NOTTINGHAM-BASED Gigantic Tickets has sold a 75 per cent stake in the company to pan-Europe live entertainment conglomerate Deutsche Entertainment AG (DEAG).
The deal has been done via the UK subsidiary of DEAG’s MyTicket platform.
Gigantic, which was founded in 2007, will continue to operate under its existing name and co-MDs Mark Gasson and James Woodward will remain shareholders and continue to drive the business.
“We are extremely proud that we have established and maintained consistent growth for Gigantic in a competitive marketplace” says Gasson. “We now look forward to continuing this growth alongside the committed team at Myticket,”
Last year Gigantic, which has over two million registered users, launched its fan-to-fan resale platform and made its first foray into paperless ticketing with Ed Sheeran’s summer 2019 shows.
“We’ve been following Gigantic for quite some time and we’ve seen it develop and grow at the same time as our business in the UK, so we felt now was the right time,” DEAG executive director Detlef Kornett tells LIVE UK.
“I think servicing third-party content has been the recipe for Gigantic’s success, they are a reliable provider for these third parties and will remain exactly the same partner as before. Over the long haul, I think MyTicket in the UK will benefit from those relationships.”
Kornett says that due to the vast differences between the UK market and the continental European market, there is currently no plan to merge the platforms.
“Ticketmaster, for example, have put a huge investment into making their system work for the German-speaking markets. Therefore, I think we will take our time and explore the opportunities that all of this new technology will offer in order to go a way that will be quicker, more effective and less cost intensive.”
DEAG already owns a controlling stake in promoter Kilimanjaro Live, through which has acquired 60 per cent of promoter and show producer Flying Music Group in August 2017. Acquisition of Scotland’s Belladrum Tarten Heart Festival (cap. 15,000) followed in 2018.
Meanwhile, Kornett says DEAG is on the lookout for further acquisitions and partnership deals in the UK.