Fandango Purchases Latin American Ticketer Cinepapaya
Latin America is a fast-growing region for movies, with growth of 13 percent in 2015 to $3.4 billion, according to the MPAA, and 31 percent growth since 2011.
Further pushing into the Latin American market, Fandango, the online movie ticketing company owned by Comcast, is set to announce Thursday it has paid an undisclosed amount to acquire Cinepapaya.
The acquisition comes a year after Fandango purchased Ingresso.com in Brazil, where online sales of movie tickets grew 30 percent year over year.
Cinepapaya is headquartered in Peru, though it also services 1,200 movie screens in Mexico, Argentina, Colombia, Chile, Ecuador and Bolivia.
Latin America is a fast-growing region for movies, with growth of 13 percent in 2015 to $3.4 billion, according to the MPAA, and 31 percent growth since 2011. The online ticketing industry in the region is expected to grow 16 percent annually through 2022, according to Grand View Research.
Earlier this year, Fandango purchased movie-review site Rotten Tomatoes, and the acquisition of Cinepapaya is expected to help grow that service in Latin America, as well.
"We expect our growth to accelerate with this new ownership, and we are really excited about inviting even more people to love movies as much as we do," said Manuel Olguin, CEO and founder of Cinepapaya.
"We are currently experiencing tremendous momentum in Brazil with Ingresso's significant growth, and with the addition of Cinepapaya, Fandango will emerge as a leading online ticketer throughout Latin America," said Fandango president Paul Yanover.