(Yicai Global) Nov. 13 -- Beijing Maoyan Culture Media Co. has obtained CNY1 billion (USD150 million) in funding from Chinese internet giant Tencent Holdings Ltd. [HKG:0700], pushing its latest valuation to CNY20 billion, online news outlet Kuai Keji reported.
Maoyan Movie, the firm's online ticketing platform, had 4.81 million monthly active users in June, ranking it first among similar services in the country, data from the 2017 Q2 Mobile Internet Reported, issued by Quest Mobile, shows. Taobao Movie, run by Alibaba Pictures Group Ltd. under Alibaba Group Holding Ltd. [NYSE:BABA], came in second with 4.14 million users.
Geographically, the two firms occupy similar market shares in second- and third-tier cities, with Maoyan claiming 59.3 percent and Taobao Movie 57.3 percent. However, Maoyan stands out in first-tier cities whereas Taobao is more popular in fourth- and lower-tier regions.
Beijing Maoyan Culture Media Co. was formed through the merger of competing ticketing platforms Beijing Weiying Technology Co. and Maoyan Culture Media Co. in September this year. With support from shareholders Beijing Enlight Media Co. [SHE:300251], Tencent Holdings Ltd. [HKG:0700] and Meituan, run by Shanghai Sankuai Online Technology Co., the new firm will continue to operate under the name Maoyan Movie.