Alibaba Pictures, an affiliate of Alibaba Group has acquired a majority stake in online ticketing platform, TicketNew for an undisclosed amount. This is the first major investment by Alibaba Pictures outside China.
Chennai-based TicketNew is a technology focused entertainment services provider, integrating movie theatres, film distributors, production houses, sports and events with consumers.
According to the Business Standard report, Alibaba Pictures will invest about Rs 120 crore over a period of time. Currently, TicketNew is operational in over 300 cities.
Founded in 2007 by Ramkumar Nammalvar, V Sasi Raman and Ravishankar Ramanujalu — TicketNew charges a convenience fee from users (in range of Rs. 20 to 30) for booking tickets. It also gets a small fee from theatre owners for software installation and app development.
The company’s flagship product, Box Office, is an ERP (Enterprise resource planning) platform for movie theatres to streamline their operations. So far, the company’s Box Office Suite is installed in more than 1,000 screens across 10 countries, covering a wide range from single-screen independent theatres to some of the largest cinema chains in the world.
Nammalvar, founder and chief executive officer of TicketNew, who will continue to spearhead the firm’s business, said, “Alibaba plans to invest to the tune of Rs 120 crore over a period of time. We are delighted to work with Alibaba Pictures. This secures the future of our staff and the company for generations to come.”
TicketNew’s clientele base comprises of venue managers, affiliate marketers, ticket brokers, ticket retail customers, sports professionals, concert and event promoters, and software vendors, et al.
With acquisition of majority stake in TicketNew by Alibaba Pictures, the dynamics of online ticketing sector is likely to change. At present, the space is largely dominated by BookMyShow and Paytm. Besides BookMyShow and Paytm, the company competes with kyazoonga and ticketdada.
