Alibaba Expands Entertainment Business by Purchasing Biggest Ticketing Service Provider
In their latest move in bolstering their entertainment business amid the movie boom in China, Alibaba Group Holdings Ltd picture arm has purchases one of the biggest ticketing service providers in China. the Hong Kong Listed Alibaba Picture Group announced their intentions to acquire Guangdong Yueke Software Engineering Ltd. for 830 million yuan.
The deal will make Yueke Alibaba’s wholly owned subsidiary and as one of the important player in China’s film market, Yueke deals in ticket selling systems and links online ticketing platforms to cinemas seat booking systems. Based on a statement given by Yueke, its business covers 1500 movie theaters or about a third of all cinemas in china plus a partnership with 30 popular online ticketing sites.
Alibaba Pictures was created when Alibaba bought 60 percent stake in the Chinese movie studio China- Vision Media Group and changed the name. then in April the company received its capital injection of online film ticketing and movie financing business from Alibaba. The push by internet enterprises to lure film buffs came to as China became the second largest cinema market last year following North America.