IMAP SEPTEMBER 2017

Live Music
Entertainment
Roadmap to live music entertainment
acquisitions with a special focus on festivals
IMAP M&A SECTOR REPORT
 LIVE MUSIC ENTERTAINMENT Executive summary Executive summary TELEMATICS

Live music entertainment related opportunities

in numbers
Favorable market environment and improving M&A
Table of contents
04 MARKET OUTLOOK AND SUMMARY

83% 3.0% 40 05 DRIVERS OF LIVE MUSIC ENTERTAINMENT

SHARE OF TOURING PROJECTED CAGR AVE. ANNUAL GLOBAL MARKET
REVENUES OF TOP 20 2016-2020 TRANSACTIONS
MONEY MAKERS
06 REVENUE STREAMS OF TOP ARTISTS

07 FESTIVAL INDUSTRY TRENDS

08 HOW TO GROW: ACQUISITIONS VS. ORGANIC

GROWTH

09 NUMBER OF ACQUISITIONS BY LIVE

ENTERTAINMENT AND EVENT ORGANIZATION
PLAYERS

INCREASING STRONG GROWTH M&A ACTIVITY UP

10 UNIVERSE OF MUSIC EVENT ORGANIZATION
IMPORTANCE RELATED ACTIVITIES

Artists are now more

dependent on earnings
Total live music revenue
will rise at a 3.0% CAGR
through 2020,
The two main drivers:
geographic expansion
and tapping into
11 TRANSACTION DENSITY BY AREA OF OPERATION

from live music

performance than ever
exceeding USD
28 billion, globally.
related revenue
streams.
12 PEER TRANSACTION MULTIPLES
before.
CASE STUDIES:
13 LIVE NATION ENTERTAINMENT
17 CTS EVENTIM
19 DEAG
21 ULTRA MUSIC FESTIVAL
22 RED BULL

23 APPENDIX

24 ABOUT IMAP

2 IMAP
IMAP IMAP 3
 LIVE MUSIC ENTERTAINMENT Outlook & summary Market drivers LIVE MUSIC ENTERTAINMENT

Market outlook and summary Drivers of live music entertainment market

Younger revellers worldwide are seeking live performance experiences

The world is getting younger: in 2014 1.8 billion of

the world’s population was between 10 and 24 years

Festivals
old - a record high - and global literacy has improved
significantly. Combined with strong economic growth
Favorable market environment and improving M&A activity this drives a need for culture and entertainment
offerings, especially in Asia and Africa.

The appetite for physical events and venues has

definition:
Total live music For active live In terms of number Public transaction The most active
increased. The music industry has shifted to live “SPECIAL SEGMENT OF THE LIVE
revenue is entertainment of transactions, the multiples are investor in
events, and revenues from live shows now surpass MUSIC ENTERTAINMENT BUSINESS:
expected to players, diverse outstanding results scarce, the known acquisitions has
recorded music sales in some regions. In Europe, AN ORGANIZED SERIES OF CONCERTS
rise at a 3.0% activity related of 2014 might ones range on a been Live Nation,
ticket revenues for live music performances are now TYPICALLY HELD ANNUALLY IN THE
CAGR through acquisitions return in 2017 and healthy interval: expanding further
more than twice of recorded music sales. SAME PLACE.”
2020, exceeding could be a viable 2018. 6x-15x EV/EBITDA into ticketing and
USD 28 billion, option for growth, promotion.
Festivals are an increasing asset for cultural tourism
globally. Despite especially in case worldwide, and developing cultural infrastructure is
the overwhelming of investing in especially important for emerging countries, which
expansion of the ticketing, venues will attract more than half of international tourists by
digital world, live and promoters 2030.
entertainment with good track
events give fans a records and Source: IMAP, EY – Cultural Report, PWC: Global entertainment
type of experience networks. and media outlook 2016-2020
that is unparalleled
and engaging.

4 IMAP IMAP 5
 LIVE MUSIC ENTERTAINMENT Revenue streams of top artists Festival industry trends LIVE MUSIC ENTERTAINMENT

Revenue streams of top artists Festival industry trends

Live entertainment is the main driver of revenues Trends driving the future of festivals can be grouped into four sections

Taylor Swift
Kenny Chesney
The Rolling Stones
Billy Joel NEW DIMENSIONS
ARTISTS SOCIAL MEDIA TECHNOLOGY
One Direction
Grateful Dead Artists are turning their Fans expect a mix of Immersive theater, Virtual Strong competition
Luke Bryan gaze to touring to take options and more Reality and Augmented and festival export (e.g.
U2 advantage of the massive personalized experiences Reality will influence live Lollapalooza going to
Adele jump in artist fees music performances Berlin)
Maroon 5 Social media provides
Lack of strong headliners hard cash benefits Blockchain solutions Reconsider catering
Jason Aldean options: in-house or
(announcement dates to event organizers, may transform ticketing
Shania Twain are earlier: 8-9 months especially in ticket sales solutions and licensing outsource, “food-line-ups”
Dave Matthews Band instead of 3-4) – channeling royalty collection for or new lines: veggie, bio,
Madonna influenced by cheap public performances organic, local
Elton John airline tickets Video content and live
broadcasting on mobile Hybrid music events bring Increasing staff numbers
Rush
Activism (political) is is becoming increasingly in bigger audiences and to secure better
Ed Sheeran experience derived from
expected to revive the live important more money (eg. film,
Juan Gabriel professionalism and
music community media and video games)
Florida Georgia Line security needs
Fleetwood Mac Artists are recognizing Online ticketing unlocks
the role sponsors play in powerful data and Need to take a look
helping to fund festivals, insights like never before at how to tackle the
and are more willing to challenges posed
Sales Streaming Publishing royalties Touring
participate in auxiliary Mobile technology by extreme weather
U.S. revenues only, Revenue from merchandising, synchronization and sponsorship is not included. Source: Billboard.com
activities (Lady Gaga’s improves the conditions
Dive Bar Tour, sponsored overall attendee
by Bud Light). Brands experience (tickets, Increase revenues from
will become even more cashless payment and up- potential upgrades (VIP
intertwined with artists to-minute event guides) and VVIP)

RFID technology and Niche, high-end boutique

smart cards add value gatherings: targeting
Touring revenues for top artists The total revenue of Top20 artists At the same time for mid-tier acts, once inside the event the wealthier and family
are the main source of income. for 2015 according to Billboard’s that are far from this ranking, demographics
estimates was USD 448 million. live performances drive sales for Live streaming events
On average the split was: recorded music and generate keep fans connected and
engaged digitally
- Touring 83% airplay. At their levels touring is
- Sales 11% not as lucrative as for the top
- Publishing royalties 4% bands, but still an obligatory
- Streaming 2% exercise.

6 IMAP IMAP 7
 LIVE MUSIC ENTERTAINMENT How to grow Number of acquisitions LIVE MUSIC ENTERTAINMENT

How to grow: acquisitions vs. organic growth Number of acquisitions by live entertainment
and event organization players
Expanding in the live music entertainment business has two different paths

In 2017 we see an uptick in the number of deals by industry players*

ORGANIC GROWTH / IN-HOUSE 90

ACQUISITIONS
DEVELOPMENT
80
Decide on strategic directions incl. Decide on strategic directions incl.
PROCESS geographies geographies
70
Research potential targets Develop new content, businesses, find
Start negotiations new markets
 Pay, manage and/or integrate Invest in implementation and go to 60
market
50

40

Fewer management issues as usually Flexibility

PROS 30
owner remains in management role Higher chance to reach better returns /
Better estimate / limit on spending margins
Well established business model Less dependent on available, good quality, 20
Profit in place – more predictable independent businesses on sale
business 10

Strong competition from established T

 ime heavy exercise for management 0
CONS players Higher risk as concept is not proven 2012 2013 2014 2015 2016 2017
Difficult pricing if it has to be based on
poor financials
* Covering global transactions where percentage of acquired stake is 51% or above
Source: Zephyr / IMAP

The focus of this sector report

For this research, as opposed to taking the usual

approach of comparing deals (e.g. targets) in the sector,
we took a different approach and examined the activity
of players already present in the entertainment/event
business.

In 2014, the number of transactions executed by arts

facility operators and convention organizers (excluding
business/conference purpose and sports deals) peaked at
83 yearly, based on the data provided by Bureau Van Dijk.

T
 he most active players were Live Entertainment Group
and Live Style Inc. (formerly SFX Entertainment Inc.).

8 IMAP IMAP 9
LIVE MUSIC ENTERTAINMENT Benchmarking Benchmarking LIVE MUSIC ENTERTAINMENT

Universe of music event organization Transaction density by area of operation

related activities
There are clear directions that the main players follow
Live entertainment involves a wide range of businesses

VENUE OPERATOR
VENUE OPERATOR TOUR / CONCERT / TICKETING (BRANDED /
EVENT / FESTIVAL WHITE LABEL
TOUR / CONCERT / EVENT TICKETING (BRANDED /
ORGANIZER OR SOLUTION)
/ FESTIVAL ORGANIZER WHITE LABEL
PROMOTER
OR PROMOTER SOLUTION)

OTHER
FORMATS ON-SITE PAYMENT
OTHER SOLUTIONS
ON-SITE PAYMENT
FORMATS
SOLUTIONS FESTIVALS /
FESTIVALS / CONCERTS /
CONCERTS / OTHER EVENTS
ARTIST
OTHER EVENTS
MANAGEMENT/ MOBILE APPS AND
ARTIST
AGENCY ONLINE SOLUTIONS
MANAGEMENT/ MOBILE APPS AND
AGENCY ONLINE SOLUTIONS

EQUIPMENT PR & MARKETING

(INCL. DIGITAL)
EQUIPMENT PR & MARKETING
(INCL. DIGITAL)
MERCHANDISING
& LICENSING
MERCHANDISING
Low High
& LICENSING
Number of examples
See appendix for detailed description of the categories.

After studying the value chain of the event market We have not seen examples for enterprise level-
T
 he analysis of live music entertainment related and the M&A activities of large international players, investments in:
activities resulted in 10 areas or activities via which we have identified potential categories for expansion: Equipment, with strong physical characteristics
an industry player or outsider can enter. Geographical expansion and extending event (sound, light, stage, security and facility)
offering via acquisition of: tour promoters, concert, Artist management or agency
T
 hese activities range from acquisition of a event and festival organizers
ticketing solution to the equipment needed for T
 aking advantage of other revenue streams in As they are competing for live entertainment events,
staging a production. the value chain: ticketing, merchandising, PR and it might be worth considering entering the market of:
marketing Non-music event segment (theatre, circuses,
T
 he decision should be made wisely, eg. revenue New, supplementary businesses: on-site payment, shows, comedy, discotheque)
stream distribution could show surprising results, mobile apps and online solutions Sport events
according to a German survey* 25% (!) of all
revenues come through ticketing. Other directions that might be relevant in the long run:
Venue operation
* Berthold Seliger “Das Geschäft mit der Musik“ via DZ Bank

10 IMAP IMAP 11
 LIVE MUSIC ENTERTAINMENT Peer transaction multiples Live Nation’s current coverage LIVE MUSIC ENTERTAINMENT

Peer transaction multiples Live Nation’s current coverage

EV/EBITDA
Date Target name Country Target business description Acquiror Deal type EV (EUR M)
(x) 53 transactions made since 2006
Tour / concert / event / festival organizer or promoter

2014 Zibrant Ltd GB Event management services Zebra 1234 Ltd Acquisition 2.5 6.0
100%
VENUE OPERATOR
2014 Kilimanjaro Live GB Entertainment events promotion DEAG Concerts Acquisition 6.7 13.7
Ltd services, Live music events GmbH 51%
TOUR / CONCERT / TICKETING (BRANDED /
promotion services EVENT / FESTIVAL WHITE LABEL
ORGANIZER OR SOLUTION)
2012 Hammersmith GB Live music and performance venue Stage C Ltd Acquisition 23.2 6.0
Apollo Ltd 100%
PROMOTER

Ticketing

2016 Best Union IT Event organisation and Bidco Acquisition 40.2 9.7
Company Spa management services, Online 75% OTHER
ON-SITE PAYMENT
electronic ticketing services FORMATS
SOLUTIONS
2014 Irec Eurl FR Ticketing software developer Best Union Acquisition 5.6 5.6
Company Spa 100%

2013 Encore Tickets GB Theatre ticket agency operator MBO Team – UK 100% 79.1 14.2
Ltd

2012 Infoconcert Sa FR Online ticket retailer Digitick Sa Acquisition 1.5 8.5 ARTIST
100%
MANAGEMENT/ MOBILE APPS AND
2011 West End GB Theatre ticket booking services Encore Tickets Acquisition 11.0 8.6 AGENCY ONLINE SOLUTIONS
Theatre Ltd 100%
Bookings Ltd

Other formats

2015 Stage NL Theatrical and live entertainment CVC Capital 60% 737.8 13.1
EQUIPMENT PR & MARKETING
Entertainment production services holding Partners Ltd
BV company Ambassador (INCL. DIGITAL)
Theatre Group Ltd

Diversified
MERCHANDISING
& LICENSING
2017 See Corporation BM Artist management services, Event Giant Lead Acquisition 27.4 12.0
Ltd organisation services, Film and TV Profits Ltd increased Number of transactions
programme production services from 34% to since 2006 Coverage
investment 100% acting
in concert

2015 Cube KR Artist management services, Woori Special Acquisition 32.1 15.3
Entertainment Concert production services, Purpose 100%
Inc. Music publisher, Visual contents Acquisition 2 Co.,
production services Ltd
As a leading player, Live Nation
Entertainment has a remarkable
transaction history (53 transactions since
2006, excluding subsidiary transactions),
mostly made in the sectors of:
T
 our promoters
T
 our / concert event / festival organizer
T
 icketing
Mobile apps and online solutions
PR & marketing (incl. digital)
Merchandising & licensing

Including subsidiary transactions

Source: Zephyr

12 IMAP IMAP 13
 LIVE MUSIC ENTERTAINMENT Live Nation transaction history Live Nation transaction history LIVE MUSIC ENTERTAINMENT

Live Nation transaction history 1/3 Live Nation transaction history 2/3

Date Target name Country Target business description Acquiror Deal type Date Target name Country Target business description Acquiror Deal type
2006 HOB US Concert promotion services, LIVE NATION INC. Acquisition 100%
Tour / concert / event / festival organizer or promoter
ENTERTAINMENT Live music venues operator,
2017 ISLE of WIGHT GB Live music event operator LN-GAIETY HOLDINGS Acquisition unknown INC. Restaurants operator
FESTIVAL LTD majority stake % 2006 CONCERT NL Concert production services LIVE NATION INC. Acquisition 50%
PRODUCTIONS
2017 BLUESTONE IL Live entertainment management LIVE NATION Acquisition unknown
INTERNATIONAL
ENTERTAINMENT services ENTERTAINMENT INC. majority stake %
INC.
2017 CUFFE AND GB Artist promotion services, Events LIVE NATION Acquisition 100% 2009 GREAT BIG SHOWS US Concerts and theatrical events AC ENTERTAINMENT Acquisition 100%
TAYLOR LTD organisation services ENTERTAINMENT INC. LLC promoter, Corporate event INC.
2017 BOTTLEROCK NAPA US Live rock music festival operator LIVE NATION Acquisition unknown organiser, Logistics services,
VALLEY ENTERTAINMENT INC. majority stake % Theatrical events producer
Ticketing
2016 SECRET SOUNDS AU Festivals, music agencies and LIVE NATION Acquisition 51%
GROUP PTY LTD artists management agency AUSTRALASIA PTY LTD 2017 TICKETPRO AS CZ Online ticket reservation platform LIVE NATION Acquisition 100%
services, Music rights owner, operator, Ticket reservation ENTERTAINMENT INC.
Musical festivals organisation offices operator
services
2016 TICKETHOUR SA GR Ticketing software developer LIVE NATION Acquisition 100%
2016 NOUS SAS FR Music events production services LIVE NATION Acquisition 100% ENTERTAINMENT INC.
ENTERTAINMENT INC. 2015 FRONT GATE US Festival ticketing services TICKETMASTER Acquisition 100%
2016 BIG CONCERTS ZA Live entertainment promotion LIVE NATION Acquisition 51% TICKETING ENTERTAINMENT INC.
INTERNATIONAL services ENTERTAINMENT INC. SOLUTIONS LLC
(PTY) LTD 2015 UNIIVERSE CA Event ticketing platform operator TICKETMASTER Acquisition 100%
COLLABORATIVE ENTERTAINMENT INC.
2016 SWEDEN ROCK SE Live rock festival and music LIVE NATION Acquisition unknown LIFESTYLE INC.
FESTIVAL AB entertainment operator ENTERTAINMENT INC. majority stake %
2014 SEATWAVE LTD’S GB Online ticket sales platform TICKETMASTER UK LTD Acquisition 100%
2016 AC ENTERT- US Concert promoting services LIVE NATION Acquisition unknown ASSETS operator
AINMENT INC. ENTERTAINMENT INC. majority stake %
2014 EVENTJOY INC. US Mobile event ticketing and TICKETMASTER Acquisition 100%
2014 LIVE NATION TH International concerts and shows BEC-TERO Joint venture 100% organisation application developer, ENTERTAINMENT INC.
BEC-TERO promoter ENTERTAINMENT PCL Online event ticketing and
ENTERTAINMENT LIVE NATION (HK) LTD organisation platform operator
CO., LTD
2014 SHERPA.BE BE Online live event ticketing platform TICKETMASTER UK LTD Acquisition 100%
2013 VOODOO MUSIC & US Music, arts and entertainment LIVE NATION Acquisition 100% operator
ARTS EXPERIENCE promoter ENTERTAINMENT INC. 2012 FRONT GATE US Festival ticketing services ANSCHUTZ Acquisition 100%
2012 HARD EVENTS Music festival operator LIVE NATION Acquisition 100% TICKETING ENTERTAINMENT
ENTERTAINMENT INC. SOLUTIONS LLC GROUP INC. C3
PRESENTS LLC
2013 BDG MUSIC GROUP EE Live concerts promoter LIVE NATION Acquisition 51% 2011 SERVITICKET SA ES Ticket retailer TICKETMASTER Acquisition 100%
OÜ ENTERTAINMENT INC. ENTERTAINMENT INC.
2012 MICHAEL COPPEL AU Artists concert promoter LIVE NATION Acquisition 100% 2010 TICKETNET SAS FR Online event ticketing services LIVE NATION Acquisition 100%
PRESENTS ENTERTAINMENT INC. ENTERTAINMENT INC.
2011 FRONT LINE US Entertainment management LIVE NATION Acquisition unknown 2009 TICKETMASTER US Online ticket reservation platform, LIVE NATION INC. Acquisition 100%
MANAGEMENT services ENTERTAINMENT INC. remaining stake % ENTERTAINMENT Online ticket reservation services
GROUP INC. INC.

2009 BIG CHILL GB Music festival operator LIVE NATION INC. Joint Venture 100% 2008 SLO LIMITED INC.’S US VIP ticketing services TICKETMASTER GROUP Acquisition 100%
REPUBLIC LTD GAIETY INVESTMENTS ASSETS INC.
LTD 2008 GET ME IN! LTD GB Online ticket vendors TICKETMASTER UK LTD Acquisition 100%
2008 LUGER INC AB SE Live entertainment promoter LIVE NATION INC. Acquisition increased 2008 TNOW US Online ticket vending services TICKETMASTER GROUP Acquisition 100%
from 49% to 100% ENTERTAINMENT INC.
GROUP INC.
2008 MOONDOG SE Live entertainment promoter LIVE NATION INC. Acquisition increased
ENTERTAINMENT from 25% to 100% 2007 PACIOLAN INC. US Venue management and online TICKETMASTER GROUP Acquisition 100%
AB ticket sale software developer INC.

2008 DF CONCERTS LTD GB Live music promotion services LIVE NATION INC. Acquisition 67%

2008 MIRAGE AE Events promoter LIVE NATION INC. Acquisition 65%

PROMOTIONS
DUBAI

2006 GAMERCO SA ES Events organisation services LIVE NATION INC. Acquisition 100%

14 IMAP IMAP 15
 LIVE MUSIC ENTERTAINMENT Live Nation transaction history CTS Eventim’s current coverage LIVE MUSIC ENTERTAINMENT

Live Nation transaction history 3/3 CTS Eventim’s current coverage

Date Target name Country Target business description Acquiror Deal type
22 transactions made since 2006
2007 EMMA CN Ticketing and event promotion TICKETMASTER GROUP Acquisition unknown
ENTERTAINMENT service provider INC. majority
HOLDINGS HK LTD

2006 BILETIX TR Online ticket sales and TICKETMASTER GROUP Acquisition 100%
distribution services INC. VENUE OPERATOR

2006 TICK TACK TICKET ES Events tickets management and TICKETMASTER GROUP Acquisition 100%
TOUR / CONCERT / TICKETING (BRANDED /
SA distribution services INC. EVENT / FESTIVAL WHITE LABEL
ORGANIZER OR SOLUTION)
Mobile apps and online solutions
PROMOTER
2016 INDMUSIC INC. US Online independent music video LIVE NATION Acquisition 100%
platform operator ENTERTAINMENT INC.

2015 TWO TOASTERS US Online iOS and Android mobile TICKETMASTER Acquisition 100%
application developer ENTERTAINMENT INC. OTHER
ON-SITE PAYMENT
FORMATS
2014 YOURTROVE US Online personalized search results LIVE NATION Acquisition 100% SOLUTIONS
driven by social connections ENTERTAINMENT INC.
platform operator

2013 MEEXO INC. US Mobile and social applications LIVE NATION Acquisition 100%
developer ENTERTAINMENT INC.

2012 REXLY INC. US Social music mobile application LIVE NATION Acquisition 100% ARTIST
developer ENTERTAINMENT INC.
MANAGEMENT/ MOBILE APPS AND
2012 NETDO LI Online concert set list sharing LIVE NATION Acquisition 100% AGENCY ONLINE SOLUTIONS
ESTABLISHMENT community web portal ENTERTAINMENT INC.

2006 ILIKE.COM US Online community services TICKETMASTER GROUP Minority stake 25%
INC.

PR & Marketing (incl. Digital)Artist management / agency

EQUIPMENT PR & MARKETING
2011 BIGCHAMPAGNE US Market consultancy services, LIVE NATION Acquisition 100% (INCL. DIGITAL)
LLC Market research services, Online ENTERTAINMENT INC.
communities consumer data
software developer
MERCHANDISING
& LICENSING
2007 ECHOMUSIC LLC US Creative positioning and branding TICKETMASTER GROUP Acquisition unknown
services, Entertainment marketing INC. stake % Number of transactions
services, Music and merchandise since 2006 Coverage
digital distribution services,
Online advertising services, Online
fan club

Artist management / agency

CTS’s mission is to become Europe’s largest
2008 FRONT LINE US Artist management services TICKETMASTER GROUP Acquisition 30%
MANAGEMENT LLC INC.
eCommerce ticketing provider. They are realizing
growth potential by:
2007 SIGNATURES US Music and celebrity licensing and LIVE NATION INC. Acquisition 100% Increasing market share - new products, such as
NETWORK INC. event merchandising company sport events, theater, fairs, cinema, etc.
Changing the value chain - new channels, such as
kiosk systems, internet ticket shop, merchandising,
Source: Zephyr internet advertising
Geographical market extension -
internationalization in Europe
New businesses, such as access control systems,
database marketing, event-related travel, online
auctions, paperless tickets

Including subsidiary transactions

Source: Zephyr

16 IMAP IMAP 17
 LIVE MUSIC ENTERTAINMENT CTS Eventim transaction history DEAG’s current coverage LIVE MUSIC ENTERTAINMENT

CTS Eventim transaction history DEAG’s current coverage

Date Target name Country Target business description Acquiror Deal type
9 transactions made since 2006
Tour / concert / event / festival organizer or promoter

2016 Medusa Music Group DE Electronic music and DJ concept Medusa Music Group Joint venture 100%
Gmbh and Alda Holding promoting services Gmbh Alda Holding BV
BV’s Hamburg, germany
based joint venture VENUE OPERATOR

2014 Fullsteam Records OY’s FI Live performance and music FKP Scorpio Sweden AB Acquisition 100%
TOUR / CONCERT / TICKETING (BRANDED /
fullsteam agency division promoting agency EVENT / FESTIVAL WHITE LABEL
ORGANIZER OR SOLUTION)
2014 Holiday On Ice NL Ice entertainment production Medusa Music Group Acquisition 50%
Productions BV services Gmbh
PROMOTER

2013 ABC Production AG CH Event management services CTS Eventim AG Acquisition 80%

2008 Palazzo Produktionen DE Live concert promoter FKP Scorpio Acquisition increased
Gmbh Konzertproduktionen Gmbh from 51% to 100% OTHER
ON-SITE PAYMENT
FORMATS
SOLUTIONS
2006 ACT Entertainment AG CH Concerts and music tours organizer Medusa Music Group Acquisition 51%
Gmbh

Venue operator

2012 Arena Management Gmbh DE Events organization services provider CTS Eventim AG Acquisition 100%

Ticketing ARTIST
2016 Starticket AG and CH Ticket Marketing Services, Ticketing Ticketcorner Holding AG Joint venture 100% MANAGEMENT/ MOBILE APPS AND
Ticketcorner Holding AG agent Starticket AG AGENCY ONLINE SOLUTIONS
joint swiss ticketing group

2015 Kinoheld Gmbh DE Online cinema ticket retailer CTS Eventim AG & CO. Acquisition 51%
KGAA

2014 Gtech Spa’s ticketing IT Ticket reservation services TICKETONE SPA Acquisition 100%
EQUIPMENT PR & MARKETING
business unit
(INCL. DIGITAL)
2014 See Tickets Nederland BV NL Musical, theatre and other CTS Eventim AG Acquisition
performance ticketing services
MERCHANDISING
2014 Entradas See Tickets SA ES Musical, theatre and other CTS Eventim AG Acquisition & LICENSING
performance ticketing services
Number of transactions
2014 Top Tickets France SAS FR Musical, theatre and other CTS Eventim AG Acquisition
since 2006 Coverage
performance ticketing services

2014 Stage Entertainment BV’s RU Musical, theatre and other CTS Eventim AG Acquisition
ticketing activities in performance ticketing services
Russia

2013 Crea Informatica SRL IT Online and mobile electronic ticketing Ticketone Spa Acquisition 60% DEAG covers the entire value chain in the field of
marketplace platform operator, Live Entertainment: from concerts via record sales,
Online and mobile electronic ticketing rights exploitation, sponsorship and merchandizing
marketplace software developer to ticketing.
2010 Ticketone Spa IT Online ticketing reservation services, Eventim Online Holding Acquisition increased
Online ticketing reservation services Gmbh from 49.824% to Social media and digital customer communication
platform operator 99.65% become increasingly important and are continuously
extended by DEAG through its digital strategy.
2010 See Tickets Germany DE Live entertainment ticketing services CTS Eventim AG Acquisition 100%
Gmbh provider

2010 Ticketcorner AG CH Ticketing agent CTS Eventim AG Acquisition 100%

2009 Eventim CH AG CH Ticket marketing services CTS Eventim AG Ringier Holding AG

2008 Lippupiste OY FI Ticketing services CTS Eventim AG Acquisition 65%

Including subsidiary transactions
2008 Cardplus OY FI Plastic card manufacturer, which CTS Eventim AG Acquisition 100% Source: Zephyr
owns a 30 per cent stake in the
Tampere-based ticketing services
company Lippupiste Oy

2006 Tictec AG CH Ticketing services CTS Eventim AG Acquisition 100%

IMAP 19
 LIVE MUSIC ENTERTAINMENT DEAG transaction history An alternative LIVE MUSIC ENTERTAINMENT

DEAG transaction history An alternative:

UMF became international without acquisition
Date Target name Country Target business description Acquiror Deal type
Global edition of the UMF electronic music event, 20 countries in 5 continents
Entertainment events promotion
Acquisition
2014 Kilimanjaro Live Ltd GB services, Live music events DEAG
51%
Concerts Gmbh promotion services VENUE OPERATOR
TOUR / CONCERT / TICKETING (BRANDED /
Acquisition
Concert and event organization DEAG Deutsche increased
EVENT / FESTIVAL WHITE LABEL
2013 Aio Group AG CH ORGANIZER OR SOLUTION)
holding company Entertainment AG from 52% to
100% PROMOTER
DEAG Deutsche
Blue Moon Joint venture
2013 AT Tour promotion services Entertainment AG
Entertainment 100%
Ms Karin Edtmeier
OTHER
ON-SITE PAYMENT
Wizard Promotions FORMATS
DEAG Deutsche Acquisition SOLUTIONS
2013 Konzertagentur DE Concert event management services
Entertainment AG 75.1%
Gmbh

Handwerker DEAG Deutsche Acquisition

2013 DE Convert event organization services
Promotion E. Gmbh Entertainment AG 51%
ARTIST
DEAG Deutsche
Gold Entertainment Joint venture MANAGEMENT/ MOBILE APPS AND
2010 DE Live concert promotion services Entertainment AG
Gmbh 100% AGENCY ONLINE SOLUTIONS
SONY Deutschland Gmbh

Manfred Hertlein
Tour and concert organization GOLD Entertainment Acquisition
2010 Veranstaltungs DE
services Gmbh 66.6%
Gmbh
EQUIPMENT PR & MARKETING
The Classical Ringier Holding AG Joint venture
2009 CH Classical music producer (INCL. DIGITAL)
Company AG DEAG Classics AG 100%

DEAG Deutsche
MERCHANDISING
Switzerland Classics Joint venture & LICENSING
2008 CH Classical concert organizer Entertainment AG Ms
AG 100%
Dina Thoma-tennenbaum

Original event: Ultra Music Festival held every

Source: Zephyr March since 1999 in Miami. In 2016: 165,000
guests, 3-day event for electronic music. Spin offs
include:
Ultra festivals (1+ days) – started in 2007/2008:
Argentina, Brazil, Chile, Spain (Ibiza), Japan,
Korea, South Africa, Miami - Ultra Beach - Croatia
and Bali
Road to Ultra (1-day event) – started in 2012:
Bolivia, Chile, Colombia, Japan, Korea, Macau,
Paraguay, Peru, The Philippines, Puerto Rico,
Singapore, Taiwan
ULTRA LIVE: Live stream experience - bringing
the festival online to over 20 million unique
viewers
UMF FILMS: festival after movies; feature length
documentary, UMF TV on YouTube
UMF Radio: via mobile application and in 62
countries on networks, 2-hour weekly shows
Ultramerchandise.com

20 IMAP IMAP 21
 LIVE MUSIC ENTERTAINMENT An alternative Appendix LIVE MUSIC ENTERTAINMENT

Appendix
Universe of music event organizing related activities

An alternative:
Red Bull sponsored events as competitors
TOUR / CONCERT / EVENT /
FESTIVAL ORGANIZERS AND VENUE OPERATOR
Red Bull sponsors, organizes and acquires events PROMOTERS Could act as organizer,
Organization of the events however most often just
Financial concept of the tour lease the venue TICKETING
Production/ staging, venue selection (BRANDED / WHITE LABEL SOLUTION)
and hiring Access to a software based ticketing
Marketing concept, appointment of platform and the physical network
ticket sales, etc.

OTHER FORMATS
Non-music events: ON-SITE PAYMENT
theatre, circus, comedy SOLUTIONS
SPORTS ADVENTURE MOTOR CULTURE MUSIC
Sport events Necessary for cash
Other: escape game substitution
& likes

FESTIVALS /
CONCERTS /
OTHER EVENTS
MOBILE APPS AND
ARTIST MANAGEMENT / ONLINE SOLUTIONS
AGENCY Reach / hook target
Supports the creative audience
process Proprietary content
Responsible for selecting distribution
RED BULL MEDIA tour promoter

EQUIPMENT PR & MARKETING (INCL.

Linked to the actual DIGITAL)
performance: sound, Tap all possible revenue sources
Red Bull has became a significant event sponsor stage, light
MERCHANDISING & LICENSING
and owner aiming to further strengthen its brand Other supporting
Tap all possible revenue sources
recognition. Red Bull is focusing on: facilities, security, etc.
Good supplement to ticketing
Sport events (diving, bike, surf, skateboarding
and other various extreme sports)
Adventures (e.g. Red Bull Stratos);
Motor sport events (F1, Red Bull Air Race, rally, etc.);
Culture events and organizations (e.g. social
platforms);
Music.
The Red Bull Media House is a media company
specialized in sport, lifestyle programming, music
and games, strengthening all Red Bull events.
In 2007, the company launched its own record
label Red Bull Records. The Red Bull Music
Academy organizes music workshops and
festivals around the world.
Red Bull sponsors, organizes and acquires events.

22 IMAP IMAP 23
LIVE MUSIC ENTERTAINMENT About IMAP About IMAP LIVE MUSIC ENTERTAINMENT

About IMAP

35
COUNTRIES

350ADVISORS

Argentina I Belgium I Bosnia and Herzegovina I Brazil I

Canada I Chile I China I Colombia I Croatia I Czechia I Egypt
I Finland I France I Germany I Hungary I India I Ireland I Italy
I Ivory Coast I Japan I Mexico I Morocco I Netherlands I
Norway I Peru I Poland I Russia I Senegal I Serbia I Slovenia
I Spain I Sweden I Turkey I United Kingdom I United States

IMAP is a global merger and acquisition advisory organization

with a presence in 35 countries.
IMAP closed over 2,100 transactions valued at $90bn in the last
10 years and is consistently ranked among the world´s top M&A
advisors (Thomson Reuters) for mid-market transactions.

www.imap.com

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IMAP SEPTEMBER 2017

LIVE MUSIC ENTERTAINMENT REPORT AUTHORS:

IMAP Gábor Szendröi

Phone: +34 936 026 710 IMAP Hungary
E-mail: info@imap.com gabor.szendroi@imap.com
www.imap.com
Gabriella Hajdu-Tar
IMAP Hungary
gabriella.hajdu.tar@imap.com