Fandango To Acquire Ingresso, Brazil’s Largest Online Movie Ticketer, From B2W Digital
Los Angeles, CA and Rio De Janeiro, Brazil
Brazil has a leading moviegoing population, accounting for 40% of Latin American box office dollars in 2014, according to Rentrak.
Fandango, the leading U.S. digital destination for moviegoers, announced today it has signed an agreement with Latin American e-commerce company, B2W Companhia Digital, to purchase its entertainment ticketing subsidiary, Ingresso.com, based in Rio de Janeiro, Brazil.
With more than six million registered customers, Ingresso.com is Brazil’s largest online and mobile movie ticketing service. In addition to movies, the service also sells tickets to concerts, soccer games and cultural events including the world-famous Rock in Rio music festival. The acquisition, subject to regulatory review and other customary closing conditions, is expected to close in the fourth quarter of this year.
Brazil has a leading moviegoing population, accounting for 40% of Latin American box office dollars in 2014, according to Rentrak. The country has seen nine continuous years of box office growth, representing the largest market in South America and the world’s 11th largest theatrical market, according to the Motion Picture Association of America. The MPAA predicts that Brazil will constitute the world’s fifth largest market by the end of 2020.
"As our ongoing commitment to the domestic business continues to produce record-breaking results, we see this as an opportune moment to expand outside of the United States," says Fandango President Paul Yanover. "We are thrilled to work with the talented Ingresso team and build upon their already successful organization. Latin America presents the next logical growth area for Fandango, and we look forward to extending our leading online and mobile ticketing capabilities to Brazil’s entertainment fans."
Fandango will bring to Ingresso.com its popular online and mobile entertainment products, branding and marketing expertise and fast-growing international position on YouTube with Fandango Movieclips content to build an even larger presence for Ingresso.com in Brazil’s entertainment ecosystem.
The Raine Group and G5 Evercore advised Fandango on the transaction.