Alibaba announces acquisition of online ticketer Damai.cn
Chinese e-commerce giant Alibaba Group has fully acquired online ticketing major Damai.cn, after purchasing the outstanding 70% of the company it did not already own for an undisclosed sum. Hangzhou-based Alibaba first invested in Damai three years ago, and in a statement, the company said the acquisition offered a "powerful platform to distribute our media content as well as expand our user search and engagement".
Chinese consumers are boosting their spending on live music. Photo: Jonathan Wong