Why BookMyShow, other online ticketing players are looking beyond movies
Online ticketing this year saw an interesting spin, with the non-movie category witnessing a 40 to 45 percent growth in the third quarter of 2017.
While BookMyShow has become synonymous with movie ticket booking, over the last year it saw competition in the form of Paytm. Though the Mumbai-based online ticketing platform still holds a larger market share, it has realised the need to explore and expand beyond movie tickets.
A RedSeer report suggests that the online-ticketing industry saw a 40 to 45 percent growth in the non-movie category. The report said:
“The online ticketing industry saw a decrease in the share of movie tickets in Q3’17 as movies on-demand started to increase. To counteract this drop in movies, the industry shifted its focus to ancillary categories which are showing exceptional growth in sports and local events. Increased contribution of local events also opens doors for the increased penetration of the industry in Tier-II cities.”
While movie bookings accounted for 55 to 60 percent of online bookings, non-movie bookings accounted for 45 percent.
Since BookMyShow raised the fourth round of funding from Stripes Group last year, the company has forayed into different verticals, with music being the latest, taking it deeper into the entertainment segment. The music content will be curated as per customer needs and requirements, across languages.
Over the past few months, BookMyShow has partnered with artists like Justin Bieber, Ed Sheeran, and The Chainsmokers. With the addition Jukebox to its app, this partnership will only strengthen.
A report by Kalagato suggests that BookMyShow commands 78 percent of the market share in its segment and the company had a Net Promoter Score (NPS) of 0.52 and average order value of Rs 446.90 between January and March 2017. Paytm, however, had a higher order value of Rs 468.40.
Though piracy is a big concern in India, with allegedly less than 10 percent of the music being legally purchased, there seems to be a growing shift towards cheap music online. It isn’t just BookMyShow that is looking to create original content, but there is also Saavn app with Saavn Original Content and non-music content for its users.
Interestingly, BookMyShow will be competing with Saavn apart from Paytm. Besides, Paytm has acquired Insider, the event booking platform.