BERLIN (CelebrityAccess) — German live events company DEAG announced the financial results for the first nine months of 2024, reporting record-breaking revenue gains but “challenges” for the company’s earnings.
According to DEAG, revenue for the reporting period rose 19% year-over-year to €252.8 million, with Q3 revenue increasing 33% to €120.1 million. A record-breaking revenue year is anticipated for 2024.
At the same time, DEAG faced headwinds that included higher production costs, weather disruptions, and major sporting events that impacted the live entertainment sector.
DEAG noted that the company spent “significant funds” on IT infrastructure, ticketing platforms and the expansion of international operations, particularly in Italy, Spain, and the U.S. along with one-off costs for executive restructuring which led to a decline in EBITDA from €13.8 million to €5.3 million during the period.
During the first 9 months, DEAG organized more than 6,000 events with 8.5 million tickets sold (+35% YoY). Upcoming events include performances by Slipknot, Iron Maiden, and Andrea Bocelli.
“2024 is an important year of transformation for DEAG. We have initiated and already implemented several investment programs and continued our Buy & Build strategy despite a challenging environment for the entire industry. We made a clear commitment to these extensive investments and therefore also accepted a decline in EBITDA. We are investing heavily to sustainably drive our company’s development and offer our visitors even more unforgettable live experiences, both digitally and on site. Thanks to our strong financial structure, a diverse and high-caliber event portfolio and strong ticket sales, we are already bullish about 2025,” commented Detlef Kornett, Group CEO of DEAG.
