 2020 was down by 92% to just €30.2 million.
Revenue for the company’s live entertainment division was down by 95.5% in the quarter from €276.9 million in 2019 to just €12.4 million this year.
The company’s ticketing division faced similar woes, with revenue for Q3 off by 82.4% from €106.6 million in Q3 2019 to €18.7 million this year.
The company touted its aggressive cost-saving measures, noting it has used the first 9 months of the year to “rigorously reinforce its future viability.”
As well, the company said they have around €800 million in cash and cash equivalents to help them to continue to weather the ravages of the pandemic.
“We have been convinced since the outbreak of the pandemic that the stresses imposed on our company must be seen as a trial of our strengths. That is the basis on which we act. There is no such thing as standstill,” said Klaus-Peter Schulenberg, the CEO of CTS Eventim.
They also highlighted new strategic partnerships with the European Handball Federation and first and second-division Bundesliga clubs, as well as the deployment of new technology platforms aimed at helping venue operators combat the coronavirus.