U.S. online and mobile ticket provider Fandango recently purchased Rio de Janeiro-based Ingresso.com in order to establish a presence in the region.
"Latin America is a dynamic region with a growing moviegoer population and adoption of online and mobile technology, which is an ideal fit for Fandango as we look to expand our company internationally,” Paul Yanover, Fandango president, told Latin Business Daily via e-mail.
“The acquisition of Ingresso.com will help us establish a significant footprint in Brazil, South America’s largest film market, and position us well for continued growth,” he said.
Yanover's comments follow Fandango's recent purchase of Ingresso.com for an undisclosed price. Initially, Ingresso.com was an entertainment ticketing subsidiary of Latin American-based e-commerce company B2W Companhia Digital.
Ingresso.com has more than 6 million registered customers and is the biggest online and mobile ticketing service in Brazil, selling tickets to concerts, soccer games and cultural events. Fandango's transaction with Ingresso.com is subject to approval and expected to close by year´s end.
In spite of the country´s economic weakening in recent years, Brazil “has seen nine continuous years of box office growth." It is the largest market in South America for movies and the world´s 11th largest box office market.
“The Motion Picture Association of America (MPAA) predicts that Brazil will constitute the world's fifth largest market by the end of 2020,” Fandango said. In addition, over the last decade, the Brazilian film and television industry has grown more than 69 percent, the MPAA said. The total box office market of Brazil represented $800 million last year.
Meanwhile, Fandango´s mobile movie ticket service in the United States reaches 42 million visitors per month, with Latin America appearing to be “the next logical growth area for Fandango," according to Yanover.
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