LivingSocial is definitely expanding into the lucrative Asian market. The social shopping platform demonstrated its desire by buying Ticket Monster. The purchase is considered one of the biggest acquisitions for LivingSocial so far and is the ninth company it has purchased.
Ticket Monster was founded in 2010 and is the largest provider of daily deals in South Korea. Its founder David H. Shin, who is 25, helped establish the social commerce boom in Korea. Ticket Monster has almost 600 staffers, 5,000 merchant partners, and 970,000 visitors daily with 2 million members.
The company offers a deal-a-day in local cities and includes discounts from top restaurants, clothing stores, spas and other retailers. Ticket Monster is also a strategic lead-generation tool for local businesses by using its customer base and platform. The company is earning $24 million a month through searches for local businesses and promoting the purchase offers with local businesses.
When LivingSocial’s purchase of Ticket Monster is sanctioned, the social shopping platform will be operating in 23 countries. LivingSocial is in part owned by Amazon and already has a foothold in Asia. In June the company purchased Ensogo and DealKeren, creating a strong presence in Thailand, Indonesia, and the Philippines.
Its competitor Groupon, the largest daily deal site in the U.S., started its own South Korean site in March. Now it operates in 45 countries, involving China, Malaysia, Hong Kong, Singapore, the Philippines and Taiwan.