MUNICH (CelebrityAccess) — German concert promoter and ticketing company CTS Eventim reaffirmed its view that the European live events market will restart in 2021 as people get vaccinated and lockdown restrictions to combat the coronavirus pandemic are gradually being lifted.
“We’re already seeing a significant increase in demand for live events. People’s longing for shared cultural life is reflected immediately in ticket sales,” said the CEO of CTS Eventim, Klaus-Peter Schulenberg during an investor call for the company’s Q1 results.
To underscore that point, the company pointed to the joint venture it launched with American concert promoter Michael Cohl in early 2020. According to Eventim, 300,000 tickets have already been sold for the North American tour of the legendary band Genesis, which kicks off in Chicago in November.
As well, the company says ticket sales in Germany have also begun to pick up for major and mid-sized artists and events.
“Up and down the country, the stage is set for the gradual opening of bars and restaurants, tourism and also the cultural sector. All this nurtures hopes that the days of no live culture, theatre or concerts are coming to an end,” Schulenberg added
Despite the prognostications of recovery, CTS Eventim faced a bleak first quarter, with revenue off by almost 90% year-over-year, falling to just 19.6 million EUR for the period.
“Our focus is still on strict cost management and efficiency,” Schulenberg insisted, noting that the company was still well-capitalized with 666.8 million in cash and cash equivalents available at the end of the first quarter.