PAN-EUROPE ticketing giant and promoter CTS Eventim reports a 34.7 per cent fall in first quarter (Q1) 2020 group revenue to €184.6 million ($203.2m), as a result of the Covid-19 pandemic.
It says the “virtual standstill” in live entertainment in March, the last month of the quarter, also contributed to a 76.3 per cent fall in earnings before interest, tax, depreciation and amortisation (EBITDA) to €13.5m ($14.9m) compared to €51.7m ($56.9) in the same quarter last year.
Its ticketing arm saw revenue fall 24.4 per cent to €79m ($87m) from €104.5m ($115) in Q1 of 2019.
CTS Eventim’s live entertainment business, which includes its Eventim Live European promoter network, saw revenue fall 40.4 per cent from €182m in Q1 last year to €108.6m.
Despite the sharp declines, CEO Klaus-Peter Schulenberg says the company is well placed to withstand the financial impact of the crisis: “We are benefiting from the group’s good cash flow situation in order to cope with this challenging situation over a longer period of time and even to emerge stronger from this phase afterwards.”
During Q1 ,CTS Eventim expanded the reach of its promoting arm with the acquisition of majority stakes in Switzerland’s Gadget Entertainment, the Barracuda Group in Austria, and by entering a joint venture with veteran US global promoter and former Live Nation chairman Michael Cohl.
The company says it is unable to issue a sufficiently reliable financial forecast for the full year due uncertainties surrounding the ongoing situation.
In November, Schulenberg sold 4.2m shares in CTS Eventim, worth around €220m ($243m), representing more than four per cent of voting rights in the company.