Online ticketing platform BookMyShow Sees Major Rise in Profits, Jumps 27% To INR 109 Cr in FY24

BookMyShow’s net profit increased 27.61% to INR 108.6 crore in the fiscal year 2023-24 (FY24) from INR 85.1 crore in the previous fiscal year, owing to robust growth in its top line.

Ashish Hemrajani, Parikshit Dhar, and Rajesh Balpande founded BookMyShow in 1999, and the company’s online ticketing platform for events, movies, sports, and plays debuted in 2007.

Operating revenue increased by 43.19% to INR 1,396.8 crore in the fiscal year under review, up from INR 975.5 crore in FY23.

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The internet ticketing division accounted for roughly half of the company’s revenues. It generated INR 740.7 crore from the vertical, up 20.6% year on year.

Meanwhile, the live events segment saw its revenue nearly double to INR 454.7 crore in FY24, up from INR 237.5 crore in FY23.

In January of this year, it was also reported that KKR was in advanced talks to invest between $250 million and $300 million in the online ticketing platform for a minority share valued at INR 7,500 crore (about $885 million).

BookMyShow last raised $100 million in its Series D funding round, headed by TPG Growth, at a pre-money valuation of $750 million, in 2018.

Earlier this year, BookMyShow drew strong criticism after tickets to the ‘Coldplay Concert’, for whom it was the exclusive ticketing partner, sold out in minutes. Later, the tickets were resold on reselling networks for exorbitant prices.

Following this, BookMyShow stated that it had no affiliation with the platforms that resold tickets and filed a FIR. Meanwhile, the Mumbai Police investigated the company in the case.

In accordance with the increase in its top line, BookMyShow’s total expenses increased by 40.28% to INR 1,319.8 Cr in FY24 from INR 940.8 Cr the previous fiscal year.

BookMyShow’s advertising and promotional expenses increased by 47.48% to INR 78.9 crore from INR 53.5 crore in FY23.

Employee costs increased by 24.06% to INR 170.7 crore during the fiscal year under review, from INR 137.6 crore in FY23.

As the company extended its position in the live events market, production costs nearly doubled to INR 233.5 Cr from INR 119.8 Cr the previous year.

BookMyShow paid artists INR 211.3 crore, up 103.3% from INR 103.9 crore in FY23.

Meanwhile, spending on revenue share increased by only 2.8% to INR 303 Cr from INR 294.8 Cr the previous fiscal year.

BookMyShow competes with Zomato, which entered the ticketing and live events market by acquiring Paytm’s ticketing platform Insider earlier this year.