fbpx

PROFILE

MY SUBSCRIPTION

LOGOUT

x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

China’s Moretickets raises another $60m

Chinese discount ticket resale platform Moretickets has raised a further US$60 million in a series-C funding round led by CAA investor TPG Capital.

TPG Growth – the middle-market/growth capital division of TPG Capital, the majority owner of Creative Artists Agency – joins Hillhouse Capital and existing investors DCM, Matrix Partners, Blue Lake Capital and Nanshan Capital in the investment round, which brings Moretickets’ total funding to $100m.

The company, then called Ferris Wheel Ticketing, raised $15m in a series-B round in June 2017, with a further $25m (series B+) following in October.

According to China Money Network, Ferris Wheel/Moretickets operates in 369 cities in China, processing monthly sales worth over ¥100m (US$15m), although 90% of its tickets sell for under face value.

“Concerts, sporting events and original theatre have become an integral part of China’s consumer culture”

Matrix Partners, Nanshan Capital and DCM are also investors in another Chinese secondary ticketing site, Tking.

TPG, in addition to CAA, is the majority owner of Cirque du Soleil and, most recently, African entertainment brand Trace (through TPG Growth), and an investor in Spotify, Airbnb, Uber and Vice. It is also believed to be in talks to acquire a stake in BookMyShow, India’s leading entertainment ticketing platform.

“Through integrated technological knowhow and deep expertise in online event ticketing, Moretickets has been able to create a quality service product offering and secure its industry leading position in terms of scale, reputation, industry penetration, user experience and operational efficiency,” says Chang Sun (pictured), TPG’s managing partner in China.

“Live programmes such as concerts, sporting events and original theatre have become an integral part of China’s consumer culture, and we are very excited to be starting this new relationship with Moretickets as they look to further capitalise on this growing industry.”

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

UTA invests in podcasting start-up ART19

United Talent Agency (UTA) and VC firm DCM Ventures have invested in ART19, a podcasting tech company which has raised US$7.5 million in a new funding round.

DCM, which has been rapidly buying up ticketing companies in China, and booking powerhouse UTA join German conglomerate Bertelsmann Digital Media Investments (the co-lead investor with DCM), Array Ventures, software developer Gallo Digital and entrepreneur Zach Coelius in the series-A investment, which DCM’s Jason Krikorian recognises ART19’s having “taken the [podcasting] space by storm”.

Arizona-based ART19, which describes itself as the “fastest-growing provider of podcast hosting, distribution and ad-serving technology”, helps brands and media clients, including iHeartMedia, The New York Times and Vox Media, to target and connect with podcast listeners. It anticipates growing revenue by 300% in 2017.

“There are now more people listening to podcasts in the US than using Twitter”

“There are now more people listening to podcasts in the US than using Twitter,” comments Sean Carr, the company’s founder and CEO. “Our mission is to offer content creators and advertisers tools that help monetisation of the medium catch up with that scale. This capital will enable us to greatly accelerate product development and continue supporting revenue growth for our customers.”

Krikorian adds: “Audio has extraordinary global reach, and if there’s one thing we know about consumers, it’s that they want their content on demand. This bodes well for the future of podcasting. ART19 has taken the space by storm and we’re thrilled to be working with them as the medium continues to mature here and abroad.”

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.