BookMyShow Profit Jumps 27% To INR 109 Cr In FY24

Online ticketing platform BookMyShow’s net profit zoomed 27.61% to INR 108.6 Cr in the financial year 2023-24 (FY24) from INR 85.1 Cr in the previous fiscal year, as it saw a strong growth in its top line.

Operating revenue surged 43.19% to INR 1,396.8 Cr during the year under review from INR 975.5 Cr in FY23.

The company earned nearly half of its revenue from the online ticketing segment. It raked in INR 740.7 Cr from the vertical, up 20.6% year-on-year (YoY).

Meanwhile, the live events segment saw its revenue nearly double to INR 454.7 Cr in FY24 from INR 237.5 Cr in FY23.

Founded in 1999 by Ashish Hemrajani, Parikshit Dhar and Rajesh Balpande, BookMyShow’s online ticketing platform for events, movies, sports and plays was launched in 2007. It last raised $100 Mn in its Series D funding round, led by TPG Growth, at a pre-money valuation of $750 Mn in 2018.

Earlier this year, BookMyShow faced heavy backlash as tickets of ‘Coldplay Concert’, for which it was the exclusive ticketing partner, were sold out in minutes. Later, the tickets were being sold on reselling platforms at sky-high prices.

Following this, BookMyShow said it had no connection with the platforms reselling tickets and also filed an FIR. Meanwhile, the company was also probed by the Mumbai Police in the case.

In January this year, it was also reported that KKR was in advanced talks to invest between $250 Mn to $300 Mn in the online ticketing platform for a minority stake at a valuation of INR 7,500 Cr (about $885 Mn).

Where Did BookMyShow Spend? 

In line with the increase in its top line, BookMyShow’s total expenses grew 40.28% to INR 1,319.8 Cr in FY24 from INR 940.8 Cr in the previous fiscal year. 

Advertising & Promotions: BookMyShow saw a 47.48% rise in its advertising and promotional expenses to INR 78.9 Cr from INR 53.5 Cr in FY23. 

Employee Benefits: Employee costs grew 24.06% to INR 170.7 Cr during the year under review from INR 137.6 Cr in FY23.

Production: As the company expanded its presence in the live events segment, its production expenses almost doubled to INR 233.5 Cr from INR 119.8 Cr in the previous fiscal. 

Artist Fees and Revenue Share: BookMyShow spent INR 211.3 Cr on payment to artists, up 103.3% from INR 103.9 Cr from FY23. 

Meanwhile, its spending on revenue share rose a mere 2.8% to INR 303 Cr from INR 294.8 Cr in the previous fiscal year.

BookMyShow competes with Zomato, which entered the ticketing and live events segment with the acquisition of Paytm’s ticketing platform Insider earlier this year.