Alibaba fully acquires Damai.cn

Updated 2017-03-22 10:03:38 Xinhua

Alibaba Group announced on Tuesday that it has fully acquired online ticketing platform Damai.cn, expanding its presence in the digital entertainment sector.

Zhang Yu, Vice President of Alibaba Group, has been appointed Damai CEO, the company said.

Yu Yongfu, chairman and chief executive officer of Alibaba Digital Media and Entertainment Group, said the acquisition would enable Alibaba to provide quality content and entertainment to a wider group of users.

In 2014 Alibaba acquired a 32.4 percent of Damai, one of the largest online live entertainment and distribution platforms in China.

Digital entertainment has become Alibaba's new growth engine, with its revenue in the three months from Oct. to Dec last year almost tripled year on year to 4 billion yuan (590 million U.S. dollars).

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