How a German comedian caused a share crash for a popular events platform
The stock of ticket seller and concert promoter CTS-Eventim plummeted by almost nine percent within a day following criticism by TV satirist Jan Böhmermann on his ZDF show.
On Monday, shares in CTS-Eventim, a leading German ticketing and live entertainment company, experienced a drop of 8.8 percent within a single day.
The sudden drop in an otherwise favourable market environment has been widely interpreted to be a result of criticism by German satirist Jan Böhmermanm in his show "ZDF Magazin Royale" on Friday evening.
In a 23-minute segment entitled "With Fantasy Fees to the Event Empire," the comedian highlighted the lack of transparency in how fees are calculated by Eventim and how these often amount to a large percentage of the ticket price.
He critically analysed how the company managed to profit from its fee system even during the pandemic: While the rest of the cultural industry suffered, "CTS Eventim" reported record sales of €1.93 billion.
He also drew attention to the immense market power of the self-proclaimed international leader in ticketing and live events and how the company had acquired numerous event companies over the years, consolidating its position as a monopoly. He also raised concerns about how the managing director's daughter, who holds a government position, provided "CTS Eventim" with €15 million in coronavirus aid.
Eventim has also been heavily criticised even before Friday's edition of "ZDF Magazin Royale". In February, the Federation of German Consumer Organisations (VZBV) brought an action for a declaratory judgement against the ticket provider Eventim for withheld fees for cancelled events.
Who is Jan Böhmermann?
Jan Böhmermann is a popular German comedian, satirist, television presenter, and writer known for his who has been an active figure in German TV and radio for over ten years.
His late-night comedy show "Neo Magazin Royale," airs on the German public broadcaster ZDF and features a mix of comedy sketches, political satire, and interviews with notable guests. Böhmermann is well known for his sharp wit, biting commentary, and willingness to push boundaries.
READ ALSO: Tatort to Temptation Island: What do Germans like to watch on TV
One of Böhmermann's most notable moments came in 2016 when he recited a satirical poem called "Schmähkritik" ("Defamatory Critique") on his show. The poem targeted the Turkish President Recep Tayyip Erdogan and sparked a diplomatic controversy between Germany and Turkey.
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On Monday, shares in CTS-Eventim, a leading German ticketing and live entertainment company, experienced a drop of 8.8 percent within a single day.
The sudden drop in an otherwise favourable market environment has been widely interpreted to be a result of criticism by German satirist Jan Böhmermanm in his show "ZDF Magazin Royale" on Friday evening.
In a 23-minute segment entitled "With Fantasy Fees to the Event Empire," the comedian highlighted the lack of transparency in how fees are calculated by Eventim and how these often amount to a large percentage of the ticket price.
He critically analysed how the company managed to profit from its fee system even during the pandemic: While the rest of the cultural industry suffered, "CTS Eventim" reported record sales of €1.93 billion.
He also drew attention to the immense market power of the self-proclaimed international leader in ticketing and live events and how the company had acquired numerous event companies over the years, consolidating its position as a monopoly. He also raised concerns about how the managing director's daughter, who holds a government position, provided "CTS Eventim" with €15 million in coronavirus aid.
Eventim has also been heavily criticised even before Friday's edition of "ZDF Magazin Royale". In February, the Federation of German Consumer Organisations (VZBV) brought an action for a declaratory judgement against the ticket provider Eventim for withheld fees for cancelled events.
Who is Jan Böhmermann?
Jan Böhmermann is a popular German comedian, satirist, television presenter, and writer known for his who has been an active figure in German TV and radio for over ten years.
His late-night comedy show "Neo Magazin Royale," airs on the German public broadcaster ZDF and features a mix of comedy sketches, political satire, and interviews with notable guests. Böhmermann is well known for his sharp wit, biting commentary, and willingness to push boundaries.
READ ALSO: Tatort to Temptation Island: What do Germans like to watch on TV
One of Böhmermann's most notable moments came in 2016 when he recited a satirical poem called "Schmähkritik" ("Defamatory Critique") on his show. The poem targeted the Turkish President Recep Tayyip Erdogan and sparked a diplomatic controversy between Germany and Turkey.
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