When asked by Viet Nam News about the value of the deal, a company spokesperson refused to reveal it.

Tran Ngoc Thai Son, its founder and chairman, said: “Along with the financial investment, Tiki will also utilise its existing assets such as technology, manpower, process, etc. for Ticketbox to better serve [customers].”

With the rapidly rising demand for entertainment content, the acquisition is an essential strategy to complete Tiki’s “all-in-one” e-commerce eco-system, he said.

Vietnamese audiences are increasingly willing to spend on high-quality entertainment content, including movies, music and sports.

It is estimated that the Vietnamese event ticketing market will be worth US$40 million this year, a 50 per cent increase from last year, while movie ticket sales will be $160 million.

Starting in November this year, Ticketbox plans to also sell film tickets.

It also aims to sell tickets to more than 5,000 events this year, and this number is expected to double or triple every year. — VNS