Ferris wheel ticket gets $25 million B+ round financing discount fare is a competitive advantage
CEO Cui Jeff said: the Ferris wheel improves the market circulation efficiency of tickets, and the relationship with traditional ticketing companies is complementary, not competitive.
original title: "Ferris Wheel ticketing" received $25 million in B+ round financing, and the performance ticketing market reshuffle completed
recently the reporter learned that the performance ticketing trading platform Ferris Wheel performance ticketing Network completed a $25 million B + round financing, which was jointly led by QiMing Venture Partners and Perth Capital, and all the original institutional shareholders followed. Chong Ying Capital acts as the exclusive financial adviser.
previously, Ferris Wheel ticketing was led by Blue Lake Capital, followed by DCM, Matrix Partners China, Nanshan Capital, Qianfeng Changqing and ZhenFund in round B financing, and millions of dollars in round A financing led by DCM, led by Matrix Partners China, and followed by Nanshan Capital with nearly $10 million in A + round financing.
Ferris wheel ticketing founder and CEO Cui Jeff told reporters that this round of financing will continue to be used to optimize products and services, allowing more people to enter the theater with a lower threshold. The discount ticket price of Ferris wheel is the main competitive advantage, but this threshold refers not only to the purchase price, but also to the convenience and speed of the ticket purchase process, whether you can choose the ideal location (access to VR online seat selection technology), whether you can achieve after-sales protection (platform ticket inspection fidelity, no ticket compensation), whether the ticket collection method is flexible, and so on. Ferris wheel hopes to constantly improve the user experience.
Ferris wheel ticketing founder and CEO Cui Jeff
Ferris wheel ticketing was established in July 2015, positioning the intermediary platform to match the upstream and downstream of the industry. The platform brings together ticket sources such as organizers, ticketing companies at all levels and individual idle tickets on the platform, and automatically selects the lowest price ticket scheme for consumers through the "multi-channel ticket supply low price priority" technology. In this way, the ticket source can adjust the quotation flexibly and timely according to the market demand, and users can buy guaranteed tickets at a lower price and in a shorter time.in the past two years, Ferris wheel tickets have sold more than 2.5 million tickets, of which 92% are discounted tickets, saving users more than 100 million yuan in ticket purchase expenses. According to Ferris wheel statistics, hundreds of thousands of users decided to watch a performance because of the discount, which led to a general increase of 15%, 20%, and increased box office receipts and users' willingness to watch the show. Cui Jeff revealed that in 2017, the quarterly trading volume of the Ferris wheel maintained a rapid growth of 50%, with the Q3 trading volume reaching 140 million yuan.
although the Ferris wheel has entered the ticketing market late, it has grown rapidly with the platform model of massive discounted tickets. Nowadays, China's online performance ticketing market has basically completed the reshuffle, forming a two-level pattern of the traditional ticketing platform represented by barley and the Internet ticketing platform represented by the Ferris wheel.
Cui Jeff said that Ferris wheel ticketing is an open platform, and all certified ticket sources can sell tickets on the platform. For the whole ticketing market, the Ferris wheel improves the market circulation efficiency of ticket products, and the relationship with traditional ticketing companies is complementary rather than competitive.
in addition, as a platform, transaction regulation is particularly important. Ferris wheel tickets through the seller's real-name system, limit the maximum price, technical anti-speculation and other means to strengthen standardized operation, but also provide identification of the authenticity of tickets, express distribution, after-sale customer service, on-site ticket collection and other services.
Huang Peihua, partner of Qiming Venture Capital, the leading investor, said:
We are optimistic about the offline performance market. With the growth of China's GDP, people's spending on entertainment will also increase. The Ferris wheel offers a cheaper, rich choice of votes and performs very well. We hope to support the company to help the faster development of China's cultural and recreational events market.
Xu Chuanqi, founding managing partner of Matrix Partners China, said:
We have been paying attention to this industry. The Ferris wheel has performed very well in terms of team and operation, and the entertainment market will also usher in the explosion and diversification of demand in the future, so we are very optimistic about the development of the company.
Hu Lei, founding partner of Blue Lake Capital, who led the last round, said:
We think the potential of China's offline entertainment market is underestimated. Ferris wheel ticketing has greatly released the demand of the audience with rich discount tickets and efficient circulation, and the trading volume has increased rapidly in the past six months. We estimate that the existing offline sports market in China is only 1x20 of the film market, and the performance market is only 1max of the film market. Compared with the United States and even South Korea and Japan, the gap is huge. We believe that China's offline entertainment market is expected to replicate the miracle of 20 times the rapid growth of China's film market over the past decade. The Ferris wheel will also grow into the largest ticketing platform for performances and events in China.
Edit: xiongwei