Ticketing platform West 10th District completes tens of millions of Series B financing and will explore new social businesses in the future

The third-party ticketing platform "West Tenth District" recently officially announced that the company has completed tens of millions of yuan in Series B financing. It is reported that this round of financing is jointly invested by Shoutai Jinxin Fund, Huashan Investment, and A+ round investor Chuangfeng Capital.

Original title: Third-party ticketing platform West 10th District completes Series B financing

The third-party ticketing platform "West 10th District" officially announced that the company has completed tens of millions of yuan in Series B financing. It is reported that this round of financing is jointly invested by Shoutai Jinxin Fund, Huashan Investment, and A+ round investor Chuangfeng Capital.

According to public information, the Xi10th District is a trading platform for cultural performances and sports events. It started operation in August 2012. It focuses on the B2B2C and C2B2C models, focusing on the layout of secondary ticketing market transactions. Currently, its business covers 57 cities across the country, operating tickets for concerts, dramas, operas, children's dramas, folk art acrobatics, sports events, leisure and entertainment, etc., and at the same time, it also connects with various on-site cultural activities, such as cultural activities in the same city, Cultural or event group clubs, on-site cultural gatherings, etc., have achieved full coverage of all on-site cultural categories, including performances, events, exhibitions and urban leisure and entertainment.

Different from general ticketing platforms, the West 10th District itself does not involve ticketing, but only handles ticketing docking. Whether it is individuals or related institutions, they can conduct ticketing sales through the West 10th District, where ticket sellers will promote, sell, etc. The operating business will be handed over to the West 10th District. At present, the income sources of the West 10th District include commissions, service fees, advertising, data services, etc. This year, it may further expand to movie tickets, derivatives and other fields.

According to Li Mingwei, founder of the West 10th District, as of now, the overall annual transaction volume of the West 10th District platform is close to 500 million yuan, and 28.5% of users in a single month have repurchased a second order. The average daily number of performances on sale exceeds 3500, and the average daily number of tickets is 7 million, with more than 30,000 merchants and sellers, of which more than 5000 are upstream institutions, such as organizers, brokerage companies, venues, agents, etc., while the secondary market is dominated by individuals or small companies. In 2016, the West Tenth District rapidly expanded its territory and extended product functions, establishing five branches in Beijing, Guangzhou, Dalian, Chengdu and Wuhan.

Since its operation in 2012, the West 10th District has received four rounds of financing. In January 2013, Xi10 District received several million yuan in Pre-A Series investment from Suzhou Qiangguo Venture Capital; in October 2014, it received 30 million yuan in Series A financing from the Chinese Cultural Industry Investment Fund; in January 2016, it received 50 million yuan in Series A+ financing from Chuangfeng Capital, with a valuation of 400 million yuan.

According to the plan, in the future, the West 10th District will conduct new business explorations around the industry chain, practitioners and fans on the platform, such as social networking and interaction on the same site. In addition, it will use the on-site culture as the boundary and use the two types of people as the criterion to develop relevant derivative businesses.

In the eyes of industry insiders, with the improvement of people's consumption levels and the rapid development of cultural industries such as performances, relevant ticketing platforms have also ushered in a period of rapid growth, expanding their own scale, business and product fields, and seeking greater development space.

Although there are many platforms involved in performance ticketing in China at this stage and there is certain market competition, there is still potential development space in the secondary ticketing market. Since the country has not yet established a complete security system in this field, problems including scalping and fake tickets will arise, which will hinder market development. It is necessary to gather forces from all parties to jointly improve the current situation.

Editor: Nancy