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Maoyan Launches Alliance With Tencent and Comprehensive Growth Strategy

2019-07-09 21:05 7119

BEIJING, July 9, 2019 /PRNewswire/ -- Maoyan Entertainment ("Maoyan" or "the Company") (Hong Kong: 1896), a leading platform providing innovative Internet-empowered entertainment services in China, today launched a strategic alliance with Tencent and laid out its comprehensive growth strategy to further tap China's entertainment market.

Maoyan CEO Zheng Zhihao announced Maoyan's comprehensive growth strategy
Maoyan CEO Zheng Zhihao announced Maoyan's comprehensive growth strategy

Alliance with Tencent

To better leverage their advantages and resources in the entertainment market, Maoyan and Tencent launched a comprehensive strategic alliance. Maoyan will cooperate with Tencent's ecosystem, including Tencent Investment, Tencent Pictures, Tencent Music Entertainment, Tencent Video and others.

Maoyan and Tencent will take advantage of their rich resources, extensive data and advanced products across various entertainment sectors to deepen the cooperation and create a superior entertainment experience for Chinese consumers.

"Maoyan is one of Tencent Group's core strategic partners," said Zhan Weibiao, Managing Director of Tencent Investment. "Investing in Maoyan was only the first step for Tencent. With Maoyan's growth and upgraded strategy, Tencent will cooperate with Maoyan across the entire entertainment industry to better meet consumers' entertainment demand."

Strategy to Support the Whole Entertainment Industry

The alliance with Tencent is part of Maoyan's overall strategy to further expand along the entertainment industry value chain and provide services in more entertainment sectors based on its capabilities and resources.  

"Over the past few years, Maoyan has grown from an online movie ticketing service provider to a leading and innovative one-stop platform for Internet-empowered entertainment services," said Zheng Zhihao, CEO of Maoyan at a press conference in Beijing. "Maoyan has become a key player in various entertainment sectors, including movies, live performances, TV shows, videos, short videos, music, media, and artist/KOL management."

China has become the second largest entertainment market in the world. The total revenues of China's entertainment market reached RMB1.7 trillion in 2018. The market is projected to hit RMB2.2 trillion in 2020, and further grow to RMB3.2 trillion in 2022, according to iResearch.

To explore new market opportunities, Zheng laid out Maoyan's comprehensive strategy to become a leading platform servicing the entire entertainment industry in China. The upgraded strategy is supported by five key platform pillars: online ticketing platform, products and services platform, data platform, marketing platform and funding platform.

  • Online ticketing platform: Maoyan is the largest online movie ticketing service provider in China with a market share of over 60%. It is the only ticketing platform in China that covers multiple entertainment sectors, including movies, performances, sports events, exhibitions, and other events. Maoyan will continue to create synergies among different sectors, which can help attract new users and grow the business.
  • Products and services platform: With a deep understanding of the entertainment industry, Maoyan has developed systematic solutions and products that can be deployed on a large scale to help industry partners improve operations and efficiency. Maoyan is developing a full suite of solutions for script analysis, cast selection decisioning, promotion and distribution, and scheduling. Maoyan also provides a Software-as-a-Service (SaaS) solution and smart devices for cinemas and venue operators.
  • Data platform: Based on advanced big data and AI technologies, Maoyan has developed a comprehensive data platform for the entertainment industry. With the extensive database, newly launched "Zhiduoxing" analysis tools, and powerful data analysis capabilities of Maoyan Research Institute, Maoyan can provide valuable market insights and decisioning guidance for the entire entertainment industry.
  • Marketing platform: Maoyan integrates extensive online and offline marketing resources to reach the target audience. The online resources include Maoyan's online access portals, media matrix, short video KOL accounts, and mini programs. Maoyan's mini program on WeChat has more than 200 million users, and its short video KOL accounts in TikTok and other platforms have over 100 million followers. Its offline resources cover 9,500 cinemas, 460 colleges and downtown commercial districts in 130 cities across the country.
  • Funding platform: Cooperating with partners, Maoyan will provide funding support to help industry partners create more high-quality content and speed the capital turnover of the supply chain. Maoyan will offer financial support for content creators, promising projects and partners.

"China's entertainment industry has huge potential to grow, and more and more Chinese consumers are willing to pay for quality contents," said Zheng. "Maoyan will work together with our industry partners to create more high-quality contents and drive the sustainable growth of the industry."

For media inquiries, please contact:

Jeff Pei
ICR Inc.
Email: Jianfeng.Pei@icrinc.com 
Tel: +86 (10) 6583 7514

Photo - https://photos.prnasia.com/prnh/20190709/2519499-1

Source: Maoyan Entertainment
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