Berlin-based DEAG Entertainment Group posted a 70% increase in revenue in Q3 2022 compared to the same period in 2019, according to a recent report.
DEAG has just posted its first financial results for July, August, and September 2022, where it says it generated €101.7 million (currently $105.73 million). (The full earnings report is expected to be published Wednesday.) Besides representing an increase of about 72 percent from Q3 2019, as noted, the revenue represents a change of about 509 percent from Q3 2021’s total earnings.
Meanwhile, DEAG officials announced that the EBITDA of their businesses reached 10.2 million euros in the third quarter of 2022, an increase of 110% or more from 2019 and almost 134 percent from Q3 2021. DEAG says that its more than 30 annual festivals will attract north of 580,000 . “guests” in Germany, Switzerland, Ireland, and the UK, and “sold out” events for Q3 including Switzerland’s Sion sous les étoiles.
The “main reason” for this growth is “a significant increase in operational efficiency due to the removal of many corona restrictions in DEAG’s international markets,” according to the company, which last month bought a majority stake in the operator of Tickets.ie. and “the famous Psytrance/Goa festival of ‘Indian Spirit.'”
Through the first nine months of 2022, the company behind the Belladrum Tartan Festival of Hearts in the UK generated revenues of €235.1 million (up 91 percent from the same level in 2019 and 876 percent from Q1, Q2, and Q3 of 2021) and EBITDA of €. 20.3 million (up 155 percent from 2019 and 53 percent YoY).
Speaking to his company in a statement, the CEO of DEAG Peter LH Schwenkow said among other things: “We are very satisfied with what we have done in the third quarter. … We successfully held countless concerts and events and set a summer record in taking tickets with 3 million tickets sold between June and August only.
“We are experiencing a high demand for tickets to events and concerts. 2022 will be a record year for DEAG. The first quarter of 2023 is already known for its high quality. We hope that our growth will continue in 2022,” concluded Schwenkow.
DEAG’s strong Q3 outlook follows a 2 million euro increase from Europe’s Xceed platform and “quarterly traffic growth” at Live Nation in the third quarter.
Due to the number of events taking place on the road between the rising costs and the packed music calendar, several artists are forced to cancel their tours (or their European dates, for North American artists) for financial reasons. .
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