Maoyan Entertainment, China’s leading movie-ticketing platform, said it will boost investment in the domestic film industry and deepen its partnership with Tencent Holdings Ltd, as it works to halt a downturn in cinemas.

The comments come as box office revenue this year lags that of last year. To reverse the trend, cinemas are pinning hopes on domestic movies, Chief Executive Zheng Zhihao told Reuters. 

“Whether the full-year revenue will be in line with that of last year or even exceed, it remains to be seen,” Zheng said in a recent interview.

According to official data from Maoyan, Box office revenues slumped 2.7% in the first half of 2019, while the number of movie-goers fell 10%. Analysts noted the downturn coincided with a slowdown in domestic consumption at a time when the trade dispute with the U.S. threatens to impact an already softer economy.

Unlike countries like the United States, most Chinese movie-goers secure seats by buying tickets online from dealers such as Maoyan and Taopiaopiao, backed by Alibaba Group Holding Ltd.

However, the ticketing market is approaching saturation and so Maoyan aims to expand further in content investment and distribution, Zheng said.

“Over the years we have built up our strength in ticketing, distribution and media, and now we have newly created capital for maneuverability,” declared the Chief Executive.

He also said Maoyan has begun a strategic alliance with gaming and social media firm Tencent, giving it access to resources from group firms such as Tencent Pictures, Tencent Video, Tencent Investment and Tencent Music Entertainment Group.

Besides Tencent, Maoyan is also backed by online delivery company Meituan Dianping.