Cinema chain Wanda Cinemas has paid an undisclosed amount for a 20% stake in China-based movie ticketing service and reviews site Mtime, acccording to The Hollywood Reporter.
The deal will support an agreement in July between the two companies to build licensed merchandise stories in Wanda’s 182 cinemas across China.
Founded in 2006, Mtime operates a website with information about films, an online ticketing service and an online merchandise store. It began building physical merchandise stores in January this year and has opened 10 to date.
Mtime has not revealed details about previous funding rounds but its shareholders reportedly include Fidelity Growth Partners Asia, F&H Fund Management and Tiger Global Management.
Zeng Maojun, president of Wanda Theater Group, said: “This partnership will provide the most complementary product designs and offerings to best meet the Chinese consumers’ needs, with a one-stop shopping experience when they come to our theatres.
“This also marks an important milestone in China’s movie market, the first time a Chinese company is launching this scale of resources into movie merchandising.”
– Image courtesy of Mtime