The deal has marked Tiki’s first-ever acquisition, which ultimately helps the e-commerce platform to venture into the entertainment business in Vietnam.
Tiki has designated a fund to support up to 100 music videos produced by local artists in 2019. With the add-on of Ticketbox, Tiki can further back local artists and event organisers to get access to their audience.
According to Tiki, local customers have bolstered their spending on high-quality entertainment activities over the past years. The market for entertainment event ticketing, meanwhile, is expected to reach some $10 million this year, while revenue for the cinema ticketing segment could get as high as $160 million by the end of the year.
Tiki founder-cum-chairman Tran Ngoc Thai Son noted that backups, in both financial terms and assets, from Tiki will not only help Ticketbox better cater to the entertainment need of locals but also promote the entire entertainment industry in Vietnam.
Ticketbox said that there would be around 5,000 events to be organised from now to January 2020 and the figure is forecast to grow in each of the following years.
Founded in 2013 in Ho Chi Minh City, Ticketbox is an online ticketing platform offering event organisers cost-efficient ticketing sales and marketing solutions to maximise their returns.
Tiki is Vietnam’s second largest e-commerce platform. It started out as an online bookseller but has now extended its product range to 10 categories including books, cosmetics, electrical appliances to laptops and furniture.