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Alibaba Acquires Chinese Ticketing Service Damai

BEIJING (CelebrityAccess) — Chinese e-commerce giant Alibaba announced that they have acquired online ticketing company, as the tech company seeks to expand its footprint in the entertainment world.

Acccording to Reuters, Alibaba said the acqusition of the ticketing company "fits nicely into our 'health and happiness' strategy and forms a strategic part of the value chain in our media and entertainment business."

" will be a powerful platform to distribute our media content as well as expand our user reach and engagement," Alibaba added, noting that the acquistion would synergize with its own entertainment units Alibaba Music, Alibaba Pictures and Youku.

Founded in 2004, is one of the largest ticketing platforms in China and as of 2016, it has a presence in six major regions of the Asian nation. Alibaba first invested in Damai in 2014. – Staff Writers