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Money continues to pour into the nascent Chinese ticket resale market, as Ferris Wheel Ticketing becomes the second secondary site in six months to score VC investment
By Jon Chapple on 13 Jun 2017
Chinese secondary ticketing site Ferris Wheel Ticketing has secured US$15 million in series-B funding from a consortium of Chinese and American investors.
The funding round is led by Liaoning-based venture-capital firm Blue Lake Capital, with Chinese companies Matrix Partners China, Nanshan Capital, K2VC and Zhen Fund and California-based DCM Ventures also participating, according to Chinese media.
According to China Money Network, Ferris Wheel Ticketing – until recently known as Niumowang Ticketing – currently sells around 60,000 tickets, with a transaction value of ¥30m (US$4m), per month.
Concert ticket sales were worth $158m in China in 2016
The investment in Ferris Wheel follows Matrix Partners, Nanshan Capital and DCM pumping US$10m into another online resale marketplace, Tking, in November.
In the primary market, meanwhile, ecommerce giant Alibaba recently acquired China’s leading ticket agency, Damai.cn, as it sets into motion its long-rumoured expansion into the live entertainment business.
The most recent PwC Outlook reveals the Chinese live music market was worth US$217m in 2017, with ticket sales accounting for $158m.
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