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Alibaba Pictures acquires concert producer Damai

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Alibaba Pictures acquires concert producer Damai as it eyes offline, live entertainment business

Alibaba Pictures to buy majority stake in Pony Media – giving it live events producer DamaiWith Damai, Alibaba Pictures says it will ‘further build brand awareness for its offline entertainment business’AlibabaCheryl ArcibalPublished: 6:00am, 20 Sep, 2023Why you can trust SCMP

Alibaba Pictures Group will take a majority stake in Pony Media Holdings, which owns Damai – a producer of live performances such as concerts, musical festivals, plays and sporting events and exhibitions in mainland China – for US$167 million, according to a filing by the movie unit of Alibaba Group Holding with Hong Kong Exchanges and Clearing (HKEX).

Pony Media is owned by Alibaba Investment Limited, a wholly-owned unit of Alibaba. Alibaba Group Holding also owns the South China Morning Post.

The conditional agreement to purchase Pony Media Holdings will allow the expansion of the “upstream presence of the Damai brand in the live entertainment industry value chain, such as events production and promotion, venue operation and artist management,” Alibaba Pictures said in the Tuesday filing.

With Damai – which serves more than 1. 8 million events and more than 100 million total registered customers – Alibaba Pictures will “further build brand awareness for its offline entertainment business”.

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