Australasian ticketing, live entertainment and data analytics company TEG has announced it has entered into a joint venture with Chinese counterpart YongLe.
The joint venture will see TEG and YongLe launch a 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 ticketing expertise and experience in e-commerce and data-driven digital marketing.
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 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.
TEG chief executive Geoff Jones said the company is excited about the opportunities that the new platform and joint venture will create.
“This is a game-changer, as we believe YunTek will disrupt the entire Chinese live entertainment market,” he said.
“Not only are we delivering a new and innovative ticketing solution to the Chinese market, we are upending the traditional live events value chain.”
YongLe CEO Ren Wang said 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,” he said.
“We believe TEG’s experience in both ticketing and live entertainment will ensure the success of the YunTek platform.”
As part of the transaction, Jones and TEG Asia managing director Brendon Bainbridge will join the YunTek board. Furthermore, TEG and YongLe have 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.