BookMyShow owner, Indian ticketing, information and analysis solutions provider Bigtree Entertainment, has seen its year-on-year net loss widen by INR230m (£2.45m/€2.75m/$3.13m) but has pointed to an increase in operational revenue as evidence of the benefits of investment in new and existing businesses, as well as further expansion.
Bigtree owns and operates online entertainment ticketing platform BookMyShow and its losses have increased as it seeks to expand its business outside of movie ticketing. Indian newspaper the Economic Times said the company’s figures for the year ending March 2018 illustrated a net loss of INR1.62bn, up from INR1.39bn in 2017.
Bigtree posted a small loss of INR10m in 2016, but has been investing heavily in its non-movie business amid growing competition in the marketplace. BookMyShow last month said it was looking to push its live events business to bring its revenue level with its current movie ticketing vertical.
As it stands, cinema tickets provide around 65 per cent of the firm’s revenue, while the rest comes from live event ticketing, including plays, music concerts, matches in cricket’s Indian Premier League and other sporting events.
Bigtree’s 2018 revenue rose year-on-year from INR3.01bn to INR3.91bn. Standalone operational revenue, which covers its India business, accounted for around INR3.86bn of this total, compared to around INR3bn in 2017. The Economic Times noted that this year provided an additional revenue stream, with income from live events accounting for INR125m.
Commenting on the results, a Bigtree spokesperson told the newspaper: “BookMyShow continues to make strategic and long-term investments in new and existing businesses and expanding geographies, many of which are already yielding results as evident from our strong growth in revenues.
“Keeping the customer at the core of all our decisions and in line with our vision, these investments form a significant part of our business strategy and are vital for the overall development of the ecosystem we operate in.”