Concert and festival promoter DEAG Entertainment Group registered a record-breaking summer, as the Berlin-based conglomerate witnessed a 72% increase in revenue compared to pre-pandemic times.
DEAG Entertainment’s sales revenue in the third quarter racked up a whopping €101.7 million (£87.4 million), with the full report expected to be published on Wednesday. Besides reflecting a 72% increase compared to the same period in 2019, the sum also showcases a 509% boost from 2021’s Q3.
The company, which also owns Gigantic Tickets, Fane Productions and UK Live, described ticket sales as a “well-filled” event pipeline. DEAG’s earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a 110% increase from 2019 to €10.2 million.
For the first nine months of the year, the live music promoter’s revenue amounted to €235.1m (£202.1m), a 91% increase compared to the same period in 2019. With a portfolio of over 30 annual music festivals and a shared capacity of 580,000, DEAG said that sold-out events played a pivotal role in this year’s performance.
DEAG’s CEO professor Peter Schwenkow said that despite the economic squeeze, 2022 would be a record year for the company.
“We successfully staged countless concerts and events and recorded a record summer in ticketing with 3 million tickets sold between June and August alone.”
As the live music industry reawakens and DEAG bounces back, the company expects the revenue to exceed €300 million for the entirety of 2022.