BookMyShow Success Story

Want to know about BookMyShow success story? Well you have landed on the right article. Bookmyshow parent organization is named Bigtree Entertainment Pvt. Ltd.

A comprehensive analysis of BookMyShow, an event management company that has created a name for itself in the e-commerce market, can be found in the below article.

BookMyShow is a company that has earned a reputation for itself in e-commerce.

After that, it bills those retail customers the most reasonable price for the services they demand before presenting them with tickets and passes for events such as movies and concerts.

Consequently, it creates a situation in which the company and its customers benefit, which makes it more likely that the company will realise both its operational and organisational objectives. 

In this guide, we ranked and reviewed the 3 best bookmyshow founded, along with our top 3 choices, so that you can pick the best one for you.

BookMyShow Success Story

BookMyShow is the most popular place for entertainment in India and serves as a one-stop shop for all of an individual's requirements for amusement outside the home. 2007 saw the launch of the website to the public. 

The company has sites in more than 650 cities and towns across India and collaborates with partners from across the entertainment sector to provide unrivalled entertainment possibilities to its millions of customers.

The business has evolved over the years into an end-to-end manager of live entertainment events such as music concerts, live performances, theatricals, sports, and more. These live entertainment events have been accomplished at the same level as the standards utilised globally.

BookMyShow is the company that is responsible for driving a number of technological advancements, such as them-ticket and Movie Mode, which have had an effect on tens of millions of users and the industry as a whole.

Customers of BookMyShow have benefited from these technological developments as they have been implemented. BookMyShow is committed to providing its customers with the very best experience possible, irrespective of the manner in which the customers choose to interact with the company, be it in person or through the website.

This dedication encompasses both of these available channels of interaction with the company. The company receives constant financial assistance from its investors.

BookMyShow's business activities have been expanded to include nations other than India. This exemplifies the company's leadership position within the sector of the market in which it competes.

BookMyShow has a deep devotion to the community as a whole, and one of the ways that it shows this devotion is through a charity initiative that it runs called BookASmile.

People from disadvantaged backgrounds are provided with the opportunity to take part in a variety of different forms of entertainment thanks to this initiative.

Industry Type

According to a survey by RedSeer, the industry for online ticket sales in India brought in a total of $28 million in income during the most recent quarter.

In addition, according to the research titled "online ticket market updates" published by RedSeer, movies have contributed fifty percent of the industry's revenue, with events being the second largest contributor.

The nearly $330 million in income created by the online ticketing sector in 2017 was primarily attributable to the sales of tickets to live entertainment events, including concerts, sporting events, and other live entertainment shows.

According to Wikipedia, a compound annual growth rate (CAGR) of 20 percent is anticipated in the internet ticketing sector by 2020. This is because the major players in this industry are persistently purchasing their smaller competitors.

BookMyShow has achieved a compound annual growth rate in revenues of 40 percent less than a decade after its founding. The corporation commands an almost 90 percent share of the market in the sector of the industry that deals with online ticket booking.

Founding Team

 Bookmyshow founders are named Ashish Hemrajani, Rajesh Balpande, and Parikshit Dar.  

Startup History

In 1999, Ashish Hemrajani embarked on a vacation to South Africa, which marked the beginning of this journey for him. This journey had a profound impact on his life. He conducted research, understood the market, and considered several strategies.

After that, he went back to India, left his previous position, and decided to launch his own business. He started his first internet business, which he called "Bigtree Entertainment Pvt. Ltd."

When he was 24 years old. His bedroom served as the headquarters for the company. Parikshit was put in charge of the technology, and Rajesh was in control of the finances.

Soon after, the three individuals started their journey as business owners together and guided Bigtree Entertainment Pvt. Ltd. in the right direction.

Partners

Over time, BookMyShow has established partnerships with the most prestigious theatres, multiplex chains, and event management firms, such as Percept (famous for organising the Sunburn Festival).

Even if the company's business strategy is no longer innovative, it is light years ahead of its rivals and is well-entrenched; as a result, it is difficult for new companies to break into the market and establish themselves.

BookMyShow did not comply with Inox's demand that they pay more money in exchange for the right to sell its tickets; yet, Inox insisted that they do so.

The disagreement, though, did not linger for very long, and the parties were able to resume talking to one another in October of 2018.

Business and Revenue Model

BookMyShow generates income from a variety of methods, including:

1. Income from the sale of tickets: It is the most critical source of income, accounting for around sixty percent of the final income.
   
   This is due to the discrepancy between the ticket price and the online processing cost. In addition to the cost of the tickets, the company will charge you an additional comfort fee.
   
   That is the information that BookMyShow stores. BookMyShow receives a commission for any non-movie event ticket it sells, regardless of whether or not the event is a movie.
   
   
   
2. Non-ticketing revenue: This can be accomplished by allowing BookMyShow users to rate and review the films.
   
   BookMyShow is uniquely positioned to promote up-and-coming musicians and bands by capitalising on the enormous number of page views their website receives.
   
   After the purchaser has made their payment, a ticket is considered to be sold. At this point, neither its cancellation nor its replacement is possible.
   
   BookMyShow also sells tickets to events like plays, unusual tours, sports, and dramas, among other things.
   
   BookMyShow also brings in a significant amount of money from events such as New Year's parties, Holi celebrations, and comedy shows. Search the latest films, events, plays, sports, and other activities.
   
   
   
3. Commission based on a percentage of sales: Similar to how posting an advertisement in India incurs a fee, movie theatres acknowledge BookMyShow's hard work and give them a commission based on a sliding scale without adding any additional fees.
   
   You must know that they take a lot larger share from more minor well-known players or venues, etc.
   
   
   
4. Income from advertising: It includes money made through banners, launches, and promotions.
   
   
   
5. Funds obtained through partnerships: Funds obtained through partnerships include the ones with Visa, American Express, and other service providers.

Revenue & Growth

• FY2018-19 Annual Revenue: The company reported a 30 percent uprise in its revenue in the financial year 2018-19.
  
  According to data that the company submitted to the Registrar of Companies and that were accessed through the business research platform Tofler, the company reported Rs 391 crores as the revenue for the FY 2018-19, which is an increase from Rs 300.9 crore the previous year.
   
  
  
• FY2020-21 Annual Revenue: The company's annual net loss ballooned to 162 crores, up from 139 crores the last year.
  
  The company has shown an excellent profitable record during most of its time in the past.
   
  
  
• Lockdown period: Theatres had been forced to close once more as the nation worked to combat the severe second wave of the epidemic.
  
  Last year, there was a gradual and partial reopening of the businesses, which lasted for five months of fiscal year 2020-21 (November through March).
  
  Growth in operations: Over-the-top (OTT) channels replace traditional on-location events, and new movies are being distributed through these platforms. This will cause BookMyShow to endure discomfort for an extended period.
   
  
  
• MAU: This time around, the number of people counted has been reduced by 48 percent.
  
  BookMyShow also reported the largest MAU (Monthly Active Users) of 70 million customers, which is higher than during the pre-Covid era.
   
  
  
• Growth in customer base: Additionally, the company said the most increased traffic and consumption demand it has ever seen.
  
  A monthly traffic volume of approximately 200 million client visits was typical before implementing the Covid-19 lockdown.

Company Investors

The company continued to be successful even though it did not have any financial backing from investors between the years 2002 and 2006.

Following the bursting of the "dot com" bubble, the Indian market went through a period of development that included the establishment of new infrastructure as well as the improvement of internet access.

In addition to that, there has been a rise in the total number of venues that can be found throughout India.

Due to the fact that BookMyShows possessed a sound business plan in addition to a favourable scenario that was taking place in the background, potential investors were willing to put their money into the company.

BookMyShow was able to raise approximately 224.5 million dollars in fundraising over the course of six rounds.

After funding Jungle Ventures in 2016, BookMyShow grew its business to include operations in countries located in South and Southeast Asia.

Kenneth Tan, CEO of BookMyShow Southeast Asia, has stated that the funds received will improve BookMyShow Southeast Asia's technology operations and more effectively serve the growing number of users in South East Asia.

This statement was made in response to a question about how the funds will be used.

Company Valuation

The transaction is being completed at a price that is significantly more than BookMyShow's market cap of $800 million, at which it received 100 million dollars in July 2018 from the TPG Growth figures.

It had been hovering around $850 million ever since it acquired the injection from TPG Growth.

Since Covid 19 began enforcing nationwide lockdowns and other restrictions, the company's revenue has been on a downward trend ever since it began.

Competitors

The following companies are considered BookMyShow's competitors:

• Explara
  
  
• Kyazoonga
  
  
• IndianStage
  
  
• TicketGenie
  
  
• MeraEvents
  
  
• BookMyEvent
  
  
• TicketCountes
  
  
• Asklaila. 

BookMyShow is currently under severe competition from Paytm, which provides customers with rewards and discounts when buying tickets via Paytm and Paytm Wallet.

BookMyShow is the market leader in online movie ticket sales. However, because it was the first company to do so, it has the first-mover advantage, which has allowed it to secure 78 percent of the market share.

Achievements

BookMyShow has emerged as the dominant player in the e-ticketing industry in recent years. The following are some of the company's most notable accomplishments:

• It has broken the record for having more than 50 million app downloads.
  
  
• It took in a little more than $15 million in one month from ticket sales.
  
  
• Every year, more than two billion people view the pages on this website.
  
  
• To this day, it has been successful in acquiring and keeping over 30 million users.
  
  
• It has now expanded its activities into five different countries.
  
  
• More than 650 cities and towns are included worldwide.
  
  
• The platform helped cover more than 4500 theatres in the last year.
  
  
• Successfully solicited financial support from well-known entities such as Network 18, SAIF Partners, and the Stripes Group.
  
  
• Its income for the fiscal year 2018 was 391 crores, while it is now recorded at 563 crores for 2020.
  

Company Acquisitions

Challenges Faced by BookMyShow

BookMyShow has been around despite all of the challenges that come with starting a new business and the disastrous economic crisis that took place in 2007.

When BigTree Entertainment Pvt Ltd first began conducting business in 1999 under its current name, the practice of obtaining tickets over the internet was not nearly as prevalent as it is now.

However, the company quickly became an industry leader in this space. When millennials first began accessing the internet, it was still somewhat of a testing ground with constantly shifting dynamics.

The Millennial generation is now the one that holds the majority of positions in the workforce. The inability to consistently use plastic money and internet banking were the most significant barriers to the sale of tickets.

In many instances, none of these multiple payment methods was even a possibility, despite their widespread availability.

The inability to use e-ticketing software and the restricted access to broadband internet in the theatres made it even more difficult than it had been in the past to overcome the problems.

Once upon a time, BookMyShow would buy tickets in large quantities and then dispatch hundreds of people on bicycles to personally deliver the tickets to their customers.

However, the company was unable to grow its commercial model, and as a direct consequence of this inability, they were forced to cancel the project.

When BookMyShow was still in its early stages, the company first focused the majority of its efforts on offline methods of conducting business.

Chase, a capital partner in the company, has cut its links with the corporation and sold its shares to News Corporation, which Rupert Murdoch controls.

The "Dot Com" crash that occurred the year after that, in 2002, was responsible for a sizeable portion of the damage incurred as a result of what took place.

This is the point in the company's history when its profitability was at its absolute lowest.

BookMyShow reduced the amount of money it spent on necessary expenses as well as the pay of its employees to diminish the impact of the adverse effects caused by the crisis.

In addition, offices were closed, and the company concluded that it would focus all of its attention and resources on the top two cities in India in terms of population: Delhi and Mumbai.

Once upon a time throughout its history, the skeletal crew counted a total of 150 individuals; however, there are only six members left on the team.

Despite the challenges, the individuals who started the company never lost the ability to pick themselves up and begin again and refused to give up.

After what seems like an eternity, the disaster that was the dot-com boom is finally ending.

The market for event management in India has undergone some beneficial advancements as a direct result of this development, which is a direct result of the positive effects that have occurred as a direct result of this development.

As a direct result of the positive outcomes that have emerged as a direct result of this development.

During this period, the physical infrastructure of the internet and credit and debit cards began to become increasingly widespread.

Over the past several years, the number of movie theatres has skyrocketed in a lot of different regions across the globe.

The fundamental objective of BookMyShow was to restore the dominant position in the market and maintain that position for as far into the foreseeable future as possible.

During the early stages of the company's operation, the distribution of automated booking systems to multiplexes was the primary emphasis of the enterprise's operations.

Subsequently, the company shifted its attention to the sale of other software. In addition, the company set up call centres whose primary mission was to give customer support to the enormous number of clients it already had.

BookMyShow was eventually successful enough to turn a profit, and by 2007, the company had reached a market value of 24.1 crores.

Story behind BookMyShow Name and Logo

BookMyShow was initially known by its previous name, "Go For Ticketing." The business once went by the name "India Ticketing" before being rebranded with its current moniker in 2002.

In 2007, when the company was still called India Ticketing, it held a competition for its employees in which they were asked to come up with ideas for a new name for the company.

The winner of the match was awarded an iPod touch. An engineering intern came up with the idea for the company name "BookMyShow."

And this is how the business was able to settle on a name that was congruent with its mission and vision.

Services Provided by the Company

BookMyShow focused exclusively on selling movie tickets at first, but the company quickly expanded into other areas.

It is currently selling tickets for various entertainment events, including plays, concerts, fairs, sporting events, and even movie screenings.

You can also make reservations to access exhibitions at monuments and tickets to international affairs on the portal.

Additionally, the company began selling tickets to activities that were taking place in the immediate area. BookMyShow is a service that may be utilised by visiting the website or using the mobile application.

The application was made available for the first time in 2012. The application regularly receives tweaks, improvements, and bug fixes from the developer.

In 2017, BookMyShow also released a "progressive web app." Users of the app can do various things, such as check showtimes, order tickets, read reviews, and watch trailers.

BookMyShow also offers round-the-clock support for customers.

Conclusion

Since that time, the business has shifted its focus to becoming a platform that specialises in cloud-based ticket booking for events such as theatre productions, sporting events, and other types of performances.

Bigtree Entertainment Pvt. Ltd., BookMyShow's parent company at the time of the company's founding, was the business that was more well known by that name.

It has operations in excess of five nations and caters to thirty million customers.

BookMyShow has had a turbulent existence, comparable to that of a roller coaster, with many high points and low points throughout its sixteen years of operation.

It successfully overcame the challenges it faced along the way and emerged victorious in the end.

According to the survey conducted by RedSeer, the market for the purchase of tickets via the internet in India generated revenue of $28 million during the most recent quarter.

In addition, research conducted by RedSeer and titled "online ticket market updates" found that movies have been responsible for generating fifty percent of the industry's revenue, with events being the second largest contributor to the industry's revenue.

I hope you liked our article on BookMyShow success story , if you have any comments or suggestions do share them in the comments below

frequently asked question

1. How did BookMyShow come into existence?

BookMyShow was founded in 1999, and since then, the company has transitioned into a platform that specialises in cloud-based ticket booking for events such as movies, plays, sports, and other shows.

At the time of its establishment, BookMyShow was more commonly referred to by its parent firm, Bigtree Entertainment Pvt. Ltd.

2. Is it true that Reliance owns BookMyShow?

No, Big Tree Entertainment Pvt Ltd is the owner of BookMyShow. In the past, the company has received funding from the Reliance Industries group and Network18, which is managed by Reliance Industries and global equity investors such as SAIF Partners and Accel Partners.

At this time, Network18 holds a stake in BookMyShow that is equivalent to 39 percent of the company.

3. Is BookMyShow a corporation that is based in India?

Yes, the company has been operating out of India since 1999 and serves as a one-stop-shop for consumers looking to purchase movie and event tickets.

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