German ticketing company plans joint venture with Michael Cohl.
CTS Eventim, the German-based second largest ticketing company in the word, is again eying North America as part of its planned global expansion.
CEO Klaus-Peter Schulenberg announced the news Friday (Sept. 24), saying in a statement the $7 billion company plans to “provide an alternative to the dominant providers” -- a reference to its rival Live Nation-owned Ticketmaster. In 2009, Live Nation had partnered with CTS Eventim to power Live Nation Tickets, a platform meant to challenge Ticketmaster, which dominated North America. But after problems launching the system, Live Nation officials scrapped the deal and reached a surprise agreement to merge with Ticketmaster instead. CTS Eventim sued for breach of contract and Live Nation ultimately prevailed in arbitration in 2013.
The arrival of the Munich-based firm that generated $270 million in net earnings in 2019 was timed to coincide with news that its first U.S. client, Big Apple Circus, was going on sale Sunday (Sept. 26) through CTS Eventim. The long-running show from the world-famous Wallenda family is not taking place inside of a venue but a temporary big tent installation outside of the Lincoln Center in New York.