DEAG’s €253m revenue in ‘year of transformation’

DEAG Group CEO Detlef Kornett has hailed 2024 as an “important year of transformation” for the company in the wake of its Q3 results.

For the first nine months of 2024, the Berlin-headquartered live entertainment business reported record revenue of €252.8m – up 19% year-on-year – while third quarter takings of €120.1m represented a 33% increase on the equivalent period in 2023. It continues to project a year-on-year increase in revenue for the full year.

However, EBITDA of €5.3m was down from €13.8m in the same period of the previous year, with the firm citing numerous investments and “one-off burdens on profitability”. DEAG made three acquisitions during the period and expanded into Italy last month with the addition of Milan-based rock promoter MC² Live.

“2024 is an important year of transformation for DEAG,” says Kornett. “We have initiated and already implemented several investment programmes and continued our Buy & Build strategy despite a challenging environment for the entire industry. We made a clear commitment to these extensive investments and therefore also accepted a decline in EBITDA.”

DEAG staged more than 6,000 events from January to September, including concerts and tours by AC/DC, Andreas Gabalier, UB40, Simply Red, Deep Purple, Judas Priest, Scorpions and Toto. It has sold around 8.5 million tickets for current and upcoming events  – up 35% on the previous year.

“Thanks to our strong financial structure, a diverse and high-calibre event portfolio and strong ticket sales, we are already bullish about 2025”

It also organised German festivals such as Mayday, Indian Spirit, Nature One and Airbeat One, in addition to other events across Europe.

DEAG notes the reporting period was characterised by “significantly higher production costs”, which “could not be fully offset by the rise in ticket prices”, while inclement weather prevented a number of events from going ahead.

It added that competition from major sports events such as the European Football Championships and Summer Olympics had “a noticeable negative impact”.

Looking forward, DEAG is promoting shows with the likes of Slipknot, The Cult, Marilyn Manson and Tream. Its 2025 schedule also includes Stereophonics, Andrea Bocelli and Iron Maiden, Till Lindemann and Böhse Onkelz, among others.

“We are investing heavily to sustainably drive our company’s development and offer our visitors even more unforgettable live experiences, both digitally and on site,” adds Kornett. “Thanks to our strong financial structure, a diverse and high-calibre event portfolio and strong ticket sales, we are already bullish about 2025.”

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