Quayclean are a national cleaning and waste services partner with proven results in the understanding and delivery of cleaning needs and challenges faced by facilities including; major venues and…read more
China’s major cinema ticketing companies set to merge
China’s two biggest online movie ticketing operators are to merge, creating a single entity that will controls 43% of the market.
It has been announced that Maoyan, majority-owned by Chinese television and film company Enlight Media, is to join with Beijing Weiying Technology, which is backed by Tencent.
According to Bigdata Research, in the first quarter of 2017, Maoyan, Weiying and Alibaba-backed Taopiaopiao held 23%, 20% and 16% market shares.
A statement from Weiying advises that it will initially inject into Maoyan its online movie and performance ticketing units, valued at US$600 million. Weiying’s backer Tencent will invest $135 million in the merged company via one of its investment funds.
After the completion of the deal, Enlight Media and its controlling entity Enlight Holdings will together own 50.79% of the merged company. Earlier this month, Enlight Media and Enlight Holdings held a combined 77.13% of Maoyan.
Weiying will own 27.59% of the merged company, becoming the second largest shareholder. China’s online movie ticketing market had 129 million users with total online ticket sales of $5.6bn in 2016.
In July it was announced that Alibaba Pictures had increased its stake in Taopiaopiao from 87.6% to 96.7% in a $190m deal.
On Monday TEG announced the launch of new Chinese live events brand YunTek, in partnership with regional giant YongLe.
25th September 2017 - PARTNERSHIP SEES TEG ENTER CHINESE TICKETING MARKET
1st August 2014 - SHANGHAI FILM CORP TO BUILD 19 IMAX CINEMAS ACROSS CHINA
7th January 2014 - CHINA’S WANDA GROUP COMMITS TO BUILD UP TO 120 NEW IMAX SCREENS BY 2021
13th April 2010 - TICKETMASTER COMPLETES CHINA EXIT
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