Alibaba Group acquires majority stake in Chennai-based TicketNew

Filmy Connection-1: Under-screened and over-filmed

Latest News – Alibaba Group’s flagship entertainment arm, Alibaba Pictures Group Limited, has acquired a majority stake in India’s second-largest online ticketing platform, TicketNew.

Marking Alibaba Pictures’ first big acquisition in the burgeoning online ticketing industry outside of China, this strategic partnership will strengthen TicketNew’s operations and service portfolio.

Founded in 2007 by Ramkumar Nammalvar, TicketNew is a Chennai-based ticketing website that has a presence in over 300-plus cities in India.

In the past few years, Alibaba Pictures has expanded its business beyond its home market. It has an office in Los Angeles, USA, and has been looking to expand its footprint in the Asia-Pacific region. In India, online movie ticketing is becoming increasingly popular with increasing penetrations in Tier-2 and Tier-3 regions.

The strategic partnership between Alibaba Pictures and (Read More)

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