Tiki, one of Vietnam’s leading online e-commerce companies announced that it has bought Ticketbox Vietnam, the country’s leading online ticket company.
Tiki Investments, a subsidiary of Tiki, bought Ticketbox as part of the company’s strategy to build an ‘all in one e-commerce ecosystem’ in Vietnam. The Ticketbox acquisition helps Tiki to move into the entertainment business in Vietnam in a relatively low-cost manner since Ticketbox acts as an intermediary in the ticketing process and does not need to develop its own entertainment assets.
According to a spokesman for Ticketbox, the company will list and help to promote more than 12,000 events on its website this year. For event organizers, Ticketbox has been a fundamental reason for their success since Ticketbox distributes information on events, lists events in multiple languages on its website and is responsible for ticketing, customer payments, and remittance of monies for the event, thereby lowering the financial risk for organizers.
|Mike Tran, Founder & CEO of Ticketbox.vn|
Ticketbox was founded in 2013 and has an extremely good reputation in the market. Event organizers have found Mike Tran and his team to be flexible in working with them and Ticketbox is seen as a transparent and fair company that embraces a “win-win” model that benefits event organizers and their customers.
Tiki is ranked as Vietnam’s second largest e-commerce platform. The company started out as an online bookseller but has since expanded its product range to encompass multiple categories. According to company executives, Tiki has developed a fund to support musical artists through videos and events. With Ticketbox, Tiki can work with both the musical artists and event organizers to create an integrated approach to entertainment and develop audiences for each of its artists.
According to Tiki, Vietnamese consumers are increasing their spending on high-quality entertainment and the market for entertainment event ticketing is expected to reach $10 million USD this year, while revenue for cinema ticketing could $160 million USD in 2020.
Tran Ngoc Thai Son, Tiki’s founder noted that the acquisition of Ticketbox allows both companies to better cater to the entertainment needs of Vietnamese consumers while simultaneously boosting the entertainment ecosystem in Vietnam.