Paytm Entertainment Receives $8.95 Mn Boost From Parent Company

Paytm Entertainment Receives $8.95 Mn Boost From Parent Company

SUMMARY

Paytm Entertainment Recently Acquired Chennai-Based TicketNew

One 97 Communications, the parent company of digital payments giant Paytm, has invested $8.95 Mn (INR 61 Cr) into Paytm Entertainment, its wholly owned subsidiary, according to company filings with the Ministry of Corporate Affairs.

Paytm Entertainment deals in ticket booking for movies and other entertainment channels. In a statement, the company claimed that its entertainment arm has increased its online penetration in India by more than 50%.

Inc42 recently reported that Paytm has acquired Chennai-based online ticketing platform Ticket New for ramping up its operations in the ticket booking business.

Prior to this, Paytm Entertainment had a ticketing partnership with SPI Cinemas, which owns landmark properties such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai.

Paytm Entertainment: The Growth Phase

After entering the ticketing segment back in March 2016 in partnership with PVR, Paytm has scaled its ticketing business to 660 cities.

In July 2017, it acquired a majority stake in Insider.in, an events ticketing platform, to tap into the rapidly growing live entertainment space in India. A report by The Ken suggested that Paytm took a majority stake in Insider.in for $5.42 Mn (INR 35 Cr).

In a media statement, the digital payments giant claimed that since this acquisition, it has successfully ticketed over 8,000 events with over a million tickets sold.

In February, the company claimed to have achieved 5x growth in online ticket sales in 2017 by selling 52 Mn movie and events tickets. Madhur Deora, chief financial officer and senior vice-president, Paytm, had claimed that the company currently contributes 25%-30% towards the opening weekend box office collection of major movies.

Paytm now aims to sell over 100 Mn tickets by the end of this year and is working towards bringing onboard more regional theatres with single and multi-screens to provide them with online exposure.

It is to be noted that Paytm Entertainment is largely present in tier II towns and beyond.

In the past two years, Paytm has been working closely with leading production houses and supporting them with marketing campaigns and analytics. It has also introduced features such as Movie Refunds and Movie Passes for the first time.

It has even hosted exclusive premieres of big releases and has been the exclusive ticketing partner for matches in the India home-season, sporting events, flagship music events and concerts of leading artists.

Paytm’s biggest competitor in the space is BookMyShow, among other players.

Mumbai-headquartered online ticketing platform BookMyShow reported a 27% increase in its operating revenues to $46.2 Mn (INR 300.6 Cr) in FY17, from $36.2 Mn (INR 236 Cr) in the previous fiscal. It is currently present in over 650 towns and cities across 4,500 screens.

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.

With the growing diverse portfolio, Paytm has been expanding its growth in several segments simultaneously.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Paytm Entertainment Receives $8.95 Mn Boost From Parent Company-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Paytm Entertainment Receives $8.95 Mn Boost From Parent Company-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Paytm Entertainment Receives $8.95 Mn Boost From Parent Company-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Paytm Entertainment Receives $8.95 Mn Boost From Parent Company-Inc42 Media
Paytm Entertainment Receives $8.95 Mn Boost From Parent Company-Inc42 Media
You’re in Good company