The online entertainment ticket company BookMyShow is planning to reduce the share of the film business by a one third of its revenues over the next 3-5 years, whereas it continued it’s huge investment in online content business and live event concerts.
For may years the sale of film ticket was only the main source of revenue generation for BookMyShow, which has now surge to 60 to 65%, while the rest live mainly live events and digital advertising.
While speaking with Media, BookMyShow CEO Ashish Hemrajani said that “Investments are part of BookMyShow’s efforts to move from a simple e-commerce player that has been for the past two years to creating a content business and engaging a community of users around it using social media platforms such as Facebook and YouTube. We have invested heavily in new areas, such as content (in FY17), and now we pay a lot of attention to live events.
“We keep investing in areas where we do a new direction the company is trying to change the route” he added.
Hemrajani did not disclose more financial details for FY17. Hemrajanian said the competition will keep the company alive. “I love when the competition is going on, which means they are not smart about what they do: we are sitting at a time when we are spending money and seeing what the situation is,” he said.
Over the past year, BookMyShow has opted for a virtual monopoly in online ticketing, and experts say the market is still inadequate to grow.
“Both BookMyShow and Paytm cover multiplicity in major cities, but many small cities and smaller multi-screens and single screens are not yet out of scope. Just as the digitization press helps sell online tickets. Hold the market in front of the previously announced ones, Can live together, “says Ajay Shah, which provides joint media and entertainment and transaction counseling services at EY.