BookMyShow’s operational revenue surges while losses diminish
- ByStartupStory | March 2, 2023
BookMyShow, the online ticketing platform, witnessed a significant surge in its consolidated revenue from operations in FY22, generating Rs 27,706 lakh compared to Rs 7,403 lakh in the previous fiscal year.
The platform’s total income for the fiscal year stood at Rs 30,298 lakh, which is more than twice the income it earned in FY20-21, as per the company’s regulatory disclosures.
Despite being operated by Big Tree Entertainment Pvt. Ltd., BookMyShow has been unable to recover from its losses. The online ticketing platform faced a severe setback due to the successive waves of COVID-19 pandemic-led lockdowns, which heavily impacted its core business of charging convenience fees on ticket sales. The platform suffered significant losses as movie theatres and other outdoor activities were the worst affected, and as a result, it was forced to reduce its workforce from 1,700 to 550 through layoffs. In addition to the layoffs, the Mumbai-based company had to shut down its consumer businesses in Malaysia, Indonesia, and Dubai.
BookMyShow diversified its services by introducing a movie streaming platform that allowed users to purchase or rent films, and by expanding into event management, including organising Indie singer Prateek Kuhad’s tour and featuring music festival Lollapalooza.
In FY20-21, the company’s revenue from operations was boosted by online ticket bookings, contributing Rs 3,461 lakh to its overall income.
In FY 21-22, as COVID-19 restrictions began to ease and people resumed outdoor activities, BookMyShow witnessed a surge in its online ticket bookings, reaching Rs 21,845 lakh. However, despite the signs of recovery, the platform still incurred losses of Rs 9,220 lakh (before tax) in FY22, which is a significant reduction from the Rs 22,028 lakh loss incurred in the previous fiscal year.
BookMyShow, which was founded in 1999 by Ashish, Rajesh Balpande, Parikshit Dar, and others, faces competition from Insider, which is operated by Vijay Shekhar Sharma’s Paytm.
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