E-commerce group Alibaba acquired China-based online ticketing service and portfolio company Damai.cn on Tuesday for an undisclosed amount.
Damai’s online platform sells tickets for events such as concerts, films, theatre and sporting events in 330 cities across the world.
Alibaba paid an undisclosed amount for a 32% stake in the company in 2014, after Legend Capital, the corporate venture capital arm of conglomerate Legend Holdings, provided $4m in series A funding in 2005 according to China Money Network.
Legend Capital subsequently joined SIG China, a subsidiary of technology and trading form Susquehanna International Group, for a $14m series B round in 2010.
Damai will link with Alibaba’s online music services to supply tickets to listeners, and Alibaba reportedly wants to integrate the company into a new business model that will connect artists, fans and gig ticketing.
Alibaba already owns a ticketing platform, Tao Piao Piao, which forms part of its Alibaba Pictures cinema subsidiary, but has not revealed any plans to link the two.
The acquisition follows Alibaba’s formation of a $1.5bn entertainment and culture fund in October 2016 as part of a reorganisation that involved all of its media units coming under an umbrella division known as Alibaba Digital Media & Entertainment Group.
Yu Yongfu, head of Alibaba Digital Media & Entertainment Group, said: “Damai.cn will be a powerful platform to distribute our media content as well as expand our user reach and engagement.
“There will be extensive collaboration opportunities with our other entertainment assets including Alibaba Music, Alibaba Pictures and (online video streaming platform) Youku.”