Alibaba Pictures acquires concert producer Damai as it eyes offline, live entertainment business
- Alibaba Pictures to buy majority stake in Pony Media – giving it live events producer Damai
- With Damai, Alibaba Pictures says it will ‘further build brand awareness for its offline entertainment business’
Pony Media is owned by Alibaba Investment Limited, a wholly-owned unit of Alibaba. Alibaba Group Holding also owns the South China Morning Post.
The conditional agreement to purchase Pony Media Holdings will allow the expansion of the “upstream presence of the Damai brand in the live entertainment industry value chain, such as events production and promotion, venue operation and artist management,” Alibaba Pictures said in the Tuesday filing.
With Damai – which serves more than 1. 8 million events and more than 100 million total registered customers – Alibaba Pictures will “further build brand awareness for its offline entertainment business”.
“We believe this transaction heralds a new chapter for the new Alibaba Pictures. Before today’s announcement, we had already established a deep connection with Damai through our exclusive service agreement, and accumulated over 20 million Taomai VIP members to date,” said Jie Li, president of Alibaba Pictures.
“Following the transaction, we will strive to integrate our resources, expand a presence along the industry value chain, drive development through technology innovation, and ultimately create value to our customers and shareholders.”
