Company - - Mar 21,2017
Marking a further push into entertainment, Alibaba is set to fully own Damai.cn, which has millions of registered users and has sold tickets for more than 1.8 million events worldwide.
Alibaba group plans to fully acquire online ticketing firm Damai.cn as part of its strategy to push forward into the entertainment business as it expands beyond its core online retail business.
Damai belongs to the Beijing Pony Media Culture Development Co. Ltd and is the well-known comprehensive entertainment brand in mainland China. The firm mainly provides multiple-tier communication services in a variety of cultural creation fields, ranging from entertainment, sports, travel to internet as well as software R&D.
Damai offers many types of tickets online and it is the first website to achieve the on-site seat selection and E-ticketing services. The company manages ticketing outlets in over 39 cities all around China.
In 2014, Alibaba had invested in Damai and bought around 32 percent stake. With this current move, the online retail giant will acquire the remaining 68 percent stake; it hasn’t disclosed the amount for the deal yet.
Yu Yongfu, chairman and CEO of Alibaba Pictures Group and head of Alibaba's digital entertainment division, said that the acquisition would add a lot of strength to the group's existing online services including online ticketing and would provide broader customer reach.
Damai is the latest entry into the vast empire of Alibaba group. Alibaba is the world's largest retailer as of April 2016 ahead Walmart with operations in about 190 countries. It is also one of the largest Internet companies, generating more revenues than Amazon and eBay combined.
Alibaba’s entertainment business division includes mobile Internet browsing, video and music streaming. It is anticipated to grow online to offline collaborations in areas such as fans economy, film productions and distributions.
The group’s entertainment division grew in the fourth quarter by more than 300 percent to reach $588 million.