Alibaba acquires online ticketing platform Damai.cn
Alibaba continues to beef up its digital entertainment business with the acquisition of online ticketing platform Damai.cn.
Alibaba has acquired online ticketing platform Damai.cn
The ecommerce company has taken full ownership of the platform, which it claims is China’s “leading entertainment ticketing and event management company”. Alibaba has held a stake in the business since 2014.
An Alibaba spokesperson told The Drum that Damai.cn, “fits nicely into our ‘health and happiness’ strategy and forms a strategic part of the value chain in our media and entertainment business”.
“We believe the full acquisition this time will lead to even greater synergies between the two companies. Damai.cn will be a powerful platform to distribute our media content as well as expand our user reach and engagement. There will be extensive collaboration opportunities with our other entertainment assets including Alibaba Music, Alibaba Pictures, and Youku.”
The acquisition is the latest in a string of deals which aims to strengthen Alibaba’s entertainment output as it focuses on growing this area of the business.
Alibaba Group recently inked a strategic deal between its Digital Media and Entertainment Group and its film studio Alibaba Pictures Group, to pool resources and co-finance entertainment content, as well as provide exclusive distribution and copyright deals between the two parties.
Alibaba's Digital Media and Entertainment Group reported a significant increase in revenues last quarter with the business increasing 273% year-on-year to RMB 4.06 billion ($585 million).