China’s leading ticketing operator Maoyan has recorded a 40 per cent year-on-year increase in Gross Merchandise Value (GMV) in its live entertainment event ticketing services for the first six months of 2019.
The rapid growth in this sector is due to its bolstered online and offline promotional and marketing capabilities for artists and content.
During the period ending June 30, 2019, Maoyan provided promotional and marketing support to concerts of artists such as Leehom Wang, Miriam Yeung, JJ Lin and Karen Mok.
In addition, by the end of June, Maoyan accounted for more than 60 per cent of China’s online movie ticketing service market share, though its online revenue for this sector fell six per cent YoY, reflecting a film industry slowdown in 2019.
The Tencent-backed company recorded its first overall profit as a public company, with an adjusted net profit of RMB380.4m (£44.5m/€48.7m/$54m) for the first six months of 2019, compared with a net loss of RMB20.6m a year ago.
Maoyan secured total revenue of RMB1.9bn, up 4.7 per cent from a year ago.