Alibaba gets full control of Damai.cn
Print Edition
ALIBABA Group has fully acquired domestic online ticketing platform Damai.cn as part of its strategy to expand its digital entertainment business.
Alibaba bought the 68 percent stake of Damai that it didn’t own for an undisclosed amount, according to a statement released yesterday.
In mid-2014, Alibaba bought a 32 percent stake in Damai.
Yu Yongfu, chairman and CEO of Alibaba Pictures Group, said the acquisition adds to its existing online services including online video and music streaming as it bids to reach out to a wider customer base.
The first initiative after the acquisition is to combine Damai’s online ticketing service with Alibaba’s music streaming software Xiami.
Alibaba Vice President Zhang Yu will be CEO at Damai, which is one of the leading players for concert and sports event ticketing in China.
Alibaba’s entertainment business group is expected to boost online-to-offline synergies in areas such as celebrity management, film production and distribution.
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