Mumbai-headquartered online ticketing platform Big Tree Entertainment Pvt Ltd, under the brand name BookMyShow, has announced its financial performance for the financial year 2017-18, reporting a 20% jump in its revenues.
According to the filings, accessed via Tofler, a business intelligence platform for India, the company’s total revenue for the year was $54.4 Mn (INR 400.71 Cr), against $45.16 Mn (INR 332.38 Cr), a 20% jump over the previous year. The growth, however, was lesser than the 27% growth in FY17.
With a net worth of $53.83 Mn (INR 396.24 Cr), here’s a look at the financial statistics of BookMyShow for FY18:
- The company reported operational revenues of $52.44 Mn (INR 386 Cr) against $40.7 Mn (INR 299.57 Cr) in FY17
- Total expenses for the year were $73.49 Mn (INR 540.97 Cr), a 17.4% jump from $62.6 Mn (INR 460.78 Cr) in the previous year
- BookMyShow posted a 10% increase in its net loss, reaching $19 Mn (INR 140 Cr)
- The company’s employee benefit expenses increased by 58%, reaching $16.21 Mn (INR 119.36 Cr)
BookMyShow has been struggling with a declining growth rate and increased expenses. The company, which saw a growth of 34.3% in FY17, widened its losses 138 times that year.
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BookMyShow: Aims To Be ‘Entertainment Destination’
BookMyShow was founded in Mumbai in 1999 and officially launched in 2007. It is currently present in more than 650 towns and cities across 4,500 screens in India.
The company recently raised $100 Mn in a Series D funding round led by TPG Growth, the middle market, and growth equity investment platform of alternative asset firm TPG, along with participation from existing investors.
This fresh infusion of funds was to fuel BookMyShow’s growth plans as it transforms into the ultimate ‘entertainment destination’ for its customers.
According to June 2018 reports, the company is aiming to scale its non-movie business over the next two years and wants to bring it on par with its movie ticketing business. It will be venturing into segments such as international sports, live entertainment, and experiences across countries.
BookMyShow’s biggest competitor in the space is Paytm, among other players. Paytm Entertainment recently acquired TicketNew for ramping up its operations in the ticket booking business and claims to have successfully ticketed over 8,000 events with over a million tickets sold.
A report by the Confederation of Indian Industry (CII) and the Boston Consulting Group (BCG) said that the Indian media and entertainment (M&E) industry would nearly double in size to $123 Bn (INR 8 Tn) by 2022, clocking 11-12% CAGR between 2016 and 2022.