Purchase set to lift firm’s footprint
Print Edition
ALIBABA Pictures Group said yesterday it has paid 830 million yuan (US$133 million) to buy a domestic technology provider for online movie ticket platforms to boost its online entertainment footprint.
Hong Kong-listed Alibaba Pictures said it has completed the equity transfer of movie ticketing system operator Guangdong Yueke Software Engineering Co through Southern United Assets & Equity Exchange.
Yueke Software offers services for over 30 domestic online ticketing platforms to allow them access to movie theaters’ ticketing systems.
The announcement was made two weeks after Alibaba Pictures said it was talking with the parent Alibaba Group to merge online film ticket sales business and a film production financing platform into the listed company.
The online ticketing revenue may provide 15 percent of overall box office receipts, according to Entgroup Research.
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