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.
In an interview with Mindshare’s Katie Rigg-Smith, recently returned Australian CMO Brent Smart said advertising lacks enough emotional storytelling, and that marketers lack the support of their organisations to brand build in the long term. Smart is the chief marketing officer at Insurance Australia Group, a position he moved to after returning to Australia from […]
Media strategy specialist Slingshot has won the strategy, planning and buying account for Masterpet, and Endeavour Consumer Health. Masterpet owns pet care brands Black Hawk, VitaPet and Aristopet, while Endeavour Consumer Health includes brands like Red Seal, Pharmacy Choice and Faulding. Slingshot CIO and Partner Simon Corbett (pictured) said that winning the two businesses was […]
Leading South Australian ageing care provider ECH (Enabling Confidence at Home) is shining a light on the need for Australians to talk openly about death with their family members and loved ones to ensure any specific wishes or choices can be fulfilled. Australia faces a significant societal challenge as death continues to be a subject […]
You might have noticed a colourful scoreboard sitting on the B&T homepage this month. Well, allow us to formally introduce ourselves – and it. We’re Zavy. And we believe in the promise of social media: brand building by two-way engagement and rich communication. What does this have to do with a scoreboard? […]