Industry News

BookMyShow registers first profit in three years

 

BookMyShow, India’s largest online ticketing platform, has posted its first profit in three years on the back of a sharp rise in revenues.

For the 2016 financial year, BookMyShow registered a profit of Rs3.17 crore (£347,000/€401,000/$449,000) after posting losses of Rs13.52 crore and Rs3.98 crore in 2015 and 2014, respectively.

BookMyShow generated revenues of Rs236 crore in the fiscal year, representing growth of nearly 85 per cent from Rs127.6 crore in the previous year. Turnover had increased by 52 per cent and 59 per cent in the previous two years.

In July, BookMyShow reported a 30-per-cent increase in sales to Rs78 crore for the first quarter of the 2017 financial year, having sold more than 30 million tickets – its highest ever total for a three-month period and a 38-per-cent rise from the 22 million sold in the previous quarter.

Sixty per cent of BookMyShow’s revenues come from movies, with the remaining 40 per cent coming from sports, live shows and plays.

BookMyShow recently raised Rs550 crore in funding, led by US-based growth fund Stripes Group.

“We will continue to invest in enhancing user experience through our data analytics engine, and building contextual entertainment content including videos, reviews, discovery,” BookMyShow co-founder and CEO Ashish Hemrajani said recently.

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