Chinese ticketing platform records revenue growth

Chinese ticketing platform Maoyan announced Monday an increase in revenue in 2018, despite slowing Chinese box office growth.

The company's revenue hit 3.76 billion yuan ($560 million), up 47 percent year-on-year, according to the firm's financial report.

Film tickets contributed over 60 percent, 2.3 billion yuan, of Maoyan's total revenue, representing a 53 percent year-on-year increase.

Although China's box office intake reached 60.98 billion yuan in 2018, up 9.1 percent year-on-year, growth hit a three-year low, according to Maoyan.

Maoyan earlier this month invested about HK$390 million ($49.69 million) acquiring 8.11 percent of Huanxi's shares, granting the company exclusive distribution rights for Huanxi's films and TV and web series.