06:51 (GMT +7) - Thursday 19/09/2019

Business

Tiki acquires Ticketbox

Released at: 11:42, 21/08/2019

Tiki acquires Ticketbox

Photo: Tiki

Acquisition a further step in completing its e-commerce ecosystem.

by Minh Do

Tiki officially acquired Ticketbox on August 20; a further step in completing its e-commerce ecosystem.

The event ticketing market in Vietnam is estimated to reach $40 million this year, an increase of 50 per cent against 2018, while cinema ticketing is expected to stand at $160 million by the end of the year.

The significantly increasing demand among Vietnamese customers for entertainment content and Ticketbox’s existing online platform makes the acquisition an essential move to complete Tiki’s “all-in-one” e-commerce ecosystem.

“Investing in Ticketbox aligns with our core value of ‘For Customers’,” said Mr. Tran Ngoc Thai Son, Founder and Chairman of the Tiki Corporation. “Along with the financial investment, we will also utilize our existing assets, such as technology, human resources, and processes, at Ticketbox to not only better serve Vietnamese customers but also promote the country’s entertainment industry.”

“Ticketbox has marked several milestones and we hope to contribute more to Vietnam’s entertainment industry,” said Mr. Tran Tuan Anh, Founder and CEO of Ticketbox. “With support from a trusted e-commerce platform like Tiki, I believe Ticketbox will further develop in the future. The acquisition is a positive for the domestic entertainment industry.”

Besides Tiki’s existing products and services meeting customer demand in FMCG, fashion - beauty, electronics, mom & baby, and healthcare products, etc., Ticketbox’s event and cinema ticketing service will also contribute to enriching Vietnamese lives.

Tiki has invested in “Tiki accompanies Vietnamese stars”, supporting 100 music videos in 2019. The Ticketbox platform is considered a further step in this project, supporting artists and event organizers in delivering more high-quality and large-scale events.

Audience members, meanwhile, also benefit from convenient ticket purchasing, with seat selection, fast online check-in, and safe payment methods.

Ticketbox also offers event organizers not only a cost-efficient ticket delivery solution but event communications and optimal online payment methods as well. It will also provide partners with deep-dive analyses and reports on customer behavior and interests, from which each partner will be able to effectively target their audience.

“Ticketbox is investing in big data and machine learning in order for event organizers and producers to gain a deeper understanding of their audience’s interests and then create suitable content at the most efficient cost,” said Mr. Nguyen Hoang Viet, Chief Technology Officer at Ticketbox. “We intend to create a connection between Tiki and Ticketbox platforms to benefit customers, for instance allowing them to use TikiXu from their Tiki accounts to purchase tickets on Ticketbox.”

Ticketbox’s business objectives are to sell cinema tickets from nationwide cinema chains with seat selections until November 2019 as well as to have over 5,000 events onboard until January 2020. The number of events is expected to increase two or three-fold each year.

Its development plan also includes a social network platform for its audience to share and review events and movies, etc., and even be connected with their idols.

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