MAOYAN Entertainment, China’s leading movie-ticketing platform, will boost investment in the domestic film industry and deepen its partnership with Tencent Holdings Ltd., as it works to halt a downturn at cinemas.

The comments come as box office revenue this year lags behind that of last year. To reverse the trend, cinemas are pinning hopes on domestic movies, CEO Zheng Zhihao said.

“Whether the full-year revenue will be in line with that of last year or even exceed, it remains to be seen,” Zheng said in a recent interview.

Box office revenue slumped 2.7 percent in the first half of 2019, showed data from Maoyan, while the number of movie-goers fell 10 percent. Analysts noted the downturn coincided with a slowdown in domestic consumption at a time when a trade dispute with the United States threatens to impact an already softer economy.

Unlike in countries such as the United States, most Chinese movie-goers secure seats by buying tickets online from dealers such as Maoyan and Taopiaopiao, backed by Alibaba.

However, the ticketing market is approaching saturation, so Maoyan aims to expand further in content investment and distribution, Zheng said.

“Over the years, we have built up our strength in ticketing, distribution and media, and now we have newly created capital for maneuverability,” Zheng said. (SD-Agencies)