Best of Times, Worst of Times: CTS Eventim - Live Music and the K-shaped economy

研报英文原文证据摘录

Best of Times, Worst of Times: CTS Eventim - Live Music and the K-shaped economy

16 June 2026

Annick Maas

+44 20 7676 6683

European Media annick.maas@bernsteinsg.com

Christophe CherblancCTS Eventim

+41 582 723 540

Rating christophe.cherblanc@bernsteinsg.com

Outperform Christopher Pancur

+44 20 7676 7280

Price Target christopher.pancur@bernsteinsg.com

EVD.GR 94.00 EUR Specialist Sales

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com

Best of Times, Worst of Times: CTS Eventim - Live Music and the

K-shaped economy

“It was the best of times, it was the worst of times”. The famous opening line of Charles

Close Date 12 Jun 2026

Dickens’ ‘A Tale of Two Cities’ captures a period of contradiction: the French aristocracy

EVD.GR Close Price (EUR) 50.75

indulging in opulence and privilege, the peasantry experiencing poverty and oppression. While

Price Target (EUR) 94.00

2026 is thankfully not 18th century France, shifting class dynamics remain more topical than Upside/(Downside) 85%

ever, from the US K-shaped economy to the squeezed Chinese middle class. In this note, we 52-Week Range 107.00/48.36

examine the impact on the Live Entertainment industry. EDME 1,573.57

FYE Dec

Global live entertainment stays resilient as lowest income cohorts keep spending Live Div Yield 2.7%

Ent. has consistently outperformed discretionary categories in downturns, with evidence

Market Cap (EUR) (M) 5,117

from the GFC showing rising attendance even in recessionary conditions. This reflects a mix

EV (EUR) (M) 4,056

of factors further supported by consumer surveys which state that live ent. ranks among top

spending priorities and is one of the last categories cut in financial stress. We believe low Performance YTD 1M 6M 12M