Brazilian internet conglomerate Movile is pushing deeper into consumer investments in Latin America through a $2 million investment in mobile movie ticketing company, CinePapaya.
The company says it will use the funds to enter new markets, hire new staff, and increase product innovation as part of the Movile network of companies.
The Peruvian-based company has expanded to Chile, Colombia, Mexico, Miami, Argentina, Brazil, Costa Rica, Venezuela and Ecuador and works with theaters like Cinemark.
The company’s services include searching and buying tickets, with additional features that allow users to find films based on their personal availability.
CinePapaya is working with Chilevision and ATV, and its app is available on iOS, Android, and Windows Phones.
According to a recent survey, global box office revenues from 2013 increased by four percent from the previous year, creating an industry worth $35.9 billion. The Latin American box office saw sales increase seven percent, centered around Mexico which rose sixteen percent, and Argentina, which rose eight percent. The numbers, provided by Movile, show a market that’s ripe for new players.
“We’re building a comprehensive suite of apps that will encompass key consumer verticals.” said Fabricio Bloisi, Movile’s founder and chief executive. “It’s exciting to be building the next generation of apps that will define how millions of Latin Americans get the goods and services they want through their phone.”
Overall, Movile’s smartphone and tablet applications for content and commerce along with its push into online-to-offline commerce have meant an expanding headcount. The company now employs 400 staffers and connects to 40 carriers with 700 million subscribers. The company’s been backed by the South African tech company, Naspers, since 2008.