BERLIN (CelebrityAccess MediaWire) — A new report by SADIF Investment Analytics has given CTS Eventim a positive rating, suggesting that the German promoter has thus far escaped from the worst of the financial downturn.
This may come as a surprise to many European investors who had expected the live entertainment industry to be one of the hardest hit in the face of growing international economic woes.
During the first nine months of 2008, CTS Eventim recorded a 3.7% increase in sales and earnings growth of 5.9% compared to the first nine months of 2007, growth largely based on the company's ticketing operations.
CTS has had a big year, with expansion moves into several key markets, including Sweden and Finland and a pact with Live Nation to help the promoter create in-house ticketing services to challenge the dominant player in the market, Ticketmaster.
Still, not everything's coming up roses for CTS. The recession bug is spreading through Europe with several countries already clearly in a technical recession while others are trending in that direction and the company's Live Entertainment unit has already seen a 3% drop-off in revenues this year compared to the first nine months of 2007. – CelebrityAccess Staff Writers