TEG is aiming for a dominant position in the Chinese ticketing market through the launch of new brand YunTek, in partnership with regional giant YongLe.
The Australian firm, which is believed to be up for sale, is to go live with the new cloud-based ticketing and entertainment service next year after joining together with YongLe, a Chinese ticketing and live entertainment company.
The deal follows two years of talks, with TEG claiming YunTek will be “one of the most sophisticated end-to-end ticketing and live event management platform that has ever been developed”.
YunTek, which translates as ‘cloud technology’, will allow promoters and venues to self-manage their ticketing operations, produce marketing campaigns and use data analytics to guide every step of the ticketing and event management process.
Ren Wang, chief executive of YongLe, which has over 30 million users and has ticketed over 50,000 events, said the joint venture represents the combination of the largest ticketing and entertainment businesses in the region.
“We are pleased to be joining forces with TEG, one of the largest and most respected ticketing companies globally,” said Ren Wang. “We believe TEG’s experience in both ticketing and live entertainment will ensure the success of the YunTek platform.”
In addition to the core ticketing and event management platform, YunTek will also launch a new tourism product, which builds on YongLe’s experience in ticketing and crowd management for large attractions such as The Forbidden City. The next iteration of the tourism product will combine data analytics, advanced digital marketing and self-service ticketing/QR code reader capabilities.
As part of the transaction, YongLe and TEG have also agreed to collaborate on content for the Chinese market.
Geoff Jones, chief executive of TEG, said that the company is excited about the opportunities that this new platform and joint venture will create.
“This is a game changer as we believe YunTek will disrupt the entire Chinese live entertainment market,” said Jones. “Not only are we delivering a new and innovative ticketing solution to the Chinese market, we are upending the traditional live events value chain.”