Alibaba Buys Online Ticketing Platform Damai

By Bridget O'Donnell

Alibaba has fully acquired online ticketing platform Damai, Reuters reports.

The Chinese E-commerce giant now owns 100 percent of Damai's business as it expands beyond retail and into the entertainment industry.

Alibaba, founded by China's second richest man Jack Ma, first invested in the ticketing platform in 2014, buying a 32 percent stake in the company. The company will acquire the remaining 68 percent for an undisclosed sum.

"This continues an earnest three-year romance," a statement read on Alibaba's official Weibo account.

A post on Damai's microblog said that the company was thrilled to join the Alibaba family.

The acquisition of Damai adds to Alibaba's growing digital entertainment division, which has a portfolio of online video and music streaming services. Last November, Alibaba created a culutural and entertainment group, which integrated video platforms Youku and Tudou, web browser firm UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Sports and Alibaba Digital Entertainment.

Damai was founded in 2004, selling tickets for sports events, concerts and more.

[Images via Shanghai Daily, China Tech News]

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