TEG has today announced that it has entered into a joint venture with the leading Chinese ticketing and live entertainment company, YongLe.
The joint venture will see YongLe and TEG launch a new cloud based ticketing and entertainment platform in China. The platform, expected to be launched in 2018, will be branded YunTek, which translates to “cloud technology”.
The name YunTek reflects the blend between the modern system architecture that the new the platform has been built on, coupled with Ticketek’s proven ticketing expertise and experience in e-commerce and data-driven digital marketing.
YunTek will be one of the most sophisticated end-to-end ticketing and live event management platform that has ever been developed. YunTek will allow promoters and venues to self-manage their ticketing operations, produce effective marketing campaigns and use data analytics to guide every step of the ticketing and event management process.
In addition to the core ticketing and event management platform, YunTek will also launch a new tourism product, which builds on YongLe’s experience in ticketing and crowd management for large attractions such as The Forbidden City. The next iteration of the tourism product will combine data analytics, advanced digital marketing and self-service ticketing/QR code reader capabilities.
The announcement is the culmination of two years of discussions between TEG and YongLe on ways the two companies could work together to address the large and rapidly growing Chinese live entertainment market.
Ren Wang, CEO of YongLe, said that the joint venture represents the combination of the largest ticketing and entertainment businesses in the region.
“We are pleased to be joining forces with TEG, one of the largest and most respected ticketing companies globally,” said Ren Wang. “We believe TEG’s experience in both ticketing and live entertainment will ensure the success of the YunTek platform.”
Geoff Jones, CEO of TEG, commented that TEG is excited about the opportunities that this new platform and joint venture will create.
“This is a game changer as we believe YunTek will disrupt the entire Chinese live entertainment market,” said Jones. “Not only are we delivering a new and innovative ticketing solution to the Chinese market, we are upending the traditional live events value chain”.
As part of the transaction, YongLe and TEG have also agreed to collaborate on content for the Chinese market, with a number of announcements in this space expected shortly. The transaction is subject to regulatory approvals and customary conditions precedent.
As part of the transaction, Geoff Jones, CEO of TEG and Brendon Bainbridge, Managing Director of TEG Asia, will join the YunTek board.
Founded in 2003, YongLe (Beijing Chunqiu Yongle Culture and Communication Co. Ltd) is the leading ticketing and live entertainment company in China. The company was founded in 2003 and has over 30 million users and has ticketed over 50,000 events. YongLe operates the leading live event ticketing website in China, www.228.com.cn. YongLe is headquartered in Beijing has offices in Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Nanjing, Wuhan, Tianjin, Fuzhou.