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CTS Eventim Exceeds 2019 In Q2 Earnings
CTS Eventim published its earnings report for the second quarter of 2022, showing that the company has successfully bounced back from the pandemic, even exceeding the results of the corresponding period in the record year 2019.
The huge number of concerts in the wake of the lifting of coronavirus restrictions and were “extremely well attended, as illustrated by the legendary Rock am Ring and Rock im Park festivals,” according to the company’s Q2 earnings report.
“Live entertainment, which many people really missed during the pandemic, is making an impressive comeback this summer, and this is directly reflected in our business performance,” said CTS Eventim CEO Klaus-Peter Schulenberg, during the presentation of the results.
As usual, the group presents split results for both business segments, ticketing and promotion, as well as overall group results. The group’s revenue in the first six months of 2022 improved from €65.3 million ($65 million) in the prior-year period to €734.4 million ($730 million) in the period January to June 2022.
This consolidated revenue is even higher than in the first half of 2019, when it amounted to €696.6 million ($693 million). According to the earnings report, “this trend was even more pronounced in the second quarter of this year, when revenue increased to €595.1 million ($592 million), compared to €45.7 million ($45.5 million) in the second quarter of 2021 and €413.9 million ($411.8 million) in the second quarter of 2019.
“Although revenue in the first quarter of this year fell far short of the figure for the first three months of 2019 due to the wave of Omicron cases, the strong second quarter of 2022 meant that the combined figure for the first two quarters of 2022 was higher than the figure for the first half of 2019.“
The group’s normalized EBITDA amounted to €129.1 million ($128.4 million) in the first six months of 2022, up from €79.4 million ($79 million) in the prior-year period and €111.8 million ($111 million) in the first half of 2019. As a result of revenue and margin growth in the ticketing business (see below), the group’s normalized EBITDA stood at €105.4 million ($105 million) in the second quarter of 2022, compared to €99.1 million ($98.6 million) in the second quarter of 2021 and €54.7 million ($54.4 million) in the second quarter of 2019.
In the Ticketing segment, revenue rose to €201.5 million ($200.5 million) in the first half of 2022 (previous year: €49.6 million), which was “slightly higher than in the corresponding period of 2019,” according to Eventim.
In the second quarter of this year, ticketing revenue amounted to €125 million ($124.3 million) (previous year: €36.1 million), which was up sharply compared with the pre-pandemic level in the second quarter of 2019. Normalized EBITDA for the six-month period totaled €88.6 million ($88 million) (previous year: €64.2 million), which was also higher than in 2019. Looking at the second quarter only (April to June 2022), EBITDA was €61.4 million ($61 million), lower than in the previous year (€77.6 million), but up considerably compared to the second quarter of 2019.
In the Live Entertainment segment, revenue improved to €541.5 million ($538.7 million) in the first six months of 2022 (previous year: €18.3 million), which was substantially higher than in the corresponding period of 2019. In the second quarter of this year, revenue climbed to €476.4 million ($473.9 million) (previous year: €11.5 million), up sharply compared with the figure three years ago.
Normalised EBITDA amounted to €40.5 million ($40.3 million) in the first half of 2022 (previous year: €15.2 million), which was slightly higher than in the first six months of 2019. In the second quarter of this year, normalized EBITDA was €44 million ($44.8 million) (previous year: €21.4 million) and thus roughly double the figure for the same period of 2019.