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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.”

 


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$10m for ‘Chinese StubHub’ Tking

Chinese start-up Tking has raised US$10 million in initial venture-capital financing as it bids to become the country’s first major homegrown secondary ticketing site.

Shanghai-based Tking (or 牛魔王 in Mandarin, after the Bull Demon King in Journey to the West and featuring said diabolical bull as its logo), has designs on being ‘China’s StubHub’, writes China Money Network, and has since its founding in 2013 sold more than 500,000 tickets in partnership with Chinese promoters and primary ticket agencies.

The series-A financing comes from Matrix Partners China, Nanshan Capital and DCM Ventures.

Around 90% of tickets listed on Tking offer discounted prices

Though a new secondary ticketing start-up in the world’s second-largest economy won’t be music to the global industry’s ears, reports suggest Tking listings – which include tickets to concerts, sporting events, theatrical shows, ballet and opera – are not characterised by the kind of sky-high pricing that has made resale sites so notorious in the West, with around 90% of listings actually below face value. Writes CMN: “Tking connects event ticket aggregators and wholesalers directly with the end users, therefore enabling discounts to consumers. Around 90% of the tickets listed on its platform offer discounted prices.”

According to the International Ticketing Yearbook 2016, ticket touts in the People’s Republic “work with venues to buy up blocks of tickets, giving promoters a way to sell large quantities quickly, reducing their risk”.

China’s live music industry was worth CN¥3.9 billion (€500m) in 2014.

 


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