China’s leading ticketing operator Maoyan has deepened its relationship with Tencent after launching a strategic alliance with social media and tech giant Tencent.
Maoyan will continue its development from being primarily an online cinema ticket vendor to an all-round entertainment service and cooperate with Tencent’s ecosystem, including Tencent Investment, Tencent Pictures and Tencent Music Entertainment.
The companies – who first linked up when Tencent made a RMB1bn (£115m/€128m/$150m) investment in Maoyan in 2017 – will combine their resources, extensive data and products across various entertainment sectors to “create a superior entertainment experience for Chinese consumers”.
The upgraded strategy is supported by five key platform pillars, including online ticketing platform, products and services platform, data platform, marketing platform and funding platform.
“Maoyan is one of Tencent Group’s core strategic partners,” said Zhan Weibiao, managing director of Tencent Investment. “Investing in Maoyan was only the first step for Tencent. With Maoyan’s growth and upgraded strategy, Tencent will cooperate with Maoyan across the entire entertainment industry to better meet consumers’ entertainment demand.”
Maoyan’s share price soared by more than 10 per cent to HK14.17 on the back of the announcement, although it is still way below its year-high of HK18.32 on the Hong Kong Stock Exchange in March.
Maoyan is the largest online movie ticketing service provider in China with a market share of over 60 per cent, and is the only ticketing platform in the market that covers multiple entertainment sectors, including movies, performances, sports events and exhibitions.
The joint strategy will see Maoyan continue to create synergies among different sectors, which can help attract new users and grow the business.
“Over the past few years, Maoyan has grown from an online movie ticketing service provider to a leading and innovative one-stop platform for Internet-empowered entertainment services,” said Zheng Zhihao (pictured), chief executive of Maoyan at a press conference in Beijing.
“Maoyan has become a key player in various entertainment sectors, including movies, live performances, TV shows, videos, short videos, music, media, and artist/KOL management.
“China’s entertainment industry has huge potential to grow, and more and more Chinese consumers are willing to pay for quality contents.
“Maoyan will work together with our industry partners to create more high-quality contents and drive the sustainable growth of the industry.”