Maoyan announce growth in revenue

Online ticket platform Maoyan Entertainment said its revenue for the first six months of this year rose 4.7 percent to 1.98 billion yuan ($281 million).

It marks the company's first growth in revenue since going public on the Hong Kong stock market this February.

The company said the growth was driven by optimizing different business sectors including advertising services, entertainment content services and online ticketing.

The announcement followed Maoyan's news of a partnership with Tencent for work in various entertainment sectors, aside from ticketing and box office tracking.

Revenue from advertising services rose 78.1 percent to 156.4 million yuan in the first half of this year, accounting for 7.9 percent of total revenue.

Revenue from entertainment content services increased 18.7 percent year-on-year to 665.7 million yuan in this year's first half, accounting for 33.5 percent of the company's total revenue.

Online ticketing services revenue hit 1.08 billion yuan, down 5.7 percent year-on-year.

According to the company, this drop was due to a decline in China's box office receipts and visits to the cinema.

Box office revenue in the first half of 2019 in China stood at 31.17 billion yuan, down 2.7 percent year-on-year, while cinema visits dropped 10.3 percent year-on-year to 808 million visits in the same period, according to official data.