Online ticket seller Fandango announced today it is expanding its business in Latin America with the acquisition of online movie ticket platform Cinepapaya. The deal will nearly double Fandango’s reach in the region, extending its ticketing business to include Mexico, Argentina, Colombia, Peru, Chile, Ecuador, and Bolivia. Terms of the deal were not disclosed.
After last year’s acquisition of Ingresso.com in Brazil, the company reports that cinema ticketing in the region is up 30 percent year-over-year. According to the Motion Picture Association of America, Latin America’s box office overall grew 13 percent last year with $3.4 billion in sales, and has increased 31 percent since 2011.
“We are currently experiencing tremendous momentum in Brazil,” said Fandango President Paul Yanover, in a statement. “With Ingresso’s significant growth, and with the addition of Cinepapaya, Fandango will emerge as a leading online ticketer throughout Latin America.”
Fandango also operates Fandango Movieclips, which it calls the No. 1 multichannel network on YouTube for movie trailers and movie-related video content, with more than 16.3 million subscribers, according to the company. It reports that ticketing for its 28,000 screens in the U.S. is up 40 percent year-over-year.
Media and entertainment reporter Kristin Marguerite Doidge can be reached at email@example.com. Follow her on Twitter @kmarguerite_usc for the latest in L.A. media news.
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