Fundings and Exits

Tencent reportedly invests $150M in cinema ticketing startup Maoyan

Tencent announced another impressive quarter of financials yesterday, but the Chinese internet giant — which is creeping towards a $500 billion market cap — made other financial moves this week.

Reuters reported that the firm invested $150 million Chinese cinema ticketing startup Maoyan, which was created from a merger between dominant players Maoyan and Tencent-backed Weiying this summer.

Spokespeople from Tencent and Maoyan did not confirm the investment when asked by TechCrunch.

The deal is a significant one because, like so many verticals in China, Maoyan-Tencent are taking on Alibaba, which operates rival service Taopiaopiao. The Alibaba unit works closely with sister company Alibaba Pictures, and the combination it helped the latter secure a 313 percent revenue jump in its recent earnings.

The firms are shooting for a slice of a huge market that continues to grow, too. Box office revenue from Mainland China is reportedly at 27.3 billion RMB ($4 billion) per year thanks to 11 percent annual growth, according to figures from the State Administration of Press, Publication, Radio, Film and Television.

The deal marks a continuation in Tencent’s recent investment flurry which has seen it put money into Snap, Indian trio Flipkart, educational startup BYJU’s and Ola, and electric vehicle firm Nio in recent months.

Featured Image: VCG/VCG/Getty Images

Source link

Products You May Like

Articles You May Like

TheSkimm raises $12 million for its snarky newsletters
Blue Vision Labs, which builds ‘collaborative’ AR, emerges from stealth with $14.5M led by GV
The 3:59, Ep. 370
The 3:59, Ep. 371
WeWork expands its Flatiron School education business to London with £1M in scholarships

Leave a Reply

Your email address will not be published. Required fields are marked *