Live entertainment revenue at the German event producer fell 40.4% due to the suspension of concerts across Europe. Europe’s coronavirus crisis took a huge toll on German event producer CTS Eventim in the first quarter, leading to a 34.7% decline in revenue to €184.6 million ($202.1 million) and clouding the outlook for the remainder of 2020.
Due to countries’ suspensions of concerts and other gatherings due to the coronavirus pandemic, CTS Eventim’s live entertainment revenue fell 40.4% to €108.6 million ($118.9 million) while ticketing revenue fell 24.4% to €79 million ($86.5 million).
CTS Eventim had been growing quickly until the pandemic threw the touring industry into disarray. In 2019, revenue rose 16.2%, and adjusted earnings