Alibaba Pictures are in advanced talks to buy a controlling stake in the owner of Indian tickets platform TicketNew for a reported $35m (£29.0m/€33.0m).
Alibaba Pictures, the movie and TV content business controlled by the Chinese e-commerce giant, is on the verge of buying a 70-75 per cent stake in Chennai-based Orbgen Technologies, which operates TicketNew, according to Live Mint, an Indian business news site.
TicketNew is a technology-led entertainment services provider, integrating movie theatres, film distributors, production houses, events and sports with consumers. Its customer base comprises ticket brokers, venue managers, affiliate marketers, ticket retail customers, sports professionals, concert and event promoters, and software vendors, among others.
Its flagship Box Office Suite is installed in more than 1,000 screens in over 10 countries.
It is suggested that Alibaba Pictures’ entry could change the dynamics of the Indian ticketing market, which is currently dominated by BookMyShow.
“The discussions are at an advanced stage and a deal will close soon,” a source close to the deal told Live Mint.
Alibaba Pictures has embarked on an investment drive in recent years, funding Hollywood movies and buying a minority stake in legendary director Steven Spielberg’s Amblin Partners.
An Alibaba Group spokesperson said: “We are committed to the development of our business in the Indian market for the long term. But we do not comment on market rumours.”