In the west, secondary-ticketing platforms are increasingly controversial in terms of their role within the music industry. In China, though, one of the most popular sites has just raised a significant funding round.
Moretickets’ Series C round was worth $60m, led by investment firm TPG Growth – last covered here in January when it bought a 75% stake in music’n’media firm Trace, and before that when its parent company led Spotify’s $1bn debt-funding round in 2017.
According to TPG, Moretickets is generating monthly ticket sales of more than RMB 100m ($14.9m) with 90% of the tickets that it sells going for less than their official price. The new funding round follows rounds of $15m in June 2017 and $25m in October 2017.
“Live programs such as concerts, sporting events and original theatre have become an integral part of China’s consumer culture, and we are very excited to be starting this new relationship with Moretickets as they look to further capitalise on this growing industry,” said TPG’s managing partner in China, Chang Sun, in a statement.