Alibaba Group said it has fully acquired online ticketing platform Damai.cn as part of its strategy to push forward entertainment business.
Alibaba will acquire the 68 percent of stake of Damai it hasn't owned yet for an undisclosed amount of capital, according to an email statement today.
Yu Yongfu, chairman and chief executive officer of Alibaba Pictures Group and head of Alibaba's digital entertainment division, said the acquisition adds to the company' existing online services including online video and music streaming and would provide wider customer reach.
Damai is one of the leading players in the concerts and sports event ticketing sector and Alibaba invested in mid 2014 for a 32 percent stake in Damai.
Alibaba's entertainment business group, which consists of mobile Internet browsing, video and music streaming, is expected to boost online to offline synergies in areas such as fans economy, film production and distribution.
The e-commerce giant's digital entertainment businesses in the fourth quarter more than tripled to reach 4.06 billion yuan ($588 million).
