BookMyShow Reports Rs.108.6Cr Profit in FY24 Amid New Market Players

by  EVENTFAQS Bureau Industry Watch | December 16, 2024 | News

BookMyShow Zomato Live

Online ticketing giant BookMyShow recently posted a robust financial performance in FY24, reporting a net profit of ₹108.6 crore, a 27.6% increase from ₹85.1 crore in FY23. This growth was fueled by a 43.2% surge in operating revenue, which reached ₹1,396.8 crore during the year.

BookMyShow's revenue was driven by strong performance across its core business segments:

Online Ticketing: Contributed ₹740.7 crore, marking a 20.6% year-on-year (YoY) increase.
Live Events: Revenue nearly doubled to ₹454.7 crore, compared to ₹237.5 crore in FY23.

Spending Highlights:
To support its expansion and maintain market leadership, the company’s total expenses grew by 40.3% to ₹1,319.8 crore. 

Advertising & Promotions: ₹78.9 crore (+47.5%).
Employee Benefits: ₹170.7 crore (+24%).
Production Costs: ₹233.5 crore (+95%).
Artist Fees: ₹211.3 crore (+103.3%).
Revenue Share: ₹303 crore (+2.8%).

Ashish Hemrajani, Parikshit Dhar, and Rajesh Balpande founded BookMyShow in 1999. Since launching its ticketing platform in 2007, the company has become a market leader. But with companies like Zomato joining the ticketing and live events market through its acquisition of Insider, competition is getting fiercer.

A Coldplay concert ticket sale earlier this year also caused controversy for BookMyShow. The public was outraged when tickets sold out quickly and showed up on resale websites at exorbitant prices. BookMyShow filed a FIR and is presently being investigated by Mumbai Police for denying any participation with resellers.

Growth Plans and Future Outlook

The company, last valued at $750 million in 2018 after raising $100 million from TPG Growth, is reportedly attracting significant investor interest. Global investment firm KKR is in talks to invest ₹250-300 crore for a minority stake, potentially valuing the company at ₹7,500 crore ($885 million).

As BookMyShow navigates increasing competition and public scrutiny, its strong financial performance in FY24 and planned investments signal confidence in its ability to maintain leadership in the online ticketing and live events market.