BookMyShow's revenue from operation jumps, losses shrink
BookMyShow's total income stood at Rs 30,298 lakh—more than double the income of Rs 10,884 lakh it earned in FY20-21.
Online ticketing platformgenerated Rs 27,706 lakh in consolidated revenue from operations in FY22 compared to Rs 7,403 lakh in the last financial year.
The platform's total income stood at Rs 30,298 lakh—more than double the income of Rs 10,884 lakh it earned in FY20-21, according to the company's regulatory findings.
Run by Big Tree Entertainment Pvt. Ltd., BookMyShow has not been able to shake off its losses. The platform took a major hit during the multiple waves of COVID-19 pandemic-led lockdowns. The company's core business is the convenience fees it charges on ticket sales. As movie theatres, among other outdoor activities, were the worst affected, the platform suffered losses and was pushed to slash its employee numbers from 1,700 to 550.
Besides layoffs, the Mumbai-headquartered company also shut down consumer businesses across Malaysia, Indonesia, and Dubai.
"We moved the Singapore business, which is a step-down subsidiary, into a SaaS (software-as-a-service) business model for entertainment,” Ashish Hemrajani, Co-founder and CEO, BookMyShow, had earlier told YourStory.
The company also launched its movie streaming service, where users could buy or rent films. It also went after events—bringing in music festival Lollapalooza and organising Indie singer Prateek Kuhad's tour.
In FY20-21, online ticket bookings contributed Rs 3,461 lakh to the company's revenue from operations.
As the pandemic-led lockdowns started to ease up with people stepping out, BookMyShow's online ticket bookings increased to Rs 21,845 lakh in FY21-22.
BookMyShow, while recovering, has also incurred Rs 9,220 lakh in losses (before tax) in FY22, which has reduced from Rs 22,028 lakh in the last financial year.
Founded in 1999 by Ashish, Rajesh Balpande, and Parikshit Dar, among others, the platform competes with Insider, run by Vijay Shekhar Sharma's.
Edited by Akanksha Sarma