Alibaba profit warning over ticketing expenses
In a letter to shareholders, Alibaba Pictures CEO Yu Yongfu says he is bracing for a $145m loss in 2016 after incurring significant marketing expenses for Tao Piao Piao
News By | 20 February 2017
Alibaba Pictures has warned investors it expects to lose as much as ¥1 billion (US$145 million) in 2016, after sinking millions of dollars into marketing its new online ticketing platform, Tao Piao Piao.
Tao Piao Piao – formerly Taobao Dianying (‘Tabao Movie’) – was rebranded last May following the signing of a strategic partnership with China’s leading live entertainment ticket agency, Damai.cn, through which Alibaba it is expected to move beyond film ticketing into live events. Alibaba Pictures, a division of Alibaba Group, the world’s…
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