Movie ticketing operator Fandango is set to double its reach in the soaring Latin American market following the acquisition of Cinepapaya.
Fandango, which bought Brazilian box office site Ingresso last year, will now be operational in a further seven countries in a region that saw movie ticket sales increase by 13 per cent to $3.4bn (£2.7bn/€3.2bn) during 2015. Cinepapaya has a presence in Mexico, Argentina, Colombia, Peru, Chile, Ecuador and Bolivia.
Fandango, which saw a 40 per cent rise in US ticket sales during 2015, said it was attracted by Peru-based Cinepapaya’s focus on driving ticket sales through movie-related content, an active social network and strong mobile platform.
Cinepapaya also offers a turnkey e-commerce solution for theatre owners, including ticketing and payment solutions, ticket validation and business intelligence software packages.
“This is an exciting time at Fandango,” company president Paul Yanover said in a statement. “While our business in the US continues to accelerate across online, mobile and social platforms, we are bringing our innovative movie-going products and services to even more consumers across Latin America.
“We are currently experiencing tremendous momentum in Brazil, with Ingresso’s significant growth, and with the addition of Cinepapaya, Fandango will emerge as a leading online ticketer throughout Latin America.”
Fandango, which is owned by media giant Comcast, said it plans to leverage its ticketing innovations and portfolio of best-in-class brands and assets “to serve Latin American consumers with all of their movie needs”.
Earlier this year, Fandango acquired the movie review site, Rotten Tomatoes, and is in the process of expanding the global presence of its Tomatometer rating system, which is used by millions of fans to help with their entertainment viewing decisions.
Based on an online ticketing study published earlier this year by Grand View Research, the Latin American online movie ticketing market share is expected to grow at a compound annual growth rate of over 16% by 2022.
“We are thrilled to be part of the Fandango family,” said Manuel Olguin, Cinepapaya founder and chief executive. “Expanding from a single movie theatre in Peru in 2013 to more than 1,200 screens in seven countries today, Cinepapaya leads the way in mobile innovation and movie-related content in Latin America.
“All along our team has been enhancing the moviegoing experience for millions of users, while helping our exhibitor partners stay ahead of the latest technological trends. We expect our growth to accelerate with this new ownership and are really excited about inviting even more people to love movies as much as we do.”