MUNICH (CelebrityAccess) — German ticketing and live events company CTS Eventim reported strong financial results for the first half of 2023, with sales up by 39% year-over-year to €1.021 billion euros.
Adjusted earnings before interest, taxes, depreciation, and amortization rose to €170.8 million, also a 39% increase from a year ago. Eventim’s adjusted EBITDA margin came in at 17% for the first half of 2023, compared with 18% last year.
According to Eventim, their results were bolstered by the ending of COVID restrictions as well as successful tours by artists such as Herbert Grönemeyer, Hans Zimmer, and P!nk.
Eventim also pointed to their sports segment, bolstered by events such as the World Championships in Athletics, which are currently being held in Budapest.
For Eventim’s ticketing operations, sales were up by 41% to €284.6 million compared to the previous year and normalized EBITDA increased by 48 percent to €122.3 million euros in the first half of the year.
According to CTS Eventim, the company’s ticket sales increased by 6.4 million more during the first half of 2023 than the previous year, with the company’s core markets of Germany, Italy, and Austria serving as the main drivers of growth for the segment.
Eventim’s live entertainment division also posted gains, with sales u by 39% year-over-year to 751.0 million euros. EBITDA rose to €48.5 million, up by 21%.
“The growth is the result of our broad and deep portfolio and the successful internationalization strategy. After the market distortions caused by catch-up effects caused by Corona, CTS EVENTIM is back in ‘normal operation’. For us, normal means dynamic growth under our own steam and the development and expansion of existing and new business areas. The first half of the year has shown that CTS EVENTIM is successfully mastering the current economic challenges at all levels with great flexibility and a great deal of entrepreneurial spirit and is maintaining its dynamic growth course. In all relevant dimensions, the market and the group are far above the pre-corona level,” stated Eventim CEO Klaus-Peter Schulenberg.
