(CelebrityAccess) — German ticketing and live events company CTS Eventim announced a “robust” start to 2022 with revenue up substantially in the first fiscal quarter.
“Concert and festival venues are finally coming back to life. The strong start to 2022 makes us all optimistic that live entertainment will make a robust comeback this year,” said the CEO of CTS Eventim, Klaus-Peter Schulenberg in a press release for the company’s Q1 results.
According to CTS Eventim, the company recorded revenue of €139.2 million, up sharply from the first quarter in 2021 when they reported revenue of just €19.6 million.
Normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) was €23.7 million measured against a loss of €-19.6 million from the previous year’s Q1.
Eventim reported revenue from their ticketing segment of €76.5 million in the first three months of 2022, up from €13.5 million in Q1 2021. Normalized EBITDA for ticketing tipped back into the black for Q1, with CTS Eventim recording €27.2 million following a loss of 13.4 million during the same period last year.
Live entertainment operations rebounded as well, with revenue of €65.1 million in the first quarter of 2022 compared with €6.8 million from the previous year. Normalized EBITDA amounted to a loss of €3.5 million, paring losses from last year, when the company reported a short fall of €6.2 million in Q1.
“We are delighted that ticket sales in April and so far in May too have been well above the level seen in the same period of 2019, which had been a record year. This underpins the hope that the live entertainment sector will really bounce back after an enforced two-year break due to coronavirus,” explained Klaus-Peter Schulenberg. “The live entertainment business ramped up again in our European markets and overseas much sooner than in Germany, where coronavirus restrictions were lifted relatively late.”